Happy Friday, readers! It seems hardly a week goes by during which the Department of Labor fiduciary rule doesn’t dominate the retirement industry trade press headlines. That was clearly the case this week, with the emergence of a new rule proposal aiming to delay implementation of the tighter conflict of interest standards championed by former President Barack Obama. Find our full coverage below—along with the latest features and research from our bimonthly print magazine.
Even if the DOL leadership under President Trump declines to enforce a strict fiduciary standard, private litigators will undoubtedly pick up any slack if the administration fails to fully eliminate the Obama-era conflict of interest rulemaking.
Read more >
Recent months have seen a wave of new litigation, against several large 403(b) plans maintained by prominent private universities. The lawsuits, which claim breaches of fiduciary duties under the Employee Retirement Income Security Act, are in some respects similar to 401(k) fee litigation cases. However, other aspects of these suits are relatively novel.
Read more >
It appears some last-minute amendments have largely removed controversial provisions from the Senate’s version of tax reform legislation that would have had a big impact on governmental 457 and nonprofit 403(b) plan sponsors.
The American Retirement Association says that tax reform could be a disincentive for small businesses to offer retirement plans; however, as one reader shares, there are counter considerations having to do with Roth 401(k) options that could mitigate some of the concern.
The legislation would take steps to provide additional anti-cutback protections for Teamsters, miners, and other unionized American workers who have paid significant sums into multiemployer pension funds.