Greetings loyal PLANADVISER readers! With so many important and rapidly evolving national news stories playing out right now, it can be hard to keep track of more mundane matters like retirement plan litigation and regulations. Yet the fiduciary duties of prudence and loyalty remain paramount in the operation of tax-qualified retirement plans. With that in mind, collected below is a recap of some of the most important legal and regulatory developments of recent weeks. We hope you find the reporting helpful and consider sharing some of what you read with a client or colleague.
As with its guidance related to environmental, social and governance investing, the Department of Labor’s stance on proxy voting and other forms of retirement plan investor shareholder rights has become a political football.
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One attorney who works on Securities and Exchange Commission compliance issues says the proposal will help retail investors digest key information while ensuring transparency remains a top priority.
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Under the SECURE Act, more flexibility has been granted to participants who want to draw on retirement savings to help offset the cost of childbirth or adoption—though care must still be taken to avoid unnecessary taxes and fees.
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Though many in the industry remain focused on addressing the challenges of the pandemic, major changes to the U.S. retirement planning landscape continue to unfold, thanks to the SECURE Act.
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If the fiduciary rule saga has made one thing clear, it is that creating consensus about conflict of interest regulations is hard work. Even supporters of the new Department of Labor proposal say there is room for improvement.
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