DOL Issues
The long-awaited and controversial final DOL regulation redefining an investment advice fiduciary is out. This regulation will significantly affect how advisors work with plan sponsors, plan participants and IRA owners. NTSA will be holding a complimentary webcast to help 403(b) advisors understand...
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As the industry anticipates publication of the Labor Department’s fiduciary regulation this week, the Office of Management and Budget (OMB) has finished its review, according to a posting on the OMB’s website.The OMB has had the regulation under review since Jan. 28.Before agency rules are...
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The drafting, redrafting, comment, revision, lather rinse repeat of the Department of Labor’s (DOL) fiduciary rule certainly has been a protracted process. As we appear to be on the brink of its for-real introduction, it’s interesting to consider matters that follow in the wake of the big reveal —...
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For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation — but that long wait could be coming to an end.Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much...
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Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (...
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The IRS on March 31 invited comments on changes that have been proposed to the Form 5500 and several of its schedules, as well as the Form 5500-SUP, for information reporting concerning the 2016 plan year.Changes include the following:Question 3: Revisions to the information requested after...
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A 501(c)(3) employer has asked you whether the summary plan description (SPD) must be filed with the Department of Labor. In Tech Talk, Ellie Lowder tells us what the rule is.
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Most advisors are concerned that the Department of Labor’s (DOL) fiduciary proposal will have a negative impact on how they do business, according to a new survey.The survey of 485 advisors by Fidelity Institutional found that three-quarters expect to reevaluate the types of clients they serve, and...
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The release of a new federal regulation can create a virtual cottage industry, not to mention further regulation to address its ripple effects, and the impending release of the Department of Labor’s (DOL) fiduciary rule is no exception. The release of the rule could spur the development and use of...
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Do you need a copy of a sample annual meaningful notice of the employees’ right to participate in their employers' 403(b) plan? In Tech Talk, Ellie Lowder has a suggestion regarding how to obtain one.
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At the 180th meeting of the ERISA Advisory Council on March 16, Department of Labor (DOL) Assistant Secretary for Employee Benefits Security, Phyllis Borzi updated the Council on the DOL’s activity since their last meeting in November and kicked off a new year of business for the group of industry...
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It may be grasping at straws, but two U.S. Senators have drawn an unfavorable connection between a planned research initiative by the Department of Labor (DOL) and the agency’s appreciation for the impact of its pending fiduciary rule. “The Labor Department’s request suggests it is blindly moving...
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The IRS has made available the updated Form 5500-EZ and its instructions for 2015 reporting. The form and instructions replace the version the IRS had made available Feb. 18.New for 2015 ReportingThe IRS made the following changes to the Form 5500-EZ for 2015 reporting.Participant Information....
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The Department of Labor (DOL) is planning to study how retirement planning strategies and decisions evolve — and it would like to know what you think about the effort.The DOL’s Employee Benefit Security Administration (EBSA) is soliciting comments on the usefulness of a forthcoming information...
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Even as the publication of the Department of Labor’s (DOL) fiduciary rule nears, the GOP is gearing up to undermine the funding for its implementation. House Republican leaders are urging rank-and-file GOP lawmakers to back a budget resolution that provides $1.07 trillion in discretionary spending...
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The Office of Management and Budget (OMB) on March 1 received a proposal from the Department of Labor (DOL) to revise the Form 5500. The proposal is part of a long-term strategic effort the DOL is undertaking with the IRS and the Pension Benefit Guaranty Corporation (PBGC) to modernize and improve...
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If you thought things were going to be quiet between now and the anticipated publication of the Department of Labor’s (DOL) fiduciary rule next month — well, you’d be wrong.Speaker of the House Paul Ryan (R-Wisc.) has now weighed in on the issue, claiming that “the bureaucrats bullied it through.”...
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Wrapping up a first week of February with action on legislation designed to block, slow or thwart the Department of Labor’s (DOL) fiduciary rule, the U.S. Senate finally got into the act with two pieces of legislation. Sen. Johnny Isakson (R-Ga), chairman of the Senate Health, Education, Labor and...
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For the second time in a week, an important committee in the U.S. House of Representatives has approved legislation that could undermine the Labor Department’s proposed fiduciary rule.The most recent step was a 26-12 vote by the House Ways and Means Committee on Feb. 3 to pass the Strengthening...
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As the Department of Labor (DOL) moves forward with its new fiduciary standard, lawmakers in the U.S. House of Representatives are working on legislation to address concerns that the final DOL proposal will harm access to retirement savings advice.The House Committee on Education and the Workforce...
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