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...
Compliance
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.
SEC Cyber Proposals Receive Mixed Feedback From Industry
Many comments offered tepid support for the SEC’s goal and asked for greater flexibility in reporting and rule harmonization.
State Auto-IRAs Set for Vermont, Nevada, As Pennsylvania Awaits Vote
More states are set to offer state-facilitated retirement plans as the AARP calls for the Pennsylvania state legislature to vote...
Debt Ceiling Suspended Until 2025
President Joe Biden's Saturday signature avoided a June 5 default by the U.S. government.
Pilot Sues American Airlines Due to ESG 401(k) Investing Strategy
The retirement committee, recordkeeper Fidelity Investments and financial advice provider Edelman Financial Engines were accused of sacrificing fiduciary duty to...
Senate Passes Debt Ceiling Bill to Avoid U.S. Default
The bill now moves to President Biden for signature ahead of the June 5 default date.
Senate HELP Committee Urges DOL to Prioritize Certain Secure 2.0 Provisions
The recommended focus areas include emergency savings and defined benefit annual funding notices.
IRS Provides Interim Guidance for EPCRS Changes
SECURE 2.0 laid out changes to IRS correction programs, but the May guidance clarifies how they will operate until the...
Senate Mulling Debt Ceiling Bill After House Passage
The House bill, passed Wednesday, would suspend the debt ceiling until 2025.
Democrats Trade Budget Cuts for Debt Ceiling Extension
The House is scheduled to vote on the proposal Wednesday before passing it to the Senate.
FINRA Fines Vanguard for Overstating Money Market Projections
A ‘technical’ issue led to overstated projections of yield and income for nine money market funds for about 8.5 million...
Gensler Defends Swing Pricing Proposal at ICI Conference
Managers who asked the Fed for help during the pandemic but who oppose swing pricing should “look in the mirror,”...
Court Dismisses O’Reilly Auto Excessive Fee Lawsuit
A district court judge dismissed a case brought by six former employees claiming the auto parts company allowed 401(k) participants to...
CITs: Coming Soon to 403(b) Plans?
A bill approved by the House Committee on Financial Services would permit CITs in all 403(b) plans to bring parity...
Congress Says It Will Fix at Least 4 Errors in SECURE 2.0
The errors include the startup credit, RMD, SIMPLE IRA plans and Roth catch-ups.