Fiduciary Rules and Practices
Sure you do — and we’ve developed a way for you to ask the Labor Department.On April 17, American Retirement Association CEO Brian Graff unveiled a new resource that we are making available to help gather and organize the myriad questions that you’re dealing with today — or that may emerge in the...
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The fiduciary regulation may be final, but Republican lawmakers in the House and Senate have introduced resolutions to block it.In the House, Rep. Phil Roe (R-Tenn.), chairman of the House Subcommittee on Health, Employment, Labor, and Pensions, along with Rep. Charles Boustany (R-La.), chairman of...
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It was a lengthy odyssey, to say the least, but on April 6 the Department of Labor (DOL) issued the final version of the much-discussed fiduciary regulation. It will have a big impact — and 403(b) advisors are among those who have much to digest regarding its implementation and import. Accordingly...
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Everyone is well aware of the need for cybersecurity and protecting the privacy of data. But there is an additional concern for retirement plan fiduciaries — they are important to fulfilling fiduciary duty.In a recent posting on the ML Benebits blog, Matthew Hawes and Patrick Rehfield argue that...
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When life hands you lemons, make lemonade. So goes the oft-quoted maxim — and recent assessments suggest that it even may apply for those who anticipate that the fiduciary rule the Department of Labor (DOL) released on April 6 may create challenges. A recent report from Cerulli Associates, as well...
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A provision in the Department of Labor’s (DOL) 2015 proposed fiduciary rule that would have had a significant impact on participant education has been modified in the final rule issued April 6. The revised provision aligns with recommendations made by the American Retirement Association. In the...
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While the devil is in the details, the Department of Labor’s (DOL) final fiduciary rule includes some improvements in the best interest contract (BIC) exemption from the previous proposal. Variable compensation is, as it was in the original proposal, allowed under a BIC exemption. The BIC is...
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After a five-month comment period, four days of public hearings, more than 3,000 comment letters, some 300,000 petitions, and more than 100 meetings with stakeholders, nearly a year to the day that the Department of Labor (DOL) unveiled its “Conflicts of Interest” proposal, we have a final...
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In a big win for the advocacy efforts of the American Retirement Association and the National Tax-Deferred Savings Association (NTSA), as well as for plan advisors' abiilty to help participants with rollover decisions, the DOL’s final fiduciary regulation provides a streamlined exemption for “level...
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The long-awaited and controversial final DOL regulation redefining an investment advice fiduciary is out. This regulation will significantly affect how advisors work with plan sponsors, plan participants and IRA owners. NTSA will be holding a complimentary webcast to help 403(b) advisors understand...
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As the industry anticipates publication of the Labor Department’s fiduciary regulation this week, the Office of Management and Budget (OMB) has finished its review, according to a posting on the OMB’s website.The OMB has had the regulation under review since Jan. 28.Before agency rules are...
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The drafting, redrafting, comment, revision, lather rinse repeat of the Department of Labor’s (DOL) fiduciary rule certainly has been a protracted process. As we appear to be on the brink of its for-real introduction, it’s interesting to consider matters that follow in the wake of the big reveal —...
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For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation — but that long wait could be coming to an end.Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much...
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Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (...
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p>No fooling — some retirees and IRA holders must take required minimum distributions (RMDs) by April 1. The IRS in IR-2016-48 on March 28 issued a reminder that IRA holders who turned age 70½ in 2015 must take RMDs; similarly, retirees who reached that age last year must take RMDs from...
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Most advisors are concerned that the Department of Labor’s (DOL) fiduciary proposal will have a negative impact on how they do business, according to a new survey.The survey of 485 advisors by Fidelity Institutional found that three-quarters expect to reevaluate the types of clients they serve, and...
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The release of a new federal regulation can create a virtual cottage industry, not to mention further regulation to address its ripple effects, and the impending release of the Department of Labor’s (DOL) fiduciary rule is no exception. The release of the rule could spur the development and use of...
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At the 180th meeting of the ERISA Advisory Council on March 16, Department of Labor (DOL) Assistant Secretary for Employee Benefits Security, Phyllis Borzi updated the Council on the DOL’s activity since their last meeting in November and kicked off a new year of business for the group of industry...
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There’s still a sense of optimism among investors concerning retirement plans and savings, but it’s not as robust as it was a year ago, says a report by Wells Fargo and Gallup. Stock market volatility is to blame, they say.Market RollercoasterIn fact, the report says that optimism about the stock...
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The Securities and Exchange Commission (SEC) has formed the Office of Risk and Strategy (ORS), a new office within the Office of Compliance Inspections and Examinations (OCIE). It is intended to consolidate and streamline the OCIE’s risk assessment, market surveillance and quantitative analysis...
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