Happy Friday, readers! This weekend’s newsletter compiles recent coverage of the various retirement plan advisory industry regulators, particularly the Department of Labor and the Securities and Exchange Commission. We also examine reports that the New York State Department of Financial Services is planning to investigate sales of annuities in the 403(b) retirement plan market. We hope you will share some of what you read with a client or colleague.
Retirement plan service providers generally support making electronic delivery of documents the default, but print communication industry organizations and some consumer groups say the paper default should remain.
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It is looking into whether agents are engaging in deceptive and unfair sales practices, such as failing to appropriately disclose product costs and merits.
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Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda.
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