DOL Issues
Editor’s note: This is the first of a two-part series in which experts share their insights on some of their expectations for the coming year on issues relevant to retirement plans.It won’t be long till the champagne corks have been popped, the confetti has fallen and we will have embarked a new...
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The National Association for Fixed Annuities (NAFA) has gotten a response to its request for an injunction pending appeal.In a short — some might say terse — response, the U.S. Court of Appeals for the D.C. Circuit noted that NAFA “has not satisfied the stringent requirements for an injunction...
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Fitch Ratings has weighed in on what it thinks the impact of the Department of Labor’s (DOL) fiduciary rule will be on wealth managers.The bottom line? The effect will vary, according to the report.In no small part, the difference in impact is a result of the different approaches that various firms...
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“Washington didn’t see this coming,” NTSA Executive Director Chris DeGrassi said about the results of the 2016 elections in a Dec. 12 webcast. Elections have consequences, he noted, and those could include actions that affect retirement plans and benefits — including 403(b)s and 457s. In “What 403...
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President-Elect Trump’s pick for Secretary of Labor may not have taken a stance on the fiduciary rule yet, but it seems fair to conclude he won’t be a fan. Trump has tapped fast-food executive Andy Puzder for the post. Puzder, chief executive of CKE Restaurants Holdings Inc., the parent company of...
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Trump campaign manager Kellyanne Conway says the president-elect has an opinion on the Department of Labor’s fiduciary rule.Unfortunately, she didn’t share that opinion while filling in as a keynote speaker for hedge fund-of-fund manager Anthony Scaramucci at The MarketCounsel consulting and law...
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Trump campaign manager Kellyanne Conway says the president-elect has an opinion on the Department of Labor’s fiduciary rule.Unfortunately, she didn’t share that opinion while filling in as a keynote speaker for hedge fund-of-fund manager Anthony Scaramucci at The MarketCounsel consulting and law...
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Published reports indicate that President-elect Donald Trump is ready to name his choice for Secretary of Labor.According to The Wall Street Journal, Trump is expected to name fast-food executive Andy Puzder to the post, citing people familiar with the decision. Puzder, chief executive of CKE...
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Target-date funds (TDFs) continue to expand in usage and popularity — but there are some things the Department of Labor (DOL) wants you to know about TDFs that you may have overlooked.When the DOL published its “Target Date Retirement Funds — Tips for ERISA Plan Fiduciaries” in 2013, I was pleased...
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Knocked down twice by the D.C. District Court, the National Association for Fixed Annuities has filed an emergency motion asking the U.S. Court of Appeals for the D.C. Circuit to halt the rule while NAFA’s appeal proceeds.Noting that “Nearly six critical months have passed since NAFA first sought a...
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A second federal court has weighed in on the legal challenges presented to the Department of Labor’s (DOL) Fiduciary Rule.In a 63-page ruling, Judge Daniel Crabtree of the U.S. District Court for the District of Kansas ruled that Market Synergy Group, Inc. failed to make the case that it was likely...
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On July 21, 2016, three federal agencies issued proposed amendments to the Form 5500 series in a Notice of Proposed Forms Revisions. In MarketBeat, Susan Diehl writes that the proposed regulation, and related forms revisions, would improve employee benefit plan reporting for filers, the public and...
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Though acknowledging that the fiduciary rule is likely to cause “significant changes” in how the industry operates, along with “substantial compliance costs,” and “economic losses,” the federal judge who recently rejected a legal challenge to the Labor Department’s fiduciary rule won’t hold up...
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Anyone who tells you they know what will happen with the fiduciary rule is probably… well, let’s just say they probably don’t. Here’s our current assessment…First, while the DOL fiduciary rule is on a list of recent regulations to review, it is currently not on the list of regulations designated...
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The Department of Labor’s (DOL) Fiduciary Rule got another day in court — and with at least a sense that it might not fare as well this time around.An edited assessment of the event by Erin Sweeney, an attorney at Miller & Chevalier who attended the Nov. 17 hearing in Dallas, characterized...
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There are few fans of the Form 5500. But that does not absolve most employee benefit plans with more than 100 participants from the obligation to file one. Data analytics firm miEdge and Wrangle LLC, which only works with Form 5500s, has prepared a list of points to keep in mind about the form.1....
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Plan fiduciaries who acted “in blatant disregard of the express terms of the plan document and of their fiduciary duties” came out on the losing end of a lawsuit. An investigation by the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) determined that, after California...
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What most people — and nearly every pundit — thought could never happen — has.Though candidate Trump never specifically addressed the fiduciary regulation, he has consistently spoken of his intention to reduce the reach of government regulations, and it seems reasonable to think that he’d see the...
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The first federal judge to rule on litigation regarding the Department of Labor’s (DOL) fiduciary regulation found just about everything plaintiffs raised to be “unpersuasive.”In denying the motions of the National Association for Fixed Annuities (NAFA) for both a preliminary injunction against the...
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Citing a desire to support “flexibility and choice” for investors working with their financial advisors, Cetera Financial says it will continue to support the use of commissions after the Labor Department’s fiduciary rule takes effect. “Cetera Financial Group is focused on supporting choice and...
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