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.
Spencer Williams, from Retirement Clearinghouse, says the findings show the potential to preserve trillions of future retirement savings dollars for retirement plan participants through the widespread adoption of auto portability.
Lawmakers requested that the DOL issue an advisory opinion or other appropriate guidance regarding application of ERISA to auto-portability of retirement savings.
The eMoney Advisor platform will be updated with tools designed to help users suggest the right retirement products for clients based on their individual needs and preferences.
Effectively managing income taxes over a lifetime requires a
careful balance of a person’s current tax burden with the need to achieve tax diversification for the unknown future.
If workers could automatically roll their 401(k) plan over to a new employer, the Institute says this could generate an additional $2 trillion in retirement savings.
A report from the 2016 ERISA Advisory Council makes recommendations for facilitating auto-portability, communicating to participants about plan-to-plan transfers, and discussing the transfer of state-run retirement program accounts into ERISA plans.
As implementation of the DOL’s fiduciary rule approaches, advisers may have to choose between remaining in the DC business and pursuing traditional wealth management.
The IRS has eased the timeline for investors hoping to avoid
taxes and penalties while moving money plan-to-plan or to an individual retirement account.