Fiduciary Rules and Practices
An IRS audit is not exactly a sought-after experience. But it is possible to take a look at a plan and see if it is at risk of one, and there are best practices one can take after an audit. The recent 2015 NTSA 403(b) Summit offered insights on both, as Diane Capone discusses in MarketBeat.
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Calling it a “game changer,” NTSA Executive Director Chris DeGrassi and American Retirement Association CEO Brian Graff offered their takes on the Department of Labor’s proposed fiduciary rule in an Aug. 18 webcast, “The DOL Fiduciary Rule: What’s Next.”Prospective Application, But…One way the rule...
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A recent ruling on remand in the long-running Tussey v. ABB litigation, which favored the fiduciaries, was largely under the radar screen. In MarketBeat, Farhad Mirzada offers a look at the recent developments.
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Require general partners to do a better job of disclosing private equity fees. That’s the message that treasurers from states in every region of the United States, as well as two of its largest cities, sent to Securities and Exchange Commission Chair Mary Jo White in a recent letter.The treasurers...
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Marcy Supovitz, President-Elect of the American Retirement Association, testified at the public hearing on the Department of Labor’s reproposed fiduciary rule Aug. 12. Supovitz' testimony concentrated on the American Retirement Association’s innovative proposal to create a separate, streamlined...
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The public comment period may have closed, but a group of U.S. Senators has weighed in on the proposed fiduciary regs — and lent their support to a recommendation of the American Retirement Association.The letter, signed by Senate Finance Committee ranking member Ron Wyden (Ore.), as well as fellow...
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The second day of public hearings on the Department of Labor’s fiduciary rule reproposal was highlighted by a debate over the economic impact that the rule will have on the financial services industry.When a rule of this significance is issued, it must be accompanied by an analysis from the...
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Responding to a bipartisan (though primarily Republican) letter from more than a dozen members of the U.S. House of Representatives, Labor Secretary Thomas Perez says his agency will “move forward towards issuing a Final Rule” on the agency’s “conflict of interest” proposal.In a letter addressed to...
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The first day of the Department of Labor’s (DOL) public hearing on its re-proposed fiduciary rule Aug. 10 veered from the informative to the absurd as the department’s rule makers heard from a broad array of stakeholders on the complex subject. Labor Secretary Thomas Perez has repeatedly promised...
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Among the more than 800 comment letters filed on the Labor Department’s fiduciary proposal is one from a fellow federal agency that claims the proposal fails to adequately estimate its cost or the number of firms affected by it.The filing by the Small Business Administration’s Office of Advocacy...
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Expressing concerns that the Labor Department’s fiduciary proposal is “…motivated by an insatiable desire to reengineer the retirement services industry and control the mode and manner that Americans save for retirement,” a group of Republican congressmen is calling on the DOL to withdraw the rule....
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During the first round of breakout sessions at the 2015 NTSA 403(b) Summit in Nashville, an expert panel led a lively and engaging discussion about the Department of Labor’s re-proposed fiduciary rule, and the potential impact on common business practices. In MarketBeat, Amy L. Simonson summarizes...
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The Pushmi-Pullyu, a two-headed animal character from author Hugh Lofting’s Doctor Dolittle series of children’s books, does not actually exist. But the back-and-forth over the Department of Labor’s proposed fiduciary rule is enough to make one wonder if maybe they really do after all.July 21...
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The American Retirement Association (ARA) has submitted its comment letter to the Department of Labor (DOL) on the fiduciary rule re-proposal. ARA has long supported aligning the interests of retirement plan advisers to individual retirement investors through a best interest standard. The comment...
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Diamonds may be forever, but apparently fiduciary liability for choosing annuities in a DC plan is not.That’s likely the most significant takeaway for advisors and plan sponsors from Field Assistance Bulletin (FAB) 2015-02. In that document, acknowledging that “confusion or lack of clarity” about...
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.Your company is distributing required minimum distributions (RMDs). Does the 20% federal income tax withholding apply to all the amounts being distributed? In Tech Talk, Ellie Lowder tells us.
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What is the state of affairs regarding 403(b) plans? A recent study looked at certain aspects of the plans, including how the funds in those plans are invested.In “The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans,” BrightScope and the Investment Company...
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The Employee Plans Subcommittee of the IRS Advisory Committee on Tax Exempt and Government Entities chose as its 2014-2015 project to reexamine the current state of the 403(b) community seven years after the issuance of the 403(b) final regulations. Specifically, the EP Subcommittee sought to...
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Efforts to stop or roll back the Department of Labor’s proposed fiduciary rule will continue, according to Steve Saxon of Groom Law Group. Saxon made his remarks at the Insured Retirement Institute’s recent Government Legal Regulatory Conference in Washington, D.C.According to zinsurance, Saxon...
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Nearly three months ago, the Department of Labor (DOL) proposed new standards defining what fiduciary due diligence means. In a session at the NTSA 403(b) Summit in Nashville, NTSA immediate past president Susan Diehl and others explained how the rule affects IRAs and other investment options,...
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