Working people can rest easier when it comes to getting the best advice on retirement savings, thanks to a new rule from the Biden-Harris administration.

"People should be able to trust that when they get advice from a so-called expert, they're getting real help, not getting ripped off," President Joe Biden said at a news conference announcing the rule.

Finalized in April, the Department of Labor retirement security rule raises the bar for financial professionals who advise people on how to invest their retirement savings. The rule, which goes into effect Sept. 23, will require anyone offering retirement investment advice for a fee to qualify as an "investment advice fiduciary," meaning they put the client's interests above all else.

Prior to the new rule, other types of advisers could fly under the regulatory radar and, in some cases, offer recommendations that benefit their bottom line, regardless of the impact on their customers.

Under the new guidelines, investment advice providers must give "prudent, loyal, honest advice free from overcharges" and avoid suggestions that favor the providers' interests at the retirement savers' expense.

A recent analysis by the White House Council of Economic Advisers of fixed index annuities, a product typically offered by insurance companies for more risk-averse investors, estimated that conflicted advice could cost savers up to $5 billion per year in that category alone.

"For too long, because of loopholes in the regulations, retirement savers have been misled by sales pitches disguised as advice," said Monique Morrissey, a senior economist with the Economic Policy Institute, which supports the new standard. "This rule will help level the playing field for advisors that play fair and expand the market for transparent and competitively priced investments, including annuities. The winners from this rule will be retirement savers and companies selling better products."

The current definition of a fiduciary was adopted almost 50 years ago, when individual retirement accounts were less common and 401(k) plans were nonexistent. At that time, most people relied on traditional pensions for their retirement income and didn't necessarily require the help of an adviser.

In today's much-changed financial world, individual plan participants and IRA owners, who may not be versed in investing, are expected to make these consequential and complex financial decisions. As such, they are more likely to seek help from expert advisers, much like patients seeking a doctor's advice.

"The investment landscape has changed, the retirement landscape has changed, and it is critical that our regulations are responsive to those changes so that workers can reach the secure retirement that they work for decades to finally achieve," said Lisa M. Gomez, assistant labor secretary for employee benefits security.

The retirement rule is part of a larger effort by the Biden-Harris administration to crack down on unfair and illegal pricing by getting rid of exorbitant credit card late fees and other "junk fees" that can pop up anywhere from an internet bill to a ticket purchased for a live music show. According to the Council of Economic Advisers, these efforts are estimated to save consumers around $20 billion annually.

"By making these fair-minded changes to the marketplace, President Biden and Vice President Harris are putting working families first," said IBEW International Secretary-Treasurer Paul Noble, who oversees the union's pension and other benefit plans. "With protections like these in place, we can invest with more confidence and save more of our hard-earned money, giving everyone more peace of mind for their future."

Honolulu Local 1260 members, in partnership with employer Hawaiian Electric, are going above and beyond when it comes to supporting their communities.

"We believe in the guiding principles of 'ohana,' meaning family, and 'kuleana,' meaning responsibility and accountability," said Business Manager Leroy Chincio Jr., who also represents the Seventh District on the IBEW International Executive Council. "We feel that it is our family that we're helping."

In its most recent United Way campaign, which encompassed Oahu, Maui and the "Big Island" of Hawaii, the utility raised $372,000, including contributions from Local 1260 members and retirees. Approximately 1,200 members work for Hawaiian Electric, and 100% participated, said Assistant Business Manager Todd Mayeshiro. And the annual campaign, which this year had a theme of "pilina," meaning to come together, is just one way they embody that spirit.

"We do a lot with Hawaiian Electric," Mayeshiro said. "We're one of the biggest contributors to the United Way. But we also give back in a number of other ways, from food banks to emergency-preparedness fairs to blood drives."

According to Hawaiian Electric, employees across the state's five largest islands volunteered 5,307 hours over 101 community events, donated 913 units of blood and plasma, and collected $4,076 and 1,717 pounds of food for local food banks last year.

"We have a shared goal to support our employees and strengthen the communities in which they live and work," Hawaiian Electric Senior Communications Specialist Kristen Okinaka said. "We value our relationship with IBEW 1260 and are grateful for our partnership."

Another way Local 1260 members and retirees support their communities is through a cookbook of recipes from Hawaiian Electric employees. The most recent edition, named "Pilina," brought in over $24,000, Okinaka said.

"It's a popular item," Local 1260 Senior Assistant Business Manager Gayna Hashimoto said. "A lot of people give them as holiday gifts."

The longstanding collaboration between Local 1260 and Hawaiian Electric includes a commitment to the IBEW Code of Excellence, which calls on employers and employees to embrace a set of values including safety, accountability and professionalism in everything they do.

"Our combined contributions to the communities we live and work in are a great example of the Code and how we can work together to achieve even greater goals," Hashimoto said.

Those efforts have included helping victims of the wildfires that tore through Maui last year, killing more than 100 people and ravaging the historic town of Lahaina on the west coast and Kula farther inland. Employees held a golf tournament on Oahu that raised $73,500 for the Aloha United Way Maui Fire Relief Fund, Okinaka said. A local fund was created for affected IBEW members, and it raised $500,000.

Local 1260, which has jurisdiction that extends to Guam, has also given back to that island's community through partnering with the Red Cross on relief efforts for victims of Typhoon Mawar, which hit Guam and the Northern Mariana Islands in 2023. Members have also supported efforts to provide meals for senior citizens and participated in an adopt-a-bus beautification project.

"We like to do all that we can to support those in need," Chincio said. "It's not just our jurisdiction that spans the Pacific Ocean, it's our ohana, our family bonds, that reach beyond just our blood relations."