The definition of a fiduciary is an individual in whom another has placed the utmost trust and confidence to manage and protect property or money.

There are few of us these days who would refer to the federal government as our "fiduciary."

So it is frightening indeed to learn that the Department of Labor Assistant Secretary Phyllis Borzi who is currently running the Employee Benefits Security Administration has decided to rewrite the dictionary and re-define the word "fiduciary" in regards to our 401ks and IRAs.

Her idea of "protecting us" is to add more regulation and LEGAL LIABILITY onto the backs of brokers, investment advisors and anyone else who helps us with tese retirement accounts. 

And she must know what she's talking about considering that her background is so steeped in finance.

Oh wait.  After receiving a Bachelor of Arts (not in Finance) she became an attorney and later counsel for the House Subcommittee on Labor-Management relations.  Her last job, before determining she needs to fix the oversight on our retirement savings, was as a research professor at George Washington University.

You might think that it is this last position that strengthened her "creds" in finance.  But you would be wrong.                                 

She was a research professor at GWU's Medical Center  

So what in Hades could she possibly do to make our retirement savings stronger?

Not a damn thing!

No, her proposals, if passed by Congress, would only do more to increase costs on retirement plans raising direct costs to us anywhere from 75% to 195% according to Consultancy Oliver Wyman. It would also cut off access to lower-income savers.

Heaven save us from bureaucrats... especially bureaucrats who have ZILCH background in what they're trying to change.

And all of this "help" is coming at a time when our 401Ks and IRAs continue to be decimated by market volatility. 

Still think growing the government is a good idea?