Fiduciary Rules and Practices
The Department of Labor released a much-anticipated second set of fiduciary regulation FAQs on Friday the 13th. In MarketBeat, Nevin Adams writes that they focus particularly on investment advice concerning ERISA-covered plans, IRAs and other plans covered by Code Section 4975(e)(1).
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Sure, you’ve spent a year getting ready for the fiduciary rule — but are you ready for this?Tax reform is the topic du jour in the nation’s capital. The headlines have been filled with promises from both President Trump and nearly every one of his cabinet appointees to do something about tax reform...
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On Jan. 20, President Trump signed a regulatory freeze pending review — but did that affect the timing of the fiduciary rule?In a memo to federal departments and agencies, White House Chief of Staff Reince Priebus said the freeze was designed to ensure President Donald Trump’s appointees or...
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The Department of Labor (DOL) released a much-anticipated second set of fiduciary regulation FAQs on Friday the 13th.These frequently asked questions (FAQs) anticipated since last fall, focus particularly on specific technical questions raised by financial service providers. Okay, technically they...
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The Department of Labor (DOL) has published a new set of FAQs on the fiduciary regulation — but, to paraphrase Obi Wan Kenobe, “these aren’t the FAQs you’re looking for.” This set of FAQs is focused on consumer protections the regulation provides — think of it as the DOL’s explanation of the...
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Senate Health, Education, Labor and Pensions (HELP) Committee Chairman Lamar Alexander (R-TN) announced Jan. 17 that the confirmation hearing for Andy Puzder, President-elect Trump’s nominee to serve as Secretary of Labor, will be held on Feb. 2. Said Alexander in a press release, “Mr. Puzder is a...
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The label “Level Fee Fiduciary” has been used for many years with one meaning, but the Best Interest Contract (BIC) Exemption has used it for a different purpose and, depending on your reading, a different definition, writes Fred Reish.The Traditional DefinitionIn a recent blog post, Reish notes...
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Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says...
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Retirement investments and advice are among the examination priorities of the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for 2017, the SEC said on Jan. 12. The OCIE’s priorities reflect a continuing focus on protecting retail investors, says...
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With the presidential election victory of Donald Trump and the success of Republicans in holding majorities in both the House of Representatives and the Senate, the immediate future of the Department of Labor’s fiduciary rule has been cast into some doubt. A recent analysis explores what its...
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Awareness of fiduciary status and the Department of Labor’s (DOL) fiduciary rule is more widespread among 403(b) plan sponsors than preparations for its effective date, according to a recent study by the Plan Sponsor Council of America (PSCA). Just over three-quarters of plan sponsors consider...
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The confirmation hearing for Labor Secretary nominee Andrew Puzdner could be pushed back.Originally slated for Jan. 17, the Senate Committee on Health, Education, Labor and Pensions (HELP) may delay Puzdner’s confirmation hearing until February, according to published reports, citing an aide to...
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New legislation would push back — way back — implementation of the Department of Labor’s (DOL) fiduciary rule.Rep. Joe Wilson (R-S.C.) on Jan. 6 introduced H.R. 355, the Protecting American Families’ Retirement Advice Act.In announcing the bill, Wilson said “The Department of Labor’s fiduciary rule...
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A new year has begun — and 2017 is anticipated to be a year of change. In MarketBeat, Ellie Lowder suggests that attending the NTSA Master’s Summit will be a simple way to lay a firm foundation for it to be a success.
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A highly compensated eligible employee of a non-governmental hospital did not know he could have contributed an $18,000 payroll deduction to his 457b for 2016. He wants it taken out of his last 2016 paycheck and corrected for a 2016 deduction. In Tech Talk, Ellie Lowder says whether this can be...
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Editor’s note: This is the second 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. Part 1 can be found here.The champagne flutes may be dry, but plenty of bubbling exuberance remains. And regarding...
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A majority of retirement industry providers think that participants are likely to be confused by what results from the Department of Labor’s (DOL) fiduciary rule, and have a decidedly mixed sense of what it will mean for participant experience design.Almost 70% of respondents to the Broadridge “...
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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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