LANSING – Michigan Attorney General Dana Nessel has joined a coalition of 24 states in opposing a proposal from the Trump administration that would put the retirement savings of millions of Americans at risk.
Under current rules, fiduciaries are required to choose and monitor investment options with care to ensure the financial soundness of the plans workers rely on for a secure retirement.
The coalition argues that the department’s proposed rule would harm workers and retirees by increasing their exposure to risky, volatile alternative assets, such as cryptocurrency and private credit, which are often less understood by investors and could result in catastrophic financial losses.
The Department of Labor estimates that under the proposed rule, about 4.5 million workers and retirees and $178 billion would go into funds with riskier investments each year.
