The committee says the SEC should explicitly explain that Regulation Best Interest is a fiduciary duty shared equally by advisers and broker/dealer to act in their customers’ best interest.
The request comes in a notice of proposed exemption from prohibited transactions for Retirement Clearinghouse's auto-portability solution.
SEC worked with RAND Corporation to test the efficacy of its mock Customer Relationship Summary form, a key part of the broader Regulation Best Interest proposal; the positive findings differ from reports commissioned by investment industry advocacy groups.
"As we take a moment to celebrate the strong foundation and accomplishments of the system, let’s also recognize the opportunities we have to help even more employers and workers take advantage of important 401(k) benefits,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial, at an event marking the milestone.
Another district court ruling in the matter of Alas vs. AT&T sides in part with the plaintiffs and in part with the defendants, making yet another amended complaint likely even before any allegations can advance to trial.
The settlement amount is $4.5 million, and the Jackson National defendants admit no wrongdoing.
“Because funds bear the cost of shareholder report delivery, intermediaries have little incentive to negotiate lower delivery rates with the fulfillment vendor or otherwise control costs,” the Investment Company Institute argues.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.
Putnam Investments has asked for a stay in a case accusing it of self-dealing in its 401(k) plan so it can petition the U.S. Supreme Court regarding whether a plaintiff or an accused fiduciary has the burden of proving whether or not an ERISA fiduciary breach caused a loss.
Great retirement plans can be found in all industries and geographies, says Mel Hooker at Wells Fargo; what unites them is a sense of purpose and an ability for the employer to see the strategic importance of quality benefits.
The Department of Labor has published employee benefit plan compliance guidance and relief for victims of Hurricanes Florence and Michael, recognizing that plan fiduciaries and employers may encounter unavoidable issues with ERISA compliance.
Those industry stakeholders disappointed by the limited scope of the proposed regulations can take heart in the fact that DOL staff calls for detailed commentary on ways the proposal could be expanded, including into the area of “open MEPs” and “corporate MEPs.”
If convicted on all counts, they face up to 81 years in federal prison.
During a couple’s divorce proceedings, a property settlement awarded the ex-husband half of the ex-wife’s 401(k) balance and the entire amount in her individual retirement account (IRA), but no (QDRO) was ever executed and the ex-husband has undertaken no other action to obtain possession of the assets.
Under DOL scrutiny, the Illinois-based employer has agreed to restore nearly $420,000 to its defined benefit pension plan.
Amendments in the update are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities.
These plans allow small businesses to join together to offer defined contribution retirement savings benefits.
The interim decision is a mixed bag that falls more in favor of the plaintiffs, but it by no means concludes the litigation—not least because plaintiffs have already filed a second amended complaint.
The DOL said it is considering regulatory options in light of a 5th Circuit opinion vacating its previous fiduciary rule, and has on its timeline that a final rule will be issued in September of 2019.
While the Securities and Exchange Commission is firmly controlled by Republican-appointed members, the last Obama-era commissioner says she hopes to find room for compromise to address the pressing issues facing U.S. investors.