Tag: Department of Labor (DOL)

With hearings ongoing in Washington, Labor Secretary Perez underscores commitment to fiduciary rule change in letter to federal lawmakers.

The Department of Labor has released its agenda for next week’s public hearings to discuss the department’s proposed fiduciary rule changes.

A group of mostly Republican Congressional representatives are urging Secretary of Labor Thomas Perez to scrap the current fiduciary rule proposal.

With Tuesday’s deadline to submit comment letters about the fiduciary proposal, announcements came from many organizations.

Eight comment letters to the DOL address SIFMA’s concerns about the fiduciary redefinition, including what it sees as an unfair position on commission-based accounts.

Fitch Ratings warns the proposed fiduciary rule language from the DOL would substantially impact current adviser and investment fund provider business models.

The reverse stock drop case Tatum v. RJR Pension Committee has been turned down by the Supreme Court.

Labor Secretary Perez was just about the only witness called to a recent Congressional hearing to actually defend the DOL’s fiduciary redefinition effort.

In a section called “Reducing Harmful Red Tape,” the committee proposes a “provision prohibiting regulatory changes to the definition of the term ‘Fiduciary.’”

The announcement also includes the official notice of an extended comment period.

Unresolved issues remain around the selectivity requirement for top hat plans.

The Labor Department filed suit against a California-based manufacturer to recover millions of dollars for ESOP plan participants.

Once a plan committee is established, the adviser is a vital part of keeping members up to date.

Overly restrictive rules make it difficult for plan sponsors and service providers to distribute plan information electronically, a paper says.

The AB Multi-Manager Select Retirement Funds, a new target-date series from AllianceBernstein, is co-managed with Morningstar Associates.