The ERISA Industry Committee (ERIC), in coordination with the U.S. Chamber of Commerce (the Chamber) and the Profit Sharing/401k Council of America (PSCA), submitted comments to the Department of Labor (DoL) warning the agency to not undercut “generally accepted investment theories.”
Regulators might be cracking down on prohibited advice arrangements in retirement plans and broadening the scope of fiduciary status, suggested Jason C. Roberts, partner and co-chair of the Financial Services Practice Group at Reish & Reicher.
The Obama Administration on Monday released retirement
initiatives, including establishing
automatic individual retirement accounts (IRAs), simplifying and expanding the
Saver's Credit, and updating 401(k) regulations to increase transparency.
The long saga of the U.S. Department of Labor’s (DoL) hotly debated investment advice rule took another twist today when the DoL’s Employee Benefits Security Administration (EBSA) announced the controversial final rule is being withdrawn.
Witnesses appearing before the U.S. House of Representatives Ways and
Means Committee regarding the continuing debate of how retirement plan
advice should be delivered to millions of workers had a simple message
for lawmakers: Don’t break the current system.
Schiff Hardin LLP has announced that former assistant secretary of
labor for employee benefits Bradford P. Campbell joined the firm’s
Washington, D.C., office in the Employee Benefits and Executive
Compensation and ERISA Litigation groups.
A Missouri broker who officials charge had improperly convinced investors to stop their 401(k) contributions and refinance their homes to make money available for unsuitable investments has been ordered to stop those activities.