SEC Marketing Rule to be Enforced Next Week
Compliance for a new rule aimed at preventing investment advisers from misleading clients goes into effect November 4, next Friday.
Compliance
SEC Finalizes Rule Requiring Recovery of Improper Executive Incentive Pay
The new rule requires securities firms to recover incentive pay if it was premised on an accounting error.
SEC Proposal Calls for Vetting of Outsourced Services by Advisers
The SEC says the new rule proposals are responding to the growing trend in use of third-party vendors by financial...
The SEC Adopts Rules on Shareholder Reporting, Fund Advertisements
The rules adopted by the SEC update requirements for mutual fund and ETF shareholder reports and promote transparent fee and...
ERIC Publishes Letter Offering Support and Recommendations for SECURE 2.0
The letter offered broad support for many of the provisions in the three bills composing ‘SECURE 2.0’ and provided recommendations...
Empower Hit With Government Markets Lawsuit
The complaint has alleged fiduciary breach under the Investment Advisers Act.
Outdated Mortality Table ERISA Suit Filed in Arizona
The lawsuit alleges that Pinnacle West, an electric utility, used outdated mortality tables, causing it to underestimate the present value...
IRS Reveals 2023 Contribution Caps for 401(k) and IRAs
The contribution limit changes reflect cost of living changes from this year.
ESG’s Impact on Three States’ Retirement Systems
While the ESG controversy has not changed how three states operate, one state treasurer has doubled down by banning them...
Elevator Constructors’ Union Retirement Plan Sued
Two counts for breach of fiduciary duty were brought against the defendants.
Growth of Digital Assets Spurs New Regulatory Proposals
As interest in cryptocurrencies for retirement grows, policymakers look for ways to contain the risk of digital assets without limiting...
Proposed Independent Contractor Rules Could Bring Difficulties for Some Financial Advisors
The proposal would make it easier for workers to classify themselves as employees, as opposed to independent contractors, which could...
ERISA Industry Committee Comments in Opposition to New DOL QPAM Rule
The DOL has proposed that QPAMs would be disqualified for 10 years for foreign convictions and for entering into non-prosecution...
Social Security Benefits See Highest Increase in 40 Years
The increase tops the 5.9% cost-of-living adjustment seen in 2022.
Motion to Dismiss Filed in ERISA Lawsuit
Management and information consulting firm Booz Allen Hamilton has asked the court to dismiss the claims against it.
ERISA Suit Brought Against Quanta Services
401(k) participants brought the suit, alleging that Quanta kept certain underperforming funds in its plan menu.
IRS Issues Update on Required Minimum Distribution Rule
The guidance clarifies that people who did not take RMDs in 2021 and 2022 will not be responsible for the...
Proposed Legislation Would Ban Mandatory Arbitration and Discretionary Clauses
The Mental Health Matters Act would, among other things, ban forced arbitration clauses, class action waivers, discretionary clauses, and representation...
Insurer the Target of ERISA Lawsuit
An ERISA lawsuit against Mutual of America has alleged that 401(k) plan fiduciaries breached their duties to participants.
ERISA Lawsuit Against Associated Bank Dismissed
A Wisconsin District Court judge was unconvinced by arguments made by the plaintiffs that plan fiduciaries breached their duty to...