DOL Issues
President Trump has signed legislation that blocks the Obama-era Department of Labor’s (DOL) safe harbor exempting states’ and municipalities’ auto-IRA programs from ERISA. In March, the U.S. Senate passed, by a vote of 50-49, the Congressional Review Act resolution. Under the CRA, Congress has a...
READ MORE
President Trump has signed legislation that blocks the Obama-era Department of Labor’s (DOL) safe harbor exempting states’ and municipalities’ auto-IRA programs from ERISA.In March, the U.S. Senate passed, by a vote of 50-49, the Congressional Review Act resolution. Under the CRA, Congress has a...
READ MORE
The DOL delayed the fiduciary rule 60 days from April 10, 2017 to June 9, 2017. In MarketBeat, Kimberly Flett writes that although this postponement is in effect, plan sponsors, retirement plan investors and advisers should be aware of the important components of this rule and prepare for the...
READ MORE
The DOL delayed the fiduciary rule 60 days from April 10, 2017 to June 9, 2017. In MarketBeat, Kimberly Flett writes that although this postponement is in effect, plan sponsors, retirement plan investors and advisers should be aware of the important components of this rule and prepare for the...
READ MORE
The DOL delayed the fiduciary rule 60 days from April 10, 2017 to June 9, 2017. In MarketBeat, Kimberly Flett writes that although this postponement is in effect, plan sponsors, retirement plan investors and advisers should be aware of the important components of this rule and prepare for the...
READ MORE
Plaintiffs seeking to obtain an emergency injunction blocking the Department of Labor’s (DOL) fiduciary regulation were rebuffed again by the U.S. Court of Appeals for the Fifth Circuit.The denial kept the DOL’s fiduciary litigation streak unblemished.Not that the judges minced words explaining...
READ MORE
The Labor Department made it official yesterday, pushing the April 10 applicability date of the fiduciary rule back the widely anticipated 60 days to June 9 – but providing some additional compliance space on the Best Interest Contract Exemption. Specifically, while the Labor Department also...
READ MORE
One of the basic rules for fiduciaries is that “there is no place to hide,” says Keith Sartain, a partner at AON Hewitt. Sartain spoke at an April 3 session of the Enrolled Actuaries meeting in Washington, D.C. cosponsored by the American Academy of Actuaries and the Conference of Consulting...
READ MORE
We have “an historic opportunity” — there is a “dynamic policy-making situation just ahead,” believes Earl Pomeroy, senior counsel at Alston & Bird and a former member of the House of Representatives.Pomeroy addressed an April 3 general session of the Enrolled Actuaries meeting in Washington, D...
READ MORE
Having received the final rule on its proposed extension of the applicability date from the Labor Department, the Office of Management and Budget (OMB) has scheduled a couple of meetings related to that review. According to an update on the OMB’s website, the agency had meetings on March 31 with...
READ MORE
The U.S. Senate has passed, by a vote of 50-49, a Congressional Review Act resolution that would block the Obama-era Department of Labor’s (DOL) rule that defined the terms under which cities and counties could create IRA plans that automatically enroll private-sector workers whose employers do not...
READ MORE
Having put its proposed extension of the applicability date out for public comment, the Department of Labor (DOL) has submitted its final rule to the Office of Management and Budget (OMB) for review. According to an update on the OMB’s website, the final rule was received on March 28. The 60-day...
READ MORE
The IRS in Announcement 2017-4 has provided relief from certain excise taxes under Section 4975 and any related reporting requirements. It conforms Section 4975 to the temporary enforcement policy the Department of Labor (DOL) set forth in Field Assistance Bulletin (FAB) 2017-01 concerning the...
READ MORE
Plan fiduciaries largely lost their attempt to dismiss charges filed by plan participants in an excessive fee suit brought by the St. Louis-based law firm of Schlichter, Bogard & Denton.The lawsuit, filed in late 2015 in the Southern District of Indiana, alleged that fiduciaries of the $5.1...
READ MORE
Plaintiffs seeking an emergency injunction in federal court against the implementation of the fiduciary regulation got a quick answer. Plaintiffs in the case, including the U.S. Chamber of Commerce, the Financial Services Institute, and the Securities Industry and Financial Markets Association,...
READ MORE
A recent Morningstar report suggests that the costs of the fiduciary rule — including class action lawsuits — could be underestimated.The report by Morningstar analyst Michael Wong notes that the assessments of executives, policymakers and stock analysts of the Department of Labor’s (DOL) fiduciary...
READ MORE
On March 22, while Alexander Acosta faced his confirmation grilling in the Senate, the ERISA Advisory Council (EAC) had its first meeting of the Trump administration era, setting its 2017 agenda around improving plan disclosures.The 185th EAC meeting opened with introductions of five new members...
READ MORE
The Senate Health, Education, Labor and Pensions (HELP) Committee will vote on Alexander Acosta, President Trump’s nominee to serve as Secretary of Labor, on March 30. The committee made the announcement on March 23. The full committee held a hearing on Acosta’s nomination on March 22. The DOL...
READ MORE
The fiduciary regulation wasn’t a big focus of the hearing on Alexander Acosta’s nomination as Secretary of Labor — but it did come up. Indeed, those waiting to hear what Acosta thought about the fiduciary rule, and its future had to wait until the last 15 minutes of the 3-hour hearing by the...
READ MORE
Not all of the reaction to the Department of Labor’s (DOL) fiduciary rule has been negative, or even grudging, acceptance. Every class had at least one kid who not only did their homework but also turned it in before the deadline — and it turns out that proclivity is alive and well in the boardroom...
READ MORE
Pages
Most Popular
