J.P. Morgan Fined $4M for Recordkeeping and Outsourcing Failures
The SEC penalty addressed recordkeeping issues including the early deletion of 47 million emails.
Compliance
Some Silver Linings For Student Loan Borrowers
Despite the Supreme Court striking down the student loan debt relief program, there is some good news for debtors.
Student Loan Forgiveness Program Stopped By Supreme Court
Eligible borrowers will not receive up to $20,000 in student loan debt forgiveness from the federal government.
Jury Sides with Yale in 403(b) Lawsuit
A Connecticut federal jury sided mostly in favor of Yale over the management of its $5.5 billion retirement program.
Employees Can’t Deduct Wellness Indemnity Plans From Their Taxes, IRS Says
Workplace wellness indemnity programs funded through salary withholding cannot be tax deductible if that money is used for non-medical reimbursement.
House Republicans Outline ESG Policy Goals
An interim report argued that the US should protect firms from foreign regulators and require more transparency on ESG issues.
Does Swing Pricing Have a Time Zone Problem?
Several House Democrats expressed concern to SEC officials that a hard close at 4 p.m. Eastern time would discriminate against...
House Appropriations Bill Would Block Safeguarding and Swing Pricing Proposals, Among Others
The legislation also targets the climate disclosure and market structure proposals.
IAA: SEC’s Pending Adviser Proposals Are Redundant, Inconsistent
A letter from the industry association outlines what it calls overlap and inconsistencies between them.
American Benefits Council: Roth Catch-ups Can’t Be Done in Time
The new mandatory Roth treatment for certain catch-ups introduced by SECURE 2.0 continues to concern retirement professionals.
Anti-ESG Bill Would Require Only Pecuniary Factors to Be Considered
Kentucky Representative Andy Barr introduced a bill aimed at returning investment regulations to a Trump-era standard.
House Reintroduces Bill Calling for Diversity Disclosure
SIFMA supports passage of the bill that would require publicly listed firms to disclose the gender, ethnic and racial composition...
DOL Says to Expect Fiduciary Proposal in August
The new rule would seek to redefine when investment advisers for plans and IRAs are 3(21) fiduciaries.
Pfizer Hit with Excessive Fee 401(k) Complaint
A former employee claims that plan fiduciaries operating the Pfizer 401(k) Savings Plan breached their ERISA duties.
SEC Issues Rare ‘Pre-Emptive’ Warning in Expanded Marketing Rule Risk Alert
The SEC is getting out ahead of potential adviser missteps in following its new client marketing rules—but advisers should still...
Legislation to Expand Accredited Investor Definition Moves to Senate
Two bills seeking to widen the pool of investors who can invest in private equity passed the House last week...
Lifetime Income for Employees Act Would Make It Easier to Use Annuities as QDIAs
The re-introduced House bill would permit annuities as 401(k) default, with a limit of 50% of retirement contributions.
Could Health Care Regulation Go the Way of Retirement Plans?
Regulation from CAA ’21 is pushing employer-sponsored health care programs toward fiduciary rules that will look familiar to retirement plan...
SEC Broadens Adviser Marketing Rule Compliance Exams
The regulator has added three new areas of review to the adviser marketing rule that has been in effect since...
ERIC Highlights Key Areas of Confusion on SECURE 2.0
Roth catch-ups, Roth matches and student loan matches are all high on plan sponsors’ agenda.