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Fiduciary Governance
The Department of Labor recently issued a set of FAQs on the fiduciary rule. In a recent blog post, Fred Reish says that one of those “raises some significant issues” for broker-dealers and RIAs.As a general rule, Reish explains, the Best Interest Contract Exemption (BICE) requires only that broker...
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The DOL fiduciary rule — at least significant parts of it — has now been implemented. The dust has just begun to settle, although it could be stirred up again at any time. But for now, the rule is in place. A recent analysis offers an assessment of where things stand.In a recent Forbes post, “New...
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It’s heeeeere. But for many practitioners, practices and firms that read the tea leaves, the Department of Labor’s fiduciary rule has been a reality for a while and already has shaped what they do and how they do it.At a recent session of the SPARK Institute’s Retirement Industry Conference held at...
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The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it...
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While there are no tropical systems anywhere near the U.S. yet, the official hurricane season has just begun (the National Oceanic and Atmospheric Administration says it starts June 1). So it can be helpful to review ways that plan sponsors and their service providers can prepare… just in case.The...
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The Department of Labor (DOL) has taken its first step in the review of the fiduciary regulation ordered by President Trump earlier this year.That step was marked by the delivery of a request for information on the fiduciary rule to the White House Office of Management and Budget, according to the...
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Newly minted Securities and Exchange Commission Chairman Jay Clayton in a recent public comment said he welcomes the Department of Labor’s (DOL) invitation to take a look at the standards of conduct that are at the core of the DOL’s fiduciary rule.Clayton noted that although the DOL fiduciary rule...
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A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak...
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Having weathered some controversy over his stance on the fiduciary regulation, Labor Secretary Alexander Acosta is reportedly scheduling meetings with both advocates and critics of the rule, beginning May 30.Politico Pro reports that Acosta is scheduled to have a closed-door meeting today with a...
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The Department of Labor (DOL) has published a new set of FAQs about the fiduciary regulation, these focused on the so-called “transition period” from June 9, 2017 to Jan. 1, 2018.The big question on many minds is likely to be found in Question 4, which asks: “Will the Department make additional...
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Secretary of Labor Alexander Acosta is now on record saying he won’t delay implementation of the fiduciary regulation.He chose a very public means of doing so: an op-ed in The Wall Street Journal (subscription required) in which he states that “the Labor Department has concluded that it is...
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Citing an ARA report, three Senate Democrats have pressed Secretary of Labor Alexander Acosta regarding comments that he wanted to find a way to freeze the fiduciary rule and make it “stick.”The letter, signed by Sens. Patty Murray (D-WA), Elizabeth Warren (D-MA) and Corey Booker (D-NJ), recalled...
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Choosing between a lump sum and regular, smaller payments over a long period is only the beginning. There are many other moving parts to the process, and many important considerations.An Informed Choice?MetLife in “Paycheck or Pot of Gold Study: Making Workplace Retirement Savings Last,” Showed...
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A congressional hearing on “Regulatory Barriers Facing Workers and Families Saving for Retirement” ran the gamut from the fiduciary regulation to multiple employer plans to state-run programs.The hearing, by the House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor...
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Noted journalist Horace Greeley once famously commented “Go West, Young Man.” What’s not often repeated is the rest of that quote.Regardless of where you live, this year’s Western Benefit Conference is, once again, shaping up to be an amazing event. It’s one of the few events in the nation to span...
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Premiums paid to the Pension Benefit Guaranty Corporation (PBGC) are an important concern for DB plans, their administrators and their sponsors. And an increasing concern at that, since they grow and grow. But there are questions regarding what exactly that money is going toward.In Findley Davies’...
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FRA PlanTools CEO and Managing Director David Witz recently surveyed third party administrator (TPA) clients as well as professionals who once were part of TPAs regarding why one may want to work with a TPA. Some mentioned bundled providers, and discussed the plusses and minuses they entail.What’s...
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Having dealt with the requirements of ERISA’s prudent man rule and of the best-interest standard of care for IRAs and plans, noted ERISA attorney Fred Reish now examines the requirements of the two prohibited transaction exemptions.In his most recent blog post, Reish reminds that the two exemptions...
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One of the more novel legal arguments opposing the fiduciary regulation has resurfaced in an amicus (friend of the court) filing.Arguing on behalf of plaintiffs (including the Chamber of Commerce) in the U.S. Court of Appeals for the Fifth Circuit, the Washington Legal Foundation (WLF), a nonprofit...
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Labor Secretary Alexander Acosta says the Department of Labor’s (DOL) fiduciary rule is his number one priority, and that he is actively seeking a way to freeze the rule that will “stick.”Acosta’s comments were made during a meeting with Sen. Tim Scott (R-SC), according to a communication from...
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