Service Providers
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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The PATH Act, enacted Dec. 18, 2015, affects the money that can be rolled over into a SIMPLE IRA. In MarketBeat, Susan Diehl writes that many financial institutions have been struggling with such rollovers, and provides a breakdown of how this change affects SIMPLE plans and what institutions need...
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The PATH Act, enacted Dec. 18, 2015, affects the money that can be rolled over into a SIMPLE IRA. In MarketBeat, Susan Diehl writes that many financial institutions have been struggling with such rollovers, and provides a breakdown of how this change affects SIMPLE plans and what institutions need...
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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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Health savings accounts provide a tax-free vehicle for participants to accumulate investments in order to reimburse out-of-pocket medical expenses. In MarketBeat, Kimberly Flett discusses the advantages of establishing one, as well as how they relate to retirement plans.
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The Financial Industry Regulatory Authority (FINRA) has issued an interpretive letter agreeing to exclude the NTSA’s Model Disclosure Form from various filing requirements under FINRA Rule 2210. This marks a significant milestone for the NTSA’s effort to ensure that public school employees receive...
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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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The Illinois Supreme Court has struck down the measure enacted in 2014 to help address the poor financial condition of Chicago’s public pension plan. In Jones v. Municipal Employees' Annuity and Benefit Fund of Chicago (2016 IL 119618 (March 24, 2016)), the Court said that Public Act 98-641 is...
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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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Securities and Exchange Commission (SEC) Chair Mary Jo White on March 22 presented the House Appropriations Committee’s Subcommittee on Financial Services and General Government with her agency’s fiscal year (FY) 2017 budget request. Among the initiatives for which the SEC seeks funding is...
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Despite taking a beating during a tumultuous period in the markets, America’s retirement confidence proved to be resilient, if not its level of preparation.According to the 26th wave of the Retirement Confidence Survey, the percentage of workers very confident about having enough money for a...
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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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Since January, new state retirement plan bills have poured into state legislatures around the country, some promising opportunity and some threatening confusion or worse for state plan participants. Obviously not every piece of legislation succeeds, but bills that die in one session often re-emerge...
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The Consumer Financial Protection Bureau (CFPB) may have intended to help individuals understand the impact of their timing decision on Social Security, but a couple of Republican senators say it is providing “inaccurate and misleading” information.Last December, Sens. Richard Shelby (R-Ala.),...
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A new report asserts that today’s consumers do not want “communication,” they want personal guidance. They want to do things when, where and how they prefer. They want things easy and convenient. And they want the whole experience to be enjoyable. So, how are today’s retirement service providers...
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Suppose that the product provider of a 403(b) plan which allows only elective deferrals wants the plan sponsor to begin approving loans and hardship withdrawals. In Tech Talk, Ellie Lowder tells us what impact that action would have on the plan’s ERISA exemption.
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