DOL: More Time to Comment on Fiduciary Correction Program
The Department of Labor has extended the public comment period for a program that would allow fiduciaries to self-correct for...
Compliance
Will RMD Age Increases Cause ‘Abandoned’ Property Problems?
SECURE 2.0 increased the RMD age to 73 and will increase it again to 75 in 2033. Some states’ laws...
Microsoft Escapes Retirement Plan TDF Suit
One of a string of lawsuits filed against companies that put retirement savers into a BlackRock TDF suite was dismissed...
Biden “Won’t Let” Republicans Cut Social Security
In the State of the Union address, Biden commits to protecting Social Security and Medicare from cuts to address the...
Trade Groups Push Back on SEC Recordkeeping ‘Sweep’
Investment associations say in a letter that the SEC is exceeding its authority by asking to access all off-channel business...
DOL Secretary Walsh Reportedly Leading Candidate to Helm NHL Players’ Association
The approval of Walsh to head the NHLPA is considered a “formality.”
Federal Magistrate Judge Recommends Dismissal of ERISA Case Against Dish Network
The plaintiffs have 14 days to resubmit and restate their claim in the excessive-fee case.
House Passes Financial Exploitation Prevention Act to Safeguard Seniors from Fraud
The bill would permit open-ended investment companies and transfer agents to delay redemption of securities if they suspect financial exploitation...
SEC Cites Broker/Dealers for Not Meeting Reg BI Standards
The SEC issued a warning after finding issues, including advisers not properly disclosing conflicts of interest or maintaining written policies.
Republican States Challenge DOL ESG Rule in Court
A 2022 DOL rule clarifying that ESG strategy can be used in fiduciary decisions was challenged by 25 states in...
SECURE 2.0 Makes a Few Changes to Annuities
While not the focus of the bill, annuities gained increased flexibility and availability.
States’ Suit Could Delay DOL Rule on ESG Investing
Rule to permit ESG considerations is due to take effect on Monday, but a federal lawsuit aims to derail it.
SEC Proposal Would Restrict Conflicted Asset-Backed Securities
The proposal seeks to implement a provision in the Dodd-Frank financial reform law and would prevent asset-backed security issuers from...
SECURE 2.0 Error Threatens Catch-Up Contributions, but Meaning Is Clear
A mistake in SECURE 2.0 legislation would eliminate both future and existing retirement plan catch-up contributions, though IRS interpretation to...
FINRA Head to Leave After More Than 2 Years in Role
Jessica Hopper, head of the influential securities regulator for the brokerage industry, is stepping down in February, with Christopher Kelly...
Allianz Asset Management 401(k) Participants Allege Self-Dealing
Two participants in the Allianz 401(k) plan allege the asset manager maintained an all-proprietary fund lineup that included expensive, underperforming...
Regulatory and Statutory Changes Coming to Self-Corrections Programs
Plans will find more room to correct their own mistakes under SECURE 2.0 and a DOL proposed rule change.
Small Businesses and SECURE 2.0: Exemptions and Tax Credits
SECURE 2.0 offers tax credits to create plans, as well as to join existing PEPs and MEPs.
DOL Contractor Rule Threatened by 20% Adviser Quit Rate
An FSI survey shows independent advisers would retire before being classified as employee as the DOL mulls tens of thousands...
Sports Agency Owner Charged for Allegedly Stealing Retirement Assets
The Houston-based sports agent was served a civil suit by the Department of Labor for allegedly dipping into employee retirement...