The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
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.
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.
It is not all doom and gloom for plan sponsors and participants who want these investments. Here’s what advisers should know about the new rules proposed by the Department of Labor (DOL).
The Department of Labor has taken yet another step forward in what has been more than a decadelong effort to update the fiduciary duty applying to investment professionals serving workplace retirement plans.
Multiple national-level conflict of interest rules are now aligned that will require financial professionals to act in the best interest of consumers.
Secretary of Labor Eugene Scalia says employer-sponsored plans ‘are not vehicles for furthering social goals or policy objectives.’
It is common to hear that private equity (PE) has been the best performing asset class in recent years for institutional investors, but a new academic analysis challenges that idea.
Responses to the request for information (RFI) will help the Department of Labor (DOL) evaluate the need for a proposal on new prohibited transaction exemptions related to pooled employer plans.
Despite the frequent publication of regulatory guidance—or perhaps because of it—there remains a lot of confusion about how retirement plan fiduciaries should think about environmental and social justice issues while building investment lineups.
Such alignment would be consistent with what the Department of Labor leadership has been signaling for a number of years now.
An Information Letter addresses private equity investments as a component of a professionally managed asset allocation fund and outlines what plan fiduciaries should consider.
The Department of Labor has submitted a draft regulation to the Office of Management and Budget.
Compared with other regulatory efforts undertaken in recent years by the Department of Labor, this one enjoys near universal support among retirement plan industry stakeholders.
The DOL alleged Wilmington Trust caused losses to ESOPs when it authorized them to pay more than fair market value for privately held employer stock.
The agency is relaxing timing rules for certain actions and notices if timing is affected by the COVID-19 outbreak.
Rutledge will remain with the Department of Labor through the end of May, at which time he will have been in the post of assistant secretary for the Employee Benefits Security Administration for 2 1/2 years.