PLANADVISER Weekend Newsdash
Week ending August 9th, 2019

Happy Friday, readers! This weekend’s mailing focuses on the ever evolving topic of regulatory compliance. Below you will find our latest coverage of the DOL, SEC, FINRA and state-based regulators. Particularly timely is the news about New York’s expanded “best interest” standard, which took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.” We hope you share some of what you read with a client or colleague.

Regulatory Radar
New York’s Top Court Endorses Fiduciary Standard for Insurance Sales
New York’s expanded “best interest” standard took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.” Read more >
Hopes for Upset in FINRA Board Election
A contested election for a seat on the FINRA Board of Governors will be settled at the annual meeting of member firms on August 19. PLANADVISER spoke recently with both candidates in the tight race for the open large firm seat. Read more >
DOL Issues Final Prohibited Transaction Exemption for Auto-Portability
Now that participants’ small balances may be automatically transferred to their new 401(k) account, Retirement Clearinghouse expects to see a lot of business. Read more >
A DOL Secretary Scalia Would Quickly Find Direction
Having served as the DOL Solicitor General under the Bush Administration, experts suggest, Eugene Scalia would likely hit the ground running as a Labor Secretary with a conservative agenda. Read more >
For a Limited Time, MEPs Can Fix This Form 5500 Mistake
In a new Field Assistance Bulletin, the DOL addresses a set of common errors made by multiple employer plans as they attempt to comply with a reporting rule introduced in 2014. Read more >
MOST POPULAR STORIES
GKN Latest to Face Scrutiny Over GoalMaker Service

Though its GoalMaker portfolio management solution features prominently in the plaintiffs’ allegations, Prudential is not a party in the case.

Well-Funded HSAs Are a Retirement 'Superpower'

Having an HSA going into retirement is ‘incredibly powerful,’ experts say, because money is being saved and spent as efficiently as possible.

A Year of Disruption Spotlights Tech, Cybersecurity

Advisers are increasingly focused on social media marketing, technology that can deliver investment personalization, and cybersecurity.  

New Benartzi Paper Dissects Narrow Framing Phenomenon

Would you accept a bet in which you win $200 if a coin lands on heads and lose $100 if it lands on tails? What if you could play twice?

Only 31% of Hispanic Workers Participate in a Workplace Retirement Plan

Morningstar says there are several factors besides lower income that could contribute to the lower savings relative to other demographic groups.

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