Fiduciary Rules and Practices
State of the State Houses is an occasional feature that provides the status of legislation before state legislatures relevant to NTSA members.Open Provider AccessOklahoma. Companion bills OK HB 1339 and SB 1056 would modify the Oklahoma Teachers’ Retirement System by authorizing the system to...
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Roughly a year to the day after first filing suit, plaintiffs and the University of Chicago have entered into a class action settlement for a $6.5 million cash payment and changes to the university’s $3 billion plan.
The comes several months after a federal judge reinstated claims he had...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor,at jiekel@usaretirement....
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While the Securities and Exchange Commissioners were hardly unanimous in their assessment, they voted 4-1 to release for public comment a set of proposals to “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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Most, but not all, of the claims alleging that a plan provider’s loan process generated “ill-gotten” gains that exceed $50 million per year have been dismissed.In the case, Haley v. Teachers Inv. & Annuity Assoc. (S.D.N.Y., No. 1:17-cv-00855, complaint filed 2/3/17), plaintiff Melissa Haley...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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State of the State House is an occasional feature that provides the status of legislation before state legislatures relevant to NTSA members.
Open Provider Access
Tennessee. TN SB 2016 transfers the administration of 403(b) retirement plans for employees of institutions of higher education from...
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The Labor Department finally came up short in federal court — but trade industry headlines notwithstanding, like Mark Twain, the rumors of the fiduciary rule’s “demise” might be a bit premature.It was the first loss in court (U.S. Chamber of Commerce v. DOL, 5th Cir., No. 17-10238, order reversing...
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Be prepared. The motto of the Boy Scouts of America, but applicable in so many situations. Susan Diehl, PenServ Plan Services President, in the recent NTSA webcast “The New 403(b) Plan Document, Part I: Why March 2020 Is Important to 403(b) Employers,” focused on a mechanism by which a plan may be...
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Editor’s Note: ERISA Tips is a feature provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b) Advisor, at jiekel@usaretirement....
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True to its word, the Securities and Exchange Commission has announced a settlement with a broker-dealer and investment advisor that it says overcharged retirement account customers for mutual fund shares.According to the SEC’s order, Ameriprise Financial Services Inc. disadvantaged certain...
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Georgetown University and two of its officers are the latest to find themselves in the crosshairs of an excessive fee suit.The suit (Wilcox v. Georgetown Univ., D.D.C., No. 1:18-cv-00422), filed Feb. 23 in the U.S. District Court for the District of Columbia, alleges that rather than “…leveraging...
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Editor’s Note: ERISA Tips is a new feature for the 403(b) Advisor. It is provided with you in mind — to make the newsletter more useful to you! If you have any content for ERISA Tips or the 403(b) Advisor that you would like to contribute or suggest, please contact John Iekel, editor of the 403(b)...
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Legislation before the Maryland legislature would expand fiduciary duties in the Old Line State for broker-dealers, agents and investment advisers.SB 1068, introduced by Sen. Jim Rosapepe (D-Prince George’s) on Feb. 7 and HB 1634, introduced by Del. C. William Frick (D-Montgomery) two days later,...
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Editor’s Note: This marks the inauguration of a new feature for the 403(b) Advisor, ERISA Tips. It arises from data on visits to the NTSA site and readership of its content, which indicates consistent interest in ERISA and how it is applied.ERISA Tips is provided in the 403(b) Advisor with you in...
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If at first you don’t succeed, try, try again — and the plaintiffs in an excessive fee suit have done just that.
The suit, Daugherty v. The University of Chicago, was filed in May, seeking class action status for some 36,000 participants in plans at the University of Chicago (the University of...
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Headlines notwithstanding, the fiduciary regulation has been in effect since June of last year — but there are misunderstandings aplenty, and in his most recent blog post, Fred Reish takes one on.
Reish explains that there had been a common belief among advisors that fiduciary status could be...
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How is your 403(b) invested? Are any of its assets invested in proprietary funds? If so, says a recent blog entry, you are not alone — and there are ways to blunt criticism some may levy against that.In “Proprietary Funds: The New Lightning Rod for 403(b) Plans?,” a recent entry in Cammack...
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