Happy Friday, readers! We finally have a new Secretary of Labor, on the verge of President Trump’s 100th day in office. Andrew Acosta is known for a distinguished career in public service, and compared with the previous pick for the position, the response to the nomination and approval of Acosta has been far more positive, both on the left and the right of the political spectrum. Get the latest reporting on the Acosta confirmation and other pressing regulatory matters below, and have a great weekend!
At a recent PLANADVISER focus group event, it was evident that small- and mid-market plan sponsors had little interest in “white labeling” investments—and their rationale might surprise you.
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The latest decision out of the Fifth U.S. Circuit Court of Appeals throws a dramatic new element of confusion into the epic regulatory saga that has been the rollout of the Department of Labor fiduciary rule.
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others are less sure that a decisive SCOTUS decision could be forthcoming, instead expecting the SEC to take the lead; still others admit they have little idea how the regulatory picture will shake out, recommending patience and ongoing compliance.
In an exclusive interview with PLANADVISER, PGIM Head of Institutional Defined Contribution Josh Cohen offers some guidance to advisers speaking with plan sponsors about litigation, fiduciary risk and progressive plan design.