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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The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.