In a recent bulletin, the SEC warns that practically all financial professionals have at least some conflicts of interest with their retail investors.
A new lawsuit suggests the individual advisory program TIAA clients were rolled into was significantly more expensive and generated hundreds of millions of dollars in fees for TIAA—without providing commensurate performance benefits.
A subsidiary of TIAA will settle conflict of interest charges related to the provision of rollover advice to employer-sponsored retirement plan participants; the development offers up some important considerations for financial services professionals.
Although the landmark legislation will take years before it is fully implemented, many of the provisions are already in effect—including two that require immediate changes to the 402(f) notice given to participants to help them understand their rollover options.
The legislation would establish a personal retirement account for every American that they could take with them from job to job.
In a letter to the Department of Labor, researchers for the Center of Retirement Research at Boston College make policy recommendations to address defined contribution plan portability and access, among other things.
Several provisions of the two-year budget bill affect retirement plans.
The firm's rollover/exchange analysis will consider more plan types, including 401(k), 403(b), 457, defined benefit plans and more.