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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The district court ruling in the case, now backed by an appeals court, stands out for having been filed alongside a sanction declaring the plaintiff’s law firm Schlichter Bogard & Denton behaved “recklessly.”
OneDigital and Ascensus recently announced the availability of a ‘co-created small market solution,’ making OneDigital the latest adviser aggregator to launch a DC plan solution targeted at small businesses.
During a conference call held to discuss the pending retirement of Bill Stromberg, CEO of T. Rowe Price, leaders at the firm highlighted the growing importance of socially responsible investing and the need to improve diversity and inclusion in financial services.