DOL Issues
The Senate Health Education, Labor and Pensions Committee’s confirmation hearing for Andrew Puzder, President Trump’s nominee for Secretary of Labor, has been delayed again.According to Politico, the hearing, which had been rescheduled from Feb. 2 to Feb. 7, has now been delayed yet again.The...
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The Department of Labor released a much-anticipated second set of fiduciary regulation FAQs on Friday the 13th. In MarketBeat, Nevin Adams writes that they focus particularly on investment advice concerning ERISA-covered plans, IRAs and other plans covered by Code Section 4975(e)(1).
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A Joker is taking over Gotham City. Known as the New York City Nest Egg Plan, it is an ambitious attempt to close the retirement plan coverage gap for residents of the largest city in the United States. But instead of focusing squarely on the coverage issue — which remains a legitimate concern for...
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Sure, you’ve spent a year getting ready for the fiduciary rule — but are you ready for this?Tax reform is the topic du jour in the nation’s capital. The headlines have been filled with promises from both President Trump and nearly every one of his cabinet appointees to do something about tax reform...
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The Department of Labor’s Employee Benefits Security Administration has increased the civil penalties for failure to file the Form 5500.The maximum per-day penalty under ERISA Section 502(c)(2) for 2017 will be $2,097; that is $34 higher than the maximum rate for 2016 of $2,063 per day.The Labor...
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On Jan. 20, President Trump signed a regulatory freeze pending review — but did that affect the timing of the fiduciary rule?In a memo to federal departments and agencies, White House Chief of Staff Reince Priebus said the freeze was designed to ensure President Donald Trump’s appointees or...
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The Department of Labor (DOL) released a much-anticipated second set of fiduciary regulation FAQs on Friday the 13th.These frequently asked questions (FAQs) anticipated since last fall, focus particularly on specific technical questions raised by financial service providers. Okay, technically they...
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The Department of Labor (DOL) has published a new set of FAQs on the fiduciary regulation — but, to paraphrase Obi Wan Kenobe, “these aren’t the FAQs you’re looking for.” This set of FAQs is focused on consumer protections the regulation provides — think of it as the DOL’s explanation of the...
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Senate Health, Education, Labor and Pensions (HELP) Committee Chairman Lamar Alexander (R-TN) announced Jan. 17 that the confirmation hearing for Andy Puzder, President-elect Trump’s nominee to serve as Secretary of Labor, will be held on Feb. 2. Said Alexander in a press release, “Mr. Puzder is a...
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The label “Level Fee Fiduciary” has been used for many years with one meaning, but the Best Interest Contract (BIC) Exemption has used it for a different purpose and, depending on your reading, a different definition, writes Fred Reish.The Traditional DefinitionIn a recent blog post, Reish notes...
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With the presidential election victory of Donald Trump and the success of Republicans in holding majorities in both the House of Representatives and the Senate, the immediate future of the Department of Labor’s fiduciary rule has been cast into some doubt. A recent analysis explores what its...
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Awareness of fiduciary status and the Department of Labor’s (DOL) fiduciary rule is more widespread among 403(b) plan sponsors than preparations for its effective date, according to a recent study by the Plan Sponsor Council of America (PSCA). Just over three-quarters of plan sponsors consider...
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The confirmation hearing for Labor Secretary nominee Andrew Puzdner could be pushed back.Originally slated for Jan. 17, the Senate Committee on Health, Education, Labor and Pensions (HELP) may delay Puzdner’s confirmation hearing until February, according to published reports, citing an aide to...
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New legislation would push back — way back — implementation of the Department of Labor’s (DOL) fiduciary rule.Rep. Joe Wilson (R-S.C.) on Jan. 6 introduced H.R. 355, the Protecting American Families’ Retirement Advice Act.In announcing the bill, Wilson said “The Department of Labor’s fiduciary rule...
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A new year has begun — and 2017 is anticipated to be a year of change. In MarketBeat, Ellie Lowder suggests that attending the NTSA Master’s Summit will be a simple way to lay a firm foundation for it to be a success.
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A majority of retirement industry providers think that participants are likely to be confused by what results from the Department of Labor’s (DOL) fiduciary rule, and have a decidedly mixed sense of what it will mean for participant experience design.Almost 70% of respondents to the Broadridge “...
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The plaintiffs in the only excessive fee suit to reach the Supreme Court will get another chance to make their case.The 9th U.S. Circuit Court of Appeals in San Francisco has now ordered a U.S. district court to rehear the Tibble vs. Edison International excessive 401(k) fee case. The opinion,...
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The Department of Labor (DOL) has made some changes to the final regulations regarding state-run retirement programs for private sector workers — specifically regarding those established by “state political subdivisions.”In a document slated to be published in the Federal Register on Dec. 20, the...
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The Department of Labor (DOL) has made some changes to the final regulations regarding state-run retirement programs for private sector workers — specifically regarding those established by “state political subdivisions.”In a document slated to be published in the Federal Register on Dec. 20, the...
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The Department of Labor (DOL) has made some changes to the final regulations regarding state-run retirement programs for private sector workers — specifically regarding those established by “state political subdivisions.”In a document slated to be published in the Federal Register on Dec. 20, the...
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