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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As the enforcement date approaches for the sweeping Regulation Best Interest rulemaking package, FINRA is working hand-in-hand with the SEC to ensure effective coordination—and to support advisers working on associated compliance challenges.
The SECURE Act is stalled in the U.S. Senate due in part to several lawmakers’ concerns that it does away with so-called “stretch IRAs,” but tax and inheritance experts say other effective tax mitigation strategies are available.
Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act, advocates say. At present, one roadblock seems to the law’s treatment of “stretch IRAs.”