Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Reg BI, a new fiduciary rule proposal from the DOL and state-enacted fiduciary rules—what advisers should keep in mind.
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.
Along with the rule about ESG investing in retirement plans, attorneys say, the DOL is making it clear it doesn't want plan fiduciaries spending time on things it says have no impact on plans.
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.
Provisions of the proposal articulate general duties requiring fiduciaries to vote any proxy where the fiduciary prudently determines that the matter being voted upon would have an economic impact on the plan.
Though they applaud the direction the Department of Labor is taking, expert ERISA attorneys say a new proposed rule does not sufficiently explain how pooled employer plans can be structured like existing multiple employer plans.
Prior to the issuance of its proposed rule on ESG investing in retirement plans, the DOL sent letters to plan sponsors and CIT providers requesting information about ESG investment selection practices.
The DOL is proposing a new prohibited transaction class exemption for investment advice fiduciaries.
The SECURE Act allows pooled plan providers to start operating pooled employer plans beginning on January 1, 2021, but providers must register before operations can begin.
The interim final rule includes assumptions plan administrators must use to calculate estimated lifetime benefit payments to be included on retirement plan participant statements.
Consumer groups and advocates of the fiduciary adviser industry want the Department of Labor to reconsider aspects of its proposed fiduciary rule.