Insightful Video Interviews With Attorney Jerry Schlichter
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General Items Insightful Video Interviews With Attorney Jerry Schlichter Abstract: 401k Specialist Magazine recently published this series of video interviews with Jerry Schlichter, plaintiffs' lawyer for Tibble v. Edison. Each is from three to four minutes long. Source: 401khelpcenter.com
Fiduciary and Plan Governance Material 401k Plan Reviews Often Miss the Mark in Terms of Frequency and Focus Abstract: Many financial advisors neglect to review the effectiveness of retirement plans with plan sponsors as often as many sponsors want and, when reviews do take place, they often fail to focus on what's most important, according to research from MassMutual Retirement Services. Source: 401khelpcenter.com
Insight: Studies, Research and White Papers Most Americans Want Advisors Legally Required to Provide Non-Conflicted Advice Abstract: Americans tend to have a tough time determining if their investment advisor is on their side, but they clearly want their advisor in their corner, according to a new survey from Financial Engines. Seventy-seven percent of those surveyed said they would support legally requiring all financial advisors to put their clients' best interests first when providing retirement invest. advice. Source: 401khelpcenter.com Is Tibble the End of Revenue Sharing? Abstract: This article summarizes the evolution of revenue sharing over the past ten years and examines its future through the lens of the recent U.S. Supreme Court decision in Tibble v. Edison and the subsequent uptick in 401k fee litigation. Source: Mwe.com
Items of Special Interest to Service Providers Conflicts in a Rapidly Changing Fiduciary Landscape: Dually Registered or "Hybrid" Challenges Abstract: Dual registration and hybrid models have become increasingly popular because they have a great deal of flexibility in serving client needs. This 12-page paper takes a close look at some of the unique concerns confronting the growing number of individuals and firms that have adopted dual registration or hybrid approaches to serving client needs. Source: Pershing.com Conflicts in a Rapidly Changing Fiduciary Landscape: Broker-Dealer Challenges Abstract: While the outcomes of the Dodd-Frank mandate and the DOL's proposal remain uncertain, for the foreseeable future, broker-dealer firms are likely to experience increasing pressure to demonstrate that they have policies and procedures that identify and prevent conflicts of interest. This 8-page paper discusses some of the common broker-dealer practices that the authors believe to be potential conflicts. Source: Pershing.com Distribution and Rollover Education Abstract: Fred Reish write here, "A reporter recently asked me to explain why people are saying that, under the DOL's fiduciary proposal, an adviser should not recommend that a participant take a distribution and roll over to an IRA, but instead should provide distribution education. Here's my answer." Source: Fredreish.com
Court and Other Legal Issues Fidelity Challenged for Keeping Float Income in 401k Plans Abstract: The DOL's central issue is not whether the float is a plan asset, but whether Fidelity unilaterally used its fiduciary authority to transfer 401k assets to the disbursement account in order to generate income for itself without permission. Source: Ipbtax.com BP Deepwater Stock Drop Suit Gets DOL and SEC Consideration Abstract: The complicated litigation Whitley v. BP PLC is just the latest stock drop case to be impacted by the big-ticket Supreme Court decision in Dudenhoeffer v. Fifth Third Bancorp, this one earning "friend of the court briefs" from both DOL and SEC. Source: Planadviser.com Merrill Lynch Beats Lawsuit Over Clifford Chance 401k Abstract: A federal judge dismissed the claims against Merrill Lynch on March 25, after finding that the litigator -- who represented himself without outside counsel -- didn't show that Merrill Lynch acted as a fiduciary under the Employee Retirement Income Security Act when it provided recordkeeping, administrative and investment services to the Clifford Chance plan. Source: Bna.com
DOL's Re-Proposed Fiduciary Rule DOL Fiduciary Rule Expected April 6 Abstract: For weeks, rumors have swirled as to when the Labor Department would unveil its new fiduciary regulation, but that long wait could be coming to an end. Published reports in Politico and The Wall Street Journal citing unnamed sources both say that Secretary of Labor Thomas Perez will unveil the much-anticipated regulation at an as-yet-unannounced event on April 6 at the Center for American Progress. Source: Asppa.org Sen. Warren Calls for SEC Probe of DOL Opponents Abstract: Sen. Elizabeth Warren is calling on the Securities and Exchange Commission to investigate several critics of the DOL's fiduciary rule, claiming they misled investors through duplicitous statements. In a letter to SEC Chairwoman Mary Jo White, Warren noted that the companies -- Lincoln National, Jackson National, Prudential and Transamerica -- claim the proposed rule is "unworkable" and will have a dire impact on their businesses. Source: Insurancenewsnet.com
Compliance and Regulatory Will Your Forfeiture Account Disqualify Your 401k Plan? Abstract: The basic rule is that forfeitures must be allocated on an annual basis. Forfeitures should not be held over into later years. Failure to comply with this requirement can result in disqualification of the plan or potential penalties imposed by the DOL. Source: Benefitslawadvisor.com Boomerang Employees and 401k Considerations Abstract: A recent survey by staffing firm Accountemps indicated that nearly all (98%) of human resources managers would welcome back a returning employee who left on good terms. When it comes their 401k plans, employers who do rehire former employees should keep in mind the four considerations outlined in this article. Source: Retirementplanblog.com April 30, 2016 Deadline for Updating Many Retirement Plan Documents Abstract: Many 401k and profit sharing plans are stated in pre-approved documents and, thus, must be restated by the end of April. For pre-approved volume-submitter plans in which the employer has modified the pre-approved language, the deadline to submit the plan to the IRS for a favorable determination letter (if desired) is also April 30, 2016. Source: Bsk.com Ten Things Plan Sponsors Can Do to Keep Their 401k Plan On Track Abstract: An annual checkup can help you proactively monitor the plan's health, wealth, and goals by identifying things that are going well and areas that need improvement. Three-page article outlines 10 items to review to make sure your 401k plan remains on track throughout the year. Source: Wellsfargomedia.com
Marketplace News Morningstar Acquires Data Analytics Firm RightPond Newport Group Launches New Unified Brand Folio Partners With KTRADE Ahead of DOL Fiduciary Rule Robo-Adviser Betterment Raises $100M in New Funding MMR Adds New Business Development Veteran NAPA Announces 401k Advisor Leadership Award Finalists Prudential to Offer Student Loan Genius' 401k Feature Ascensus Appoints New NE Regional Vice President
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