ERISA Safe Harbor for Government-Run Plans Officially Eliminated
In a new final rule, the Department of Labor removed its final rules regarding the ERISA safe harbor of government-run plans for private-sector workers.
In a new final rule, Definition of Employee Pension Benefit Plan Under ERISA, the Department of Labor’s (DOL)’s Employee Benefit Security Administration (EBSA) removed its final rules
regarding the Employee Retirement Income Security Act (ERISA) safe
harbor of government-run plans for private-sector workers from the Code
of Federal Regulations.
Earlier this year, Congress passed, and President Donald Trump signed resolutions to roll back the regulatory safe harbors created by the Obama administration.
The eMoney Advisor platform will be updated with tools designed to help users suggest the right retirement products for clients based on their individual needs and preferences.
eMoney Advisor plans to enhance its platform with new features
powered by CapitalROCK’s RightBRIRDGE technology to provide clients with retirement product
suggestions based on their individual financial situations.
The Product Profiler will
utilize a scoring methodology to devise a product mix best suited for a particular
client. The tool also can compare current fees, employer contributions and
other features of a client’s 401(k) or individual retirement account (IRA)
against those of another firm’s IRA. A 401(k) rollover analysis can follow.
The RightBRIDGE Annuity Wizard helps advisers determine
which annuities available on their product shelf are best suited to meet a
client’s needs preferences by using a sales intelligence engine to scan the
best available products across all annuity types.
These new features expected to go into effect later this
year will complement eMoney’s Fiduciary Framework. This provides firms with an
adviser training platform that offers insight on Department of Labor (DOL) best
practices and discussions related to product offerings within the planning
process. It also creates a centralized location where firm-wide activities are
monitored for compliance adherence. It provides automated onboarding workflow
as well as financial planning tools, calculators and detailed event logs of
client and adviser activity.
“Providing a holistic solution from financial planning
through product selection on one platform provides streamlined and
well-documented process to support the best interest standard,” says John Hyde,
CEO and founder of CapitalROCK. “eMoney’s Fiduciary Framework and CapitalROCK’s
product selection technology dovetail together to provide a complete solution for
the best interest standard.”
“This new tool powered by CapitalROCK enables advisers to
put their financial plans immediately into action from one place efficiently
and compliantly, eliminating the need for double entry and ensuring that
planning and products are more in sync,” said Lisa Graham, product manager at
eMoney. “Our partnership with CapitalROCK reinforces our commitment to
providing eMoney users with the tools they need to streamline business
operations, serve more clients and grow their businesses.”