Fiduciary Rules and Practices
Citing a desire to support “flexibility and choice” for investors working with their financial advisors, Cetera Financial says it will continue to support the use of commissions after the Labor Department’s fiduciary rule takes effect. “Cetera Financial Group is focused on supporting choice and...
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The effective date of the Department of Labor’s (DOL) fiduciary rule is still months away, but Bank of America Merrill Lynch has taken another step in anticipation of its impact.According to ThinkAdvisor, the broker-dealer has said that, effective immediately, purchases of mutual funds in existing...
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Every day we hear news that is premised on a leak of some sort — the result of a breach of cybersecurity. Regardless of whether it has been publicized or is lesser known, a breach is a breach and it puts people and their assets at risk. And that includes retirement plan participants.A recent...
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Earlier this year, several universities were sued over the way they run their 403(b) plans. That litigation serves as a reminder to those who offer and administer 403(b) plans to make sure they are properly executing their fiduciary responsibilities. A recent report suggests ways to do that.In “...
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ERISA attorney Fred Reish takes a look at a “new” concern that’s not so new: reasonable compensation for advice to IRAs. In his most recent blog post, Reish explains that there seems to be a common misunderstanding about this issue, specifically that it will be difficult to determine reasonable...
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As implementation of the Department of Labor’s (DOL) fiduciary rule nears, two broker-dealers have decided to continue to charge commissions for their retirement account services.According to InvestmentNews, Morgan Stanley has decided to allow its brokers to use the Best Interest Contract Exemption...
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Much-anticipated guidance on the DOL fiduciary rule will be coming soon, according to Phyllis Borzi, head of the DOL’s Employee Benefits Security Administration (EBSA). She made the remarks Oct. 25 during the Government Update session at the ASPPA Annual Conference held at National Harbor, Md....
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Will the Department of Labor’s (DOL) fiduciary rule be delayed? According to BenefitsPro, there are rumors to that effect, but they likely are nothing more than that.Drinker Biddle attorney Brad Campbell, who is part of the firm’s Employee Benefits and Executive Compensation Practice Group, told...
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A new report claims that the Labor Department’s fiduciary rule will cause a surge in mutual funds being reviewed and replaced in defined contribution plans, even before the Jan. 1, 2018 deadline for full compliance. In MarketBeat, the NTSA Net staff takes a look at that report.
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One of the biggest changes ahead for some advisers because of the fiduciary prohibited transaction rules is that they will no longer be able to make recommendations that can affect the level of their compensation. As April 10 approaches, a recent blog post by ERISA attorney Fred Reish cautions...
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The drumbeat of lawsuits against large 403(b) and qualified plan sponsors continues, and the publicity surrounding these suits is causing concern among employers sponsoring much smaller 403(b) plans. In MarketBeat, David Blask discusses the cases and what they entail.
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Think you’ll find rollovers more complicated under the Labor Department’s fiduciary regulation? You aren’t alone. In a recent blog post, ERISA attorney Fred Reish notes that banks, as well as advisors, may find themselves confronted with a fresh set of challenges. Reish notes that it appears to...
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If you have a client who retired after normal retirement age but before he had five years of service, can he use the “last 3-year catch up” in his 457(b) plan? In Tech Talk, Ellie Lowder tells us.
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A new lawsuit has been filed challenging the Department of Labor’s (DOL) fiduciary regulation’s interference with existing arbitration structures.The suit, Thrivent Financial for Lutherans v. Perez, D. Minn., No. 0:16-cv-03289, complaint filed 9/29/16, filed by Thrivent Financial for Lutherans in...
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Securities and Exchange Commission (SEC) Chair Mary Jo White has reiterated that her agency’s fiduciary rule is coming, but “not any time soon.” White made her remarks on Sept. 27 at the Securities Industry and Financial Markets Association’s capital markets conference annual meeting in Washington...
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The legislative package that cleared the Senate Finance Committee unanimously in late September included provisions intended to encourage the use of lifetime income products, including a late addition that could turn out to be the most significant.Lifetime Income Selection Safe HarborThat provision...
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A new report claims that by 2020, the DOL’s new fiduciary rule will result in a $2 trillion asset shift and roughly $20 billion in lost revenue. But there are winners as well as losers.According to the A.T.Kearney DOL Fiduciary Rule Study, industry players will be affected at all levels. The report...
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Can employees opt out of ERISA-related plans rather than have the money placed into a corresponding 401K? In Tech Talk, Ellie Lowder tells us.
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Designated Roth Contributions (DRCs) have been a permissible retirement plan feature since 2006; however, there is still confusion in the retirement plan community regarding DRCs. In MarketBeat, Lynn Knight tests your knowledge and dispels the mist.
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The comment periods and hearings are long over, and the implementation of the fiduciary rule nears. But that doesn’t mean that the Department of Labor (DOL) has a deaf ear, nor that it won’t provide some further guidance on how to comply.The DOL “now seeks to help people understand the rule,”...
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