Fiduciary Rules and Practices
Appropriations Committees on Capitol Hill — in the Senate and the House — have taken a shot at blocking the Labor Department’s fiduciary proposal by denying funding for the measure.Senate BillThe Senate Appropriations Committee on June 25 in a 16-14 vote approved a $153.2 billion measure that funds...
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A House appropriations bill was unveiled last week that included a provision designed to stop the Department of Labor’s (DOL) fiduciary proposal by defunding its implementation, but what are its chances?The fiduciary provision simply states, “None of the funds made available by this Act may be used...
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The June 17 Health, Employment, Labor and Pensions Subcommittee hearing provided ample illustration that the debate on the Department of Labor’s (DOL) fiduciary proposal is far from over. DOL Secretary Thomas E. Perez appeared before the subcommittee of the House Education and the Workforce...
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The Department of Labor’s Employee Benefit Security Administration has announced that it will hold public hearings on the fiduciary proposal on Aug. 10, 11 and 12 — and 13, if necessary. It also has extended the period for submitting comments on the proposed rule and exceptions to July 21.The...
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The U.S. Supreme Court's Tibble v. Edison International decision seems relatively mundane, and yet it has captured the attention of media outlets everywhere? In MarketBeat, Michael Webb examines this case and gets to the bottom of its implications for retirement plan sponsors and those who work...
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In its current form, the Labor Department’s fiduciary reproposal would “lock out” American small businesses from retirement plans, a new report says.The paper notes that small business owners, through SEP and SIMPLE-type IRA plans, provide roughly $472 billion in retirement savings for more than 9...
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It’s so interesting to me that almost every year there are changes to the laws and rules that affect our profession. And it’s a relief to me that NTSA is always there as a resource, allowing my company (and yours) to grow and get better at what we do, regardless of those changes. I still remember...
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The Department of Labor intends to finalize its re-proposed rule defining a fiduciary in May of next year, Groom Law Group Chairman Steve Saxon said on June 8. Saxon made his remarks at the SPARK Institute’s annual conference in Washington, D.C.That timing is fueled by political considerations....
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For those keeping score at home, a total of 36 individuals and organizations submitted comments on the Department of Labor’s April 14 fiduciary proposal during the first month of the comment period.The DOL’s Employee Benefits Security Administration has created a “public comments” page on its...
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Will the third time be the charm? House Education and the Workforce Committee Chairman John Kline (R-Minn.) and Health, Employment, Labor and Pensions Subcommittee Chairman Phil Roe (R-Tenn.) in a June 2 letter to Labor Secretary Thomas Perez have again repeated a request for additional information...
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The Department of Labor (DOL) issued a long-awaited — and controversial — set of rules April 14 expanding the definition of a fiduciary under ERISA. The proposed rules would affect NTSA members, including those who service non-ERISA plans or work in the IRA market.We’ve just created a special...
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The Bipartisan Policy Center convened what at least one participant termed a “policy wonk throwdown” in the nation’s capital May 27. The subject? The Department of Labor’s fiduciary proposal.The actual title of the event was “Champions, Critics and Consequences of a New Fiduciary Standard,” and it...
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The Labor Department’s fiduciary proposal — or more specifically, its “appropriate standard of care” for brokers and dealers — was the focus of comments by Financial Industry Regulatory Authority (FINRA) Chairman and Chief Executive Officer Richard Ketchum at the 2015 FINRA Annual Conference May 27...
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More than a quarter of the U.S Senate — including the ranking members of the Senate HELP and Finance Committees — have asked the Obama administration to act quickly to remove “any potential uncertainty” regarding the legality of various state-based retirement programs.The letter, addressed directly...
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The Department of Labor (DOL) has announced a brief extension of the comment period on its fiduciary reproposal — and has set a date for a public hearing.The comment period for what the DOL calls the Conflict of Interest Notice of Proposed Rulemaking has been extended by 15 days — from 75 to 90...
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If life gives you lemons, make lemonade. And if the constitution prevents pension reform, make the constitution work for it. That appears to be the message of Illinois Gov. Bruce Rauner (R), whose office suggested as much as soon as the Illinois Supreme Court upended the state pension reform law....
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On April 14, the DOL released a proposed fiduciary rule that expands the definition of who a fiduciary is and attempts to broaden the scope of its fiduciary oversight. In MarketBeat, Mike Webb makes some observations regarding the impact of the proposed rule.
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Sen. Elizabeth Warren (D-Mass.) announced April 28 that she has launched an investigation into the rewards and incentives that annuity providers offer to brokers and dealers who sell annuities to families and small investors.In letters sent to 15 of the country's largest annuity providers, Warren...
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The Department of Labor (DOL) on April 14 released proposed regulations redefining what it means to be a fiduciary under ERISA. The regulations raise many questions for many retirement plan professionals — including 403(b) and 457 advisors, as well as those who work with IRAs.In a new podcast on...
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Advisors working in the ERISA 403(b) marketplace often are asked to help plan sponsors meet their fiduciary duties under ERISA. In MarketBeat, Diane Capone provides some basics on the process an ERISA fiduciary plan sponsor needs to follow in order to comply with their obligations to the plan.
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