DOL Issues
A number of industry trade groups have been contemplating litigation to stop the Department of Labor’s (DOL) fiduciary regulation even before there was a final regulation — that litigation could be filed as soon as today, according to reports.The Wall Street Journal is reporting that the U.S....
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Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan can be easily overlooked by sponsors of one-participant retirement plans. In MarketBeat, Kimberly Flett writes that common mistakes in filing the form can be avoided by understanding the basic rules and offers...
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Republicans in Congress continued their campaign to kill the Department of Labor’s (DOL) fiduciary rule — and managed to pull three Senate Democrats over to their side.The Senate voted 56-41 on May 24 to formally disapprove of the rule under the Congressional Review Act (CRA), with three Democrats...
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Financial advisers need to grasp what plans the new fiduciary rule and its exemptions cover, in order to understand how they affect their business. In MarketBeat, Diane Capone argues that the rule will affect your business and offers a discussion that provides background information on the rule and...
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Financial advisers need to grasp what plans the new fiduciary rule and its exemptions cover, in order to understand how they affect their business. In MarketBeat, Diane Capone argues that the rule will affect your business and offers a discussion that provides background information on the rule and...
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There are reasons why a plan sponsor might want to keep ex-participants’ accounts in their plan. In MarketBeat, Nevin Adams discusses the findings in a recent study about that, and whether the Department of Labor’s fiduciary rule will reduce rollovers.
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By a razor-thin margin, the Connecticut senate approved a bill establishing a state-run retirement plan for private sector workers on April 30. How razor-thin? The measure was deadlocked 18-18, mostly along party lines, with three Democrats joining the GOP minority in opposition. That required Lt...
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The U.S. House of Representatives adopted a resolution April 28 disapproving of the Labor Department’s final fiduciary regulation. The House Committee on Education and the Workforce on April 21 had passed H. J. Res. 88 by a vote of 22-14. The party line vote of 234-183 was enough to pass the...
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The Labor Department’s fiduciary regulation will have a huge impact on advisers that work with IRAs. To better understand the impact of these new rules, the National Tax-Deferred Savings Association (NTSA) is conducting a study about how financial advisers work with IRA investors, the knowledge and...
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Advisors aren’t the only ones sifting their way through the new fiduciary regulation, though just 60% of providers in a recent survey say they want to understand the impact on the advisors with whom they work. A new survey of 117 retirement plan service providers by the SPARK Institute found that...
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The Congressional Budget Office (CBO) on April 20 issued a report saying that two measures introduced in the House earlier this year that would require congressional approval of the Department of Labor’s (DOL) fiduciary rule and would provide alternative fiduciary protection for consumers would...
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The House Education and the Workforce Committee on April 21 passed a resolution introduced just two days earlier that is intended to block the fiduciary rule the Department of Labor (DOL) issued in final form on April 6. By a 22-14 vote, the committee approved H.J. Res. 88, the measure introduced...
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Sure you do — and we’ve developed a way for you to ask the Labor Department.On April 17, American Retirement Association CEO Brian Graff unveiled a new resource that we are making available to help gather and organize the myriad questions that you’re dealing with today — or that may emerge in the...
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The fiduciary regulation may be final, but Republican lawmakers in the House and Senate have introduced resolutions to block it.In the House, Rep. Phil Roe (R-Tenn.), chairman of the House Subcommittee on Health, Employment, Labor, and Pensions, along with Rep. Charles Boustany (R-La.), chairman of...
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It was a lengthy odyssey, to say the least, but on April 6 the Department of Labor (DOL) issued the final version of the much-discussed fiduciary regulation. It will have a big impact — and 403(b) advisors are among those who have much to digest regarding its implementation and import. Accordingly...
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When life hands you lemons, make lemonade. So goes the oft-quoted maxim — and recent assessments suggest that it even may apply for those who anticipate that the fiduciary rule the Department of Labor (DOL) released on April 6 may create challenges. A recent report from Cerulli Associates, as well...
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A provision in the Department of Labor’s (DOL) 2015 proposed fiduciary rule that would have had a significant impact on participant education has been modified in the final rule issued April 6. The revised provision aligns with recommendations made by the American Retirement Association. In the...
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While the devil is in the details, the Department of Labor’s (DOL) final fiduciary rule includes some improvements in the best interest contract (BIC) exemption from the previous proposal. Variable compensation is, as it was in the original proposal, allowed under a BIC exemption. The BIC is...
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After a five-month comment period, four days of public hearings, more than 3,000 comment letters, some 300,000 petitions, and more than 100 meetings with stakeholders, nearly a year to the day that the Department of Labor (DOL) unveiled its “Conflicts of Interest” proposal, we have a final...
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In a big win for the advocacy efforts of the American Retirement Association and the National Tax-Deferred Savings Association (NTSA), as well as for plan advisors' abiilty to help participants with rollover decisions, the DOL’s final fiduciary regulation provides a streamlined exemption for “level...
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