DOL Issues
Will the third time be the charm? House Education and the Workforce Committee Chairman John Kline (R-Minn.) and Health, Employment, Labor and Pensions Subcommittee Chairman Phil Roe (R-Tenn.) in a June 2 letter to Labor Secretary Thomas Perez have again repeated a request for additional information...
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The Department of Labor (DOL) issued a long-awaited — and controversial — set of rules April 14 expanding the definition of a fiduciary under ERISA. The proposed rules would affect NTSA members, including those who service non-ERISA plans or work in the IRA market.We’ve just created a special...
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The Bipartisan Policy Center convened what at least one participant termed a “policy wonk throwdown” in the nation’s capital May 27. The subject? The Department of Labor’s fiduciary proposal.The actual title of the event was “Champions, Critics and Consequences of a New Fiduciary Standard,” and it...
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The Labor Department’s fiduciary proposal — or more specifically, its “appropriate standard of care” for brokers and dealers — was the focus of comments by Financial Industry Regulatory Authority (FINRA) Chairman and Chief Executive Officer Richard Ketchum at the 2015 FINRA Annual Conference May 27...
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More than a quarter of the U.S Senate — including the ranking members of the Senate HELP and Finance Committees — have asked the Obama administration to act quickly to remove “any potential uncertainty” regarding the legality of various state-based retirement programs.The letter, addressed directly...
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The Department of Labor (DOL) has announced a brief extension of the comment period on its fiduciary reproposal — and has set a date for a public hearing.The comment period for what the DOL calls the Conflict of Interest Notice of Proposed Rulemaking has been extended by 15 days — from 75 to 90...
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The Form 5500 is part of the bread and butter of the federal government’s information gathering concerning employers and employee benefit plans. But authority to use it is not eternal. The Department of Labor’s Employee Benefit Security Administration (EBSA) has asked the Office of Management and...
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On April 14, the DOL released a proposed fiduciary rule that expands the definition of who a fiduciary is and attempts to broaden the scope of its fiduciary oversight. In MarketBeat, Mike Webb makes some observations regarding the impact of the proposed rule.
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The Department of Labor (DOL) on April 14 released proposed regulations redefining what it means to be a fiduciary under ERISA. The regulations raise many questions for many retirement plan professionals — including 403(b) and 457 advisors, as well as those who work with IRAs.In a new podcast on...
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The Department of Labor (DOL) should issue clarifying guidance on the proper treatment of distributed contracts and custodial accounts in the context of a 403(b) plan termination, the NTSA Government Affairs Committee recommended in a recent comment letter to the DOL’s Employee Benefit Security...
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(Editor’s Note: Members will be interested to know that NTSA GAC and ASPPA GAC are working their way through the proposed regulations, and will plan to comment as appropriate. Note that the regulations are issued in proposed form only, and, following the comment period, would be finalized. NTSA...
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The Department of Labor will not extend the 75-day comment period for its conflict-of-interest rule, Labor Secretary Thomas Perez said April 23.Asked about his response to requests by industry groups to extend the comment period, ThinkAdvisor reports that Perez said: “The comment period is 75 days...
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The Department of Labor’s long-awaited fiduciary reproposal claims to protect consumers from “conflicts of interest” in retirement advice — but at what cost?While initial concerns about preserving the ability for 401(k) participants to work with the advisor of their choice on rollovers appear to be...
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It’s been a long time coming, but after a nearly five-year odyssey the Department of Labor on April 14 unveiled a proposed regulation that redefines who a plan fiduciary is — and makes it clear that the Obama administration intends the rule to be a way to increase consumer protections for plan...
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Securities and Exchange Commission (SEC) Chair Mary Jo White confirmed March 17 that the Commission will “implement a uniform fiduciary duty for broker-dealers and investment advisors where the standard is to act in the best interest of the investor.” The statement, reported by Investment News,...
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The Securities and Exchange Commission should pursue an effort to set new rules for broker-dealers and investment advisors in their work to burnish clients’ pots of gold, March 17 remarks by SEC Chairman Mary Jo White indicated. She made her comments at a meeting of the Securities industry and...
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As the White House promotes the Department of Labor’s (DOL) reproposal of the fiduciary rule, Sen. Elizabeth Warren (D-Mass.) took the opportunity March 12 to criticize “brokers on Wall Street” and reinforce the administration’s messaging on the controversial proposed regulation. At a Senate...
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A group of eight Republican senators, including the Chairmen of the Senate Finance Committee and the Senate Committee on Health, Education, Labor & Pensions (HELP), have expressed their concerns about the potential negative consequences for American workers if the Labor Department’s fiduciary...
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The formal roll out of the latest iteration of the fiduciary regs appears to be imminent, and it has generated plenty of attention. In this week’s MarketBeat, Nevin Adams discusses the letter two members of the U.S. House of Representatives who seek details sent to the DOL.
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The recent White House budget proposal sets aside $6.5 million in funding for the Department of Labor, along with waiver authority, to support state efforts to implement state-based automatic enrollment IRAs or 401(k)-type programs.Currently more than a dozen state legislatures are actively...
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