Happy Friday, readers! Another fast-paced week of news on was dominated by discussion of the future of the DOL fiduciary rule—and yet there is only a little more certainty now than we had on Monday. Following a court victory for the rulemaking in Texas, the latest development is that DOL submitted paperwork to the OMB to commence its own regulatory review related to the fiduciary rule, as ordered by the newly installed president. The content of the paperwork is not yet public, but rumors are swirling that a 180-day delay is being sought. Get all the latest industry insights below.
A Texas district court judge has rejected industry arguments that the DOL exceeded its authority in crafting the forthcoming fiduciary rule—what this spells for the regulation’s future under the Trump administration is unclear.
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Their concerns are that small businesses will be discouraged from offering retirement plans to employees, and that employees put into state-run plans will not have the protections of ERISA and will have limited control over their retirement savings.
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An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.