Preliminary Analysis of Trump Memorandum on the DOL Fiduciary Rule
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DOL's Fiduciary Rule Preliminary Analysis of Trump Memorandum on the DOL Fiduciary Rule Abstract: Finding No. (i) would be subjective and require the DOL to determine the regulation causes "harm." Finding No. (ii) would similarly be subjective and require it to conclude that the regulation "adversely" affects investors or retirees. Finding No. (iii), however, is objectively a slam dunk. There is no question that if there are millions of written BICE agreements in circulation, it will necessarily increase the number of potential breach of contract claims filed by investors, particularly after a significant market correction. Source: Linkedin.com Text of the Presidential Memorandum on Fiduciary Duty Rule Abstract: This is the text of the Presidential Memorandum on Fiduciary Duty Rule issued by President Thump on Friday, February 03, 2017. Source: Whitehouse.gov Final Trump Memo Lacks Explicit Directive to Delay DOL Fiduciary Rule Abstract: The final version of a memo sent by President Donald Trump on Friday to the Department of Labor directs the agency to review a sweeping investment-advice rule but does not contain an explicit delay of the April 10 implementation date. Source: Investmentnews.com (registration may be required) Halt of Fiduciary Rule Means More Work for Plan Sponsors Abstract: Industry experts have opined that the rollback of the DOL fiduciary rule will actually put more pressure, not less, on plan sponsors to ensure they are meeting their own required duties. Source: Plansponsor.com »» Click here for more on the DOL's Fiduciary Rule General Items With Change on the Horizon, Advice for DC Plan Sponsors in 2017 Abstract: With a new president and a new party now in charge, change is in the air and on everyone's mind. But the wheels of government generally turn slowly. For sponsors of defined contribution pension and savings plans, 2017 could be relatively quiet. This lull gives DC plan fiduciaries the chance to proactively focus on certain issues that might need attention. Source: Segalco.com Five Steps to Setting up a Canadian DC Pension Plan Abstract: You've decided to launch a defined contribution pension plan for your employees, but you don't know where to begin. What's the answer? How do you decide what's right for your organization? This article takes a five-step approach. Source: Benefitscanada.com 403(b) Plans Long Awaited IRS Guidance on Initial 403(b) Remedial Amendment Period Abstract: The IRS has announced that the initial remedial amendment period for 403(b) plans to correct plan document defects in form will be open until March 31, 2020. This indicates that the first round of IRS advisory and opinion letters for 403(b) pre-approved plans will be coming out soon. Source: Groom.com »» Click here for More 403(b) Material Insight: Studies, Research, and White Papers Top 10 Small Business 401k Providers Abstract: The top 10 401k providers ranking have been stable for the past two years, with only one new provider making it into the top 10 list for defined contribution plans under $10 million in assets. Source: Forusall.com Employers Key to Retirement Saving, Study Says Abstract: Employer-provided retirement plans remain key to retirement saving to a healthy proportion of the employee population, and interest in some aspects of those plans is especially strong, says a recent study. Source: Asppa.org 401k Balances, Contributions and IRAs End 2016 at Record Levels Abstract: Fidelity Investments today released its 401k and Individual Retirement Account analysis for the fourth quarter of 2016, which reveals a record average 401k balance. Source: Fidelity.com »» Click here for More Studies, Research and White Papers Items of Special Interest to Service Providers How Retirement Plan Advisers Can Help Clients With Compliance Abstract: Retirement plans are complicated, and employers often find themselves too busy to give them appropriate attention. So, it seems pretty natural that over the years an investment adviser's role has evolved into one that, ideally, helps ensure compliance and minimize risk, which has become of utmost importance, especially as 401k litigation has increased. Source: Investmentnews.com (registration may be required) Betterment for Business Eager to Challenge Major Recordkeepers Abstract: Shifting regulations, evolving consumer demands and a strong response from established providers are real challenges, but low-cost automated 401k platform providers remain committed to DC industry disruption. Source: Planadviser.com Target-Date Funds Target-Date Funds: What's Under the Hood? Abstract: While nearly 60 percent of new 401k participants have savings in target-date funds, little research has looked under the hood of this investment vehicle. This analysis uses a unique dataset with extensive information on the underlying mutual funds that TDFs hold. Source: Bc.edu »» Click here for more on Target-Date Funds Court and Other Legal Issues Fee Litigation Update: Moving Beyond Allegations of Self-Dealing Abstract: In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. Article looks at these filings, many of which have advanced novel theories of imprudence that are not dependent on allegations of self-dealing. The article also identifies affirmative steps that plan fiduciaries may take to prevent these types of claims from succeeding. Source: Proskauer.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC DOL Nominee Puzder's Hearing Again Delayed Abstract: The Senate Health Education, Labor and Pensions Committee's confirmation hearing for Andrew Puzder, President Trump's nominee for Secretary of Labor, has been delayed again. Source: Ntsa-net.org Is the Revised Form 5500 the Next Big Thing? Abstract: On July 11, 2016, the Department of Labor issued proposed forms and regulations that would significantly overhaul the Form 5500 again. These changes would apply to 2019 and later plan years. So is this change to a government form "the next big thing"? Very likely, yes. Source: Napa-net.org »» Click here for more on Legislative Actions Compliance and Regulatory Record Retention Requirements Applicable to Employee Benefit Plans Abstract: Presentation details the general rules of ERISA and then discusses several specific recordkeeping requirements for employee benefit plans and a number of general requirements that imply a duty to retain records, for example general fiduciary duties, plan distribution requirements, COBRA requirements and qualified medical child support requirements. Source: Employeebenefitsblog.com Puerto Rico 2017 Retirement Plan Limits Abstract: The Puerto Rico Treasury Department (Hacienda) has announced 2017 benefit limits for retirement plans qualified under Puerto Rico's Internal Revenue Code. Source: Towerswatson.com »» Click here for more Compliance and Regulatory Material Marketplace News Empower Launches Dynamic Retirement Manager Callan Hires Industry Veterans for DC and Independent Adviser Practices Pensionmark Expands Into Kentucky With Addition of QFC Betterment Now Includes Access to Human Advice John Hancock Enhances 'Onboarding' Capability NTSA 2017 Elite Advisor Award Winners Honored Fiduciary Benchmarks Joins the Retirement Advisor Council »» Click here for More Marketplace News
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