While the Fifth U.S. Circuit Court of Appeals has vacated the DOL fiduciary rule expansion, one attorney warns the rule is still technically in effect, at the very least until the court issues a “mandate” opening a limited period during which the Department of Labor can choose to contest the decision; he also questions whether the circuit courts are in fact split on the matter, as some are suggesting.
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others are less sure that a decisive SCOTUS decision could be forthcoming, instead expecting the SEC to take the lead; still others admit they have little idea how the regulatory picture will shake out, recommending patience and ongoing compliance.
The latest decision out of the Fifth U.S. Circuit Court of Appeals throws a dramatic new element of confusion into the epic regulatory saga that has been the rollout of the Department of Labor fiduciary rule.
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and is barred from serving as a fiduciary to a benefit plan for 13 years.
The event will be held in Metairie, Louisiana, on April 11.
Annually, the top tier of retirement plan advisers from across the U.S., including the PLANADVISER Top 100 and the PLANSPONSOR Retirement Plan Advisers of the Year, gather in Orlando, Florida, for three days of discussion and debate; reserve your spot today for the 2018 event.
The enforcement arm of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth alleges that Scotttrade violated the Massachusetts Uniform Securities Act and related regulations by leveraging sales contests that violated the expanded DOL fiduciary rule.
The DOL has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans.
Under the new “SCSD Initiative,” the SEC’s enforcement agents will recommend “standardized, favorable settlement terms” for investment advisers that self-report that they failed to disclose conflicts of interest associated with the receipt of 12b-1 fees by the adviser or an affiliated broker/dealer; the regulator further warns that advisers who fail to take advantage of this program will be punished more severely in the future.
A former office manager of New England Anesthesiologists, Inc. was found guilty of embezzling $120,313 in employee deferrals.
The direct-to-sponsor firm proudly brands itself as an advisory industry disruptor, boasting fast revenue growth and a 30-day average sales cycle; we sit down with lead strategy officer Josh Robbins for a frank conversation about what comes next for the company and its “traditional” competition.
Nearly $700 million was in recoveries from enforcement actions.
Voya Investment Management has become the latest signatory of the Principles for Responsible Investment pledge, stepping right into a hot debate about the role of environmental and societal considerations in retirement plan investing.
A federal district court judge entered a judgment requiring Michael Lewis, former president of Acme Orthotics and Prosthetic Laboratories Inc., to restore $128,535.75 in losses owed to the company’s Profit Sharing 401(k) Plan and Trust.
Regulatory developments in Nevada and New York show inaction at the federal level on clarifying advisers’ and brokers’ fiduciary duties is leading to a patchwork of state-by-state approaches to mitigating conflicts, real and perceived.
The Wall Street Journal published an analysis this week suggesting “at least five governmental agencies have received fake comments challenging the agencies' rules,” including the Department of Labor; the DOL is so far declining additional comment.
The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a critical role overseeing the retirement planning industry and the future of the fiduciary rule.
In a series of sharply written, dueling reports, experts from the American Council for Capital Formation and CalPERS debate the proper role of environmentally and socially conscious investments—and whether the massive public pension fund has grown too political in its actions.
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it represents a key development for the retirement planning industry.
IRI’s basic argument is that empirical evidence shows the outsized role advisers and consultants play in boosting investing outcomes—and that these professionals should not face overly burdensome restrictions on the recommendations they make involving mutual funds and annuities.