EBSA Publishes Regulatory Update on Health Facility Fees, Provider Networks
The FAQ says facility fees count toward out-of-pocket limits and price estimates, while maintaining a contractual relationship causes a provider...
Compliance
Federal Agencies Propose Plugging Short-Term Health Plan Workaround
The Biden administration has proposed limiting short-term health plans it calls ‘junk insurance’ to four months instead of one year.
FINRA Expels Brokerage Firm Monmouth for Violating Reg BI
Monmouth is the second firm to be expelled by FINRA for failing to supervise its representatives’ trading.
Supreme Court Accepts Case Challenging Legitimacy of SEC’s Adjudication System
The court has agreed to hear a case next session which could dramatically reduce the authority of in-house adjudication process...
Judge Rejects Proposed Class Certification in Remanded TIAA Retirement Plan Case
Given the appellate court’s ruling, the district court found no ‘single policy’ affecting all putative class participants from Washington University...
Fake Silver Coin Scheme Penalized by CFTC
The companies involved were penalized over $100 million and its main organizer was arrested on June 10.
J.P. Morgan Fined $4M for Recordkeeping and Outsourcing Failures
The SEC penalty addressed recordkeeping issues including the early deletion of 47 million emails.
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.