Fiduciary Rules and Practices
While the pace of litigation can sometimes be lengthy and arduous to predict, we could have a summary judgment ruling on at least one of the cases challenging the fiduciary regulation in relatively short order. Judge Randolph D. Moss has issued a scheduling order in the case of National...
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Less than 24 hours after the filing of litigation challenging the Department of Labor’s (DOL) fiduciary regulation, a second lawsuit was filed June 2.This one, filed in the U.S. District Court for the District of Columbia by the National Association for Fixed Annuities, seeks to “challenge and...
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As anticipated, a number of retirement industry trade groups and the U.S. Chamber of Commerce have taken their case against the Department of Labor’s (DOL) fiduciary regulation to the courts. Filed on June 1 in the U.S. District Court for the Northern District of Texas, the 74-page suit claims...
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A number of industry trade groups have been contemplating litigation to stop the Department of Labor’s (DOL) fiduciary regulation even before there was a final regulation — that litigation could be filed as soon as today, according to reports.The Wall Street Journal is reporting that the U.S....
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The IRS has updated the comprehensive page on its website that provides information about, and links to, information about retirement plan documents.The IRS organizes that information in subject matter categories. Each category includes: an explanation that provides guidance in the law and legal...
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Republicans in Congress continued their campaign to kill the Department of Labor’s (DOL) fiduciary rule — and managed to pull three Senate Democrats over to their side.The Senate voted 56-41 on May 24 to formally disapprove of the rule under the Congressional Review Act (CRA), with three Democrats...
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Increasingly, a plan’s digital platform — both website and mobile — is becoming participants’ main point of contact with the plan, upping the ante on the quality and efficiency of the user experience. What can consumer research tell us about doing a better job of fulfilling users’ digital...
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The Securities and Exchange Commission plans to issue a “personalized investment advice standard of conduct” in the spring of 2017, according to the agency’s latest regulatory plan.The SEC’s Division of Trading and Markets and Division of Investment Management are considering jointly proposing a...
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Financial advisers need to grasp what plans the new fiduciary rule and its exemptions cover, in order to understand how they affect their business. In MarketBeat, Diane Capone argues that the rule will affect your business and offers a discussion that provides background information on the rule and...
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Financial advisers need to grasp what plans the new fiduciary rule and its exemptions cover, in order to understand how they affect their business. In MarketBeat, Diane Capone argues that the rule will affect your business and offers a discussion that provides background information on the rule and...
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The Massachusetts Securities Division says that robo-advisers’ failure to conduct due diligence, as well as their depersonalized structure, may render them unable to provide adequately personalized investment advice and make appropriate investment decisions. As such, “the Division” has declared...
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There are reasons why a plan sponsor might want to keep ex-participants’ accounts in their plan. In MarketBeat, Nevin Adams discusses the findings in a recent study about that, and whether the Department of Labor’s fiduciary rule will reduce rollovers.
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Is it appropriate to name a living trust as beneficiary of a 403(b) account? In Tech Talk, Ellie Lowder tells us whether this should be done in order to escape probate on 403(b) distributions.
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Suppose you have a client who is age 55 and is retiring but has an agreement to return to work with the same employer to do a special project for them. Can he make withdrawals between retiring and starting the project without the 10% IRS premature distribution penalty tax being imposed? In Tech...
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The U.S. House of Representatives adopted a resolution April 28 disapproving of the Labor Department’s final fiduciary regulation. The House Committee on Education and the Workforce on April 21 had passed H. J. Res. 88 by a vote of 22-14. The party line vote of 234-183 was enough to pass the...
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The Labor Department’s fiduciary regulation will have a huge impact on advisers that work with IRAs. To better understand the impact of these new rules, the National Tax-Deferred Savings Association (NTSA) is conducting a study about how financial advisers work with IRA investors, the knowledge and...
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Qualified plans must be restated every six years to maintain their reliance on the approved status of their plan, and the deadline for this most recent restatement is April 30, 2016. In MarketBeat, Susan Diehl discusses a new option that permits financial institutions and other service providers...
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Advisors aren’t the only ones sifting their way through the new fiduciary regulation, though just 60% of providers in a recent survey say they want to understand the impact on the advisors with whom they work. A new survey of 117 retirement plan service providers by the SPARK Institute found that...
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The Congressional Budget Office (CBO) on April 20 issued a report saying that two measures introduced in the House earlier this year that would require congressional approval of the Department of Labor’s (DOL) fiduciary rule and would provide alternative fiduciary protection for consumers would...
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The House Education and the Workforce Committee on April 21 passed a resolution introduced just two days earlier that is intended to block the fiduciary rule the Department of Labor (DOL) issued in final form on April 6. By a 22-14 vote, the committee approved H.J. Res. 88, the measure introduced...
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