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Fiduciary Rules and Practices

As the Department of Labor defends its rule allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, legislation to restrict the use of ESG in making investment decisions—including for 403(b) and 457 plans—has been reintroduced in... READ MORE
In a lengthy filing (109 pages), Yale University says the plaintiffs who lost their excessive fee case in a jury trial shouldn’t get a “do over.” More specifically, the Yale fiduciary defendants in that case have filed the aforementioned brief stating that the Second Circuit need not concern... READ MORE
The Office of Management and Budget (OMB) received the fiduciary rule, listed as Retirement Security Rule: Definition of an Investment Advice Fiduciary, from the Department of Labor (DOL) on March 8. The OMB will review its costs and benefits within 90 days. However, the compressed two-month... READ MORE
Coming slightly more than a month after its first hearing on the Department of Labor’s proposed investment advice fiduciary rule, a second subcommittee of the House of Representatives debated the merits of the proposal, with the battle lines drawn between the two parties.   The Feb. 15 hearing by... READ MORE
With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation... READ MORE
In our comment letter submitted to the Department of Labor (DOL) on Jan. 2, 2024, the American Retirement Association (ARA) expressed support for—yet specific issues with— the department’s proposed definition of “fiduciary investment advice” and amendments to PTE 2020-02.​ The rulemaking package,... READ MORE
In MarketBeat, Nevin E. Adams, JD notes that like many, he has spent a fair amount of time analyzing the impact and import of the new fiduciary rule proposal.  READ MORE
In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12. Graff’s comments—made in support of the DOL’s latest attempt to modernize the... READ MORE
American Retirement Association (ARA) CEO Brian Graff is scheduled to testify on the first day of a public hearing hosted by the Department of Labor (DOL) titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”  Graff will follow opening remarks from Assistant Secretary... READ MORE
In MarketBeat, Allison Wielobob writes that the proposed fiduciary rule would change who an ERISA fiduciary is and the conditions under which those fiduciaries may conduct business with retirement investors.   READ MORE
November was a very quiet month. It started with a family vacation and ended with a wonderful week of thanksgiving. I am personally thankful for all of you who do so much for the educators across this great nation. Thank you for putting in the time and effort to ensure that educators have the best... READ MORE
Another university 403(b) plan has won yet another victory in staving off an excessive fee suit by the Schlichter law firm. The most recent case[1] involved Cornell University, which had already successfully fended off most of the claims in 2019 in the U.S. District Court for the Southern District... READ MORE
It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment... READ MORE
Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association. The fact sheet focuses on the issue of conflicted advice, specifically calling out what... READ MORE
As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of... READ MORE
Listen on iTunes | Listen on Spotify | Listen on Google Podcasts M&A expert Peter Campagna, Managing Partner at Wise Rhino Group, has a list of common emotions that advisors face when they decide to sell their business. “Fully 80% of M&A is managing emotions,” Campagna says. “The... READ MORE
After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.  The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of... READ MORE
A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference noted that there is legislation that would allow 403(b) plans to offer CITs and separate account insurance contracts as investment options.  Panel members were Brian Graff, American Retirement Association (ARA) CEO; Will... READ MORE
October is cybersecurity month, “something that pairs nicely with Oktoberfest,” American Retirement Association CEO Brian Graff joked during a panel called “Fulfilling Cybersecurity Oversight Requirements” at the ERISA 403(b) Conference in Washington, D.C. on Oct. 2. It was a moment of levity in... READ MORE
Concerns about increasing partisanship in traditionally bipartisan retirement policy and legislation was the theme of a conversation between Brian Graff and Preston Rutledge at the ERISA 403(b) Conference in Washington, D.C., on Oct. 2. Graff, CEO of the American Retirement Association, and... READ MORE

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