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Fiduciary Governance
In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12.
Graff’s comments—made in support of the DOL’s latest attempt to modernize the...
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American Retirement Association (ARA) CEO Brian Graff is scheduled to testify on the first day of a public hearing hosted by the Department of Labor (DOL) titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”
Graff will follow opening remarks from Assistant Secretary...
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If you’re confused—and overwhelmed—about the Department of Labor’s (DOL) latest proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA), you’re not alone.
The Biden Administration officially unveiled the Retirement Security...
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The parties in an excessive fee suit have come to terms—on at least one aspect of the litigation, though the bulk remains to be appealed.
The suit in question involves Genentech’s $7.6 billion (33,693 participant) 401(k) plan. The plaintiff is one Matthew Wehner (represented by Shepherd, Finkelman...
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Like many of you, I have spent a fair amount of time over the past couple of weeks reading and analyzing the impact and import of the new fiduciary rule proposal—not to mention the legal pundits who seek to tell us what they think it means, or might mean, regardless of what the proposal actually...
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On Nov. 3, the Department of Labor published its proposal to (1) redefine an “investment advice fiduciary” under ERISA and (2) also modify the prohibited transaction exemptions available to such fiduciaries. That is, the proposal would (1) change who is an ERISA fiduciary and (2) the conditions...
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A recent appellate court ruling that upheld a district court’s rejection of expert witness testimony has been raised as a defense in an excessive fee suit.
The suit in question involved the fiduciaries of the $5.2 billion L3Harris Retirement Savings Plan—a suit that in March 2022 claimed the...
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After denying a request to extend the comment period for its proposed guidance to update the definition of an investment advice fiduciary, the Department of Labor (DOL) announced that the Employee Benefits Security Administration (EBSA) will hold an online hearing beginning Dec. 12.
According to...
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It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment...
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The Department of Labor (DOL) on Halloween issued the latest iteration of a proposed rule defining who is an investment advice fiduciary for purposes of ERISA. As the initial dust settles, officials from the DOL’s Employee Benefits Security Administration (EBSA) have offered some further insights...
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Funding of private-sector defined benefit plans has been a rising tide. But why? And what does it mean? Two industry experts offer their insights in a deeper dive.
The State of Things
“Funding levels for private sector pension plans are very healthy—most plans are fully funded or overfunded at...
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It will ensure that advice given to plan sponsors with respect to plan investments under any and all circumstances is required to comply with the fiduciary standards of ERISA.
The mission of the American Retirement Association—since it was founded in 1966—is to expand and strengthen the employer-...
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Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association.
The fact sheet focuses on the issue of conflicted advice, specifically calling out what...
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As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA).
The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of...
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After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.
The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of...
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A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.
Issuing...
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A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference expressed agreement with the notion of closing the coverage gap but also evinced great concern over the effect legislation that would create a federal retirement savings program could have on the private-sector retirement...
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Editor’s Note: This is the second in a two-part series about service providers’ audits of clients and their plans. The first installment is here.
Audits may be a frightening and painful experience from the perspective of plan administrators and plan sponsors. But what does it look like from the...
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Oct. 15 has finally passed. A day even spookier than Halloween! Which explains all the treats in the kitchen area at work for those hard at work on their 5500s.
Let’s take a flashback to our May issue in which Tiffany Myers, Manager, Actuarial Services at the Cash Balance Center of Excellence,...
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An explanation and history of fiduciary liability insurance were among the topics addressed at the recent ERISA 403(b) Conference in Washington, D.C.
The panel discussion “Fiduciary Liability Insurance” featured Euclid Fiduciary’s Daniel Aronowitz, Sompo International’s Joe Kelly, and Marsh...
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