When Must a Fiduciary Just Say No to a Client?
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Items of Special Interest to Service Providers When Must a Fiduciary Just Say No to a Client? Summary: While being careful to limit your business to its most profitable niche goes without saying, if you're a fiduciary, telling a customer no may be your legal obligation. Unlike nearly every other business, the failure to say no can have disastrous consequences for both the individual fiduciary and the business offering those fiduciary services. Source: Fiduciarynews.com Will Trial Lawyers be the Sole Beneficiary of a Watered-Down Fiduciary Rule? Summary: The law firm of Schlichter, Bogard & Denton has had a very good couple of weeks. After winning two high profile 401k fee lawsuits, courts have approved the payment of more than $31.9 million in legal fees. These settlement fees got the author thinking about the DOL's proposed fiduciary rule. Would the proposal, if implemented, give trial lawyers more fodder for excessive 401k fee lawsuits? Author thinks it would. Source: Employeefiduciary.com SEC Faces Its Own Debate on Fiduciary Advice Standards Summary: Transcripts from a tough SEC hearing called earlier this month show it's not just the Department of Labor considering changes to the application of the fiduciary standard. Source: Planadviser.com NTSA Conference Presentation Sheds More Light on DOL's Fiduciary Rule Summary: 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. Amy L. Simonson summarizes who, what, when, where, why and how of the proposed rule. Source: Ntsa-net.org
403(b) Plans Summary: Article reviews the top seven issues identified during IRS examinations of 403(b) plans. Source: Mhco.com How the EPCRS Changes Might Impact 403(b)/457(b) Plans Summary: The IRS released Revenue Procedure 2015-27, which may significantly impact qualified plans, such as 401k and defined benefit plans. But what is the effect on 403(b)/457(b) plan sponsors? This article examines the changes to EPCRS, to determine whether or not they have a specific impact on various types of plans. Source: Cammackretirement.com
Fiduciary and Plan Governance Material CEOs Must Monitor Their Company's Retirement Plans or Take Responsibility for Costly Mistakes Summary: A recent Supreme Court ruling making it easier for retirement plan participants to sue organizations acting as plan sponsors should alert CEOs to scrutinize retirement plan investments on a regular basis. Source: Chiefexecutive.net Good Bets by a 401k Plan Sponsor to Avoid Liability Summary: There are bets that a plan sponsor can place that will have great odds in having the plan be in good shape and away from liability. This article is about betting that a 401k plan will be fine by making good decisions. Source: Jdsupra.com
Insight: Studies, Research and White Papers Americans' Financial Security Increasingly Tied to Employee Benefits Summary: This study, which measures how Americans perceive and value their employee benefits, uncovers a significant disconnect between employers and employees when it comes to benefits offered in the workplace. Source: 401khelpcenter.com New Research Provides Analysis of Roth IRA Investors Summary: The report, "The IRA Investor Profile: Roth IRA Investors' Activity, 2007-2013," provides analysis of contribution, conversion, rollover, withdrawal, and asset allocation activity among Roth IRA investors, based on data for 5.2 million Roth IRA owners at year-end 2013. Source: Ici.org
Plan Automation When Onboarding New Participants, Keep It Simple Summary: Plan advisers should be wary of potential complications when designing their automatic features. Most retirement plan advisers are looking at what makes the biggest impact in getting people in the plan and new ways to get younger employees engaged with the retirement plan -- and keep them there. Source: Planadviser.com
Court and Legal 401k Plan Participants Allowed to Pursue Claim for Disgorgement Summary: Participants in a 401k plan had standing to pursue the restoration of profits by their employer following the transfer of their individual account assets to a defined benefit plan, according to the U.S. Court of Appeals in Richmond VA. Source: Wolterskluwerlb.com Eleventh Circuit Again Affirms Dismissal of Stock Drop Claim Against Delta Air Lines Summary: The Eleventh Circuit affirmed dismissal of ERISA breach of fiduciary claims against Delta Air Lines and other alleged plan fiduciaries in connection with a defined contribution plan's investments in Delta Air Lines stock. In so ruling, the Court joined a growing number of decisions following Dudenhoeffer that have dismissed claims based on public information. Source: Erisapracticecenter.com
Compliance and Regulatory IRS Shuts Down Email Questions to Employee Plans Office Summary: Beginning Oct. 1, it's back to the 20th century for anyone who used to ask a question of the IRS Employee Plans Office. Source: Asppa.org Curtailment of Determination Letter Program Will Impose New Compliance Burdens Summary: The IRS announced a major curtailment of its determination letter program for individually designed qualified retirement plans that will impose significant new compliance burdens on employers and other entities that sponsor Individually Designed Plans. Source: Bsk.com Supreme Court Decision on Same-Sex Marriage: Impact on Benefit Plans Summary: In Obergefell v. Hodges, the U.S. Supreme Court ruled by a 5-4 margin that the 14th Amendment of the Constitution requires states to allow and to recognize same-sex marriages. This landmark decision will affect the terms and administration of employee benefit plans, especially health and group benefit plans. Source: Towerswatson.com
Marketplace News 401k Essentials Launches New Website ERISA Advisory Council to Meet August 18-20 Redhawk Names Rick Keast President Lincoln Names New President of Retirement Plan Services Employee Fiduciary Launches Financial Advisor Directory Gallagher Announces OCIO and DC Strategy Leaders TRA Adds Northeastern Region Sales Consultant
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