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OSC Investor Advisory Panel annual report.
The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more
The start of the new year is as good a time as any to look back at some of the employee benefits regulatory developments of 2014 that were not previously covered in this column.
Originally published in Employee Benefit...more
In This Issue:
- Human Emotional Mistakes A Retirement Plan Provider Should Avoid
- The White House wants a new fiduciary rule
- Fighting the Fiduciary Rule Before It's Been Even Proposed
- When you get fired,...more
Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more
Yesterday, the Obama administration called on the Department of Labor to draft rules that, in effect, would require brokers who provide retirement advice to abide by a fiduciary standard. In a speech at an event hosted by...more
The Issue: During a recent Department of Labor (“DOL”) investigation for a local California employer, we experienced an increased focus by the DOL on plan expenses. While this isn’t necessarily surprising given the increased...more
- The Department of Labor has released the 2014 Fall Regulatory Agenda. The updated agenda provides the anticipated publication dates for the next steps in the regulatory process for nearly a dozen ERISA...more
Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more
The Department of Labor (DOL) Field Assistance Bulletin (FAB) 2014-01 provides guidance on (1) how fiduciaries should go about searching for missing participants or beneficiaries in terminated defined contribution plans; and...more
Locating and distributing the account balances of missing or unresponsive participants invokes ERISA’s fiduciary duty rules. The U.S. Department of Labor (DOL) had previously issued guidance outlining the expectations and...more
The U.S. Department of Labor (“DOL”) published a request for information (the “RFI”) regarding the use of brokerage windows, self-directed brokerage accounts, and similar arrangements (collectively referred to in this article...more
On August 14, 2014, the U.S. Department of Labor (DOL) provided new guidance to plan fiduciaries of terminated defined contribution plans for locating missing and unresponsive participants in order to distribute their...more
The Department of Labor (DOL) recently entered into an agreement with GreatBanc Trust Company settling claims relating to its service as trustee of an employee stock ownership plan (ESOP) holding stock of a private company....more
Plan Sponsors' Misconceptions About Retirement Plan Fee Disclosure.
There are many.
To me, there is no greater television show than Seinfeld because it's timeless and there is something about each episode that...more
10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more
The Department of Labor (DOL) just announced that they were delaying the implementation of a new fiduciary rule for retirement plans and individual retirement accounts. They claim it will be released in 2015. How many years...more
In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more
ERISA imposes numerous obligations on fiduciaries holding assets of employee benefit plans. In addition to discharging its duties prudently and for the exclusive purpose of providing benefits to benefit plan participants and...more
I talk to a lot of advisors and I have many advisor clients around the country and one of the things that I keep on hearing is that even with fee disclosure regulations almost 2 years later, it is still difficult to get...more
I’m a Howard Stern fan since I was about 11. I’m sorry if you’re offended, but I love that brand of humor. One of the main producers of funny materials are guys by the name of Sal & Richard. Aside from their phony calls, they...more
In the movie, No Country for Old Men, the hit man Anton Chigurh (played by Javier Bardem) confronts Carson Wells (who was also trying to recover the same money Chigurh was after) in his hotel room.
There is a tendency to shoot the messenger because folks don’t like the message. I ought to know. Whether it was in college, law school, or working at a third party administrator, I was the messenger of some terrible news....more
Things They Never Tell You as a Retirement Plan Provider.
Stuff plan providers should avoid.
I always say that whatever I learned as an ERISA attorney and the retirement plan business; I couldn't have learned...more
If you were busy like I was the last week of December (mainly with my kids being homes), you might have missed articles concerning the Department of Labor (DOL) and the proposed fiduciary rule. The DOL, for years, has been...more
This month we return to the age-old question – "What makes someone a fiduciary?" As Nicole Eichberger explains, the Seventh Circuit reminded us that the meaning of a "functional fiduciary" depends on exercise/conduct in...more
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