Retirement Plan

News & Analysis as of

The DOL’s New Fiduciary Rule: Capturing the Apparent Conflict at the “Moment of Rollover”

The US Department of Labor’s final fiduciary rule captures rollover, transfer and distribution recommendations to retirement investors. In essence, under the rule, a financial organization or adviser is acting as a fiduciary...more

MEPs primed for a comeback?

My mother would always tell me that fashion is cyclical and that what was popular once will fall out of disfavor and will become popular again. I was a child in the late 1970s and 35+ years later, ruffled dress shirts, velvet...more

DOL Sued over Fiduciary Rule

One of the questions that I am repeatedly asked is whether the Department of Labor overreached their rulemaking capability by applying their new fiduciary rule to Individual Retirement Accounts (IRAs). I always tell people...more

Always Be Engaged

When I was at Stony Brook for college, there were many student organizations that would have tables in the Student Union to attract new members. So many tables would have their members reading or doing something that...more

“Call to Action” May Create Fiduciary Liability under ERISA

Traditional investment advisers, as well as broker-dealers, insurance brokers, banks, and employers, are abuzz with questions and concerns relating to the final regulation issued by the Department of Labor (DOL) on April 8,...more

Why HR Professionals Should Demand A Benefit Communications Policy

If your job description includes responsibility for communicating pensions and benefits to fellow employees, then you must already know that with each new communication comes increased potential legal liability for your...more

Advisors Advantage - June 2016

How to Communicate and Understand Retirement Plan Sponsors. There is a method to it. Being a retirement plan provider isn't just about selling services, it's really about selling yourself and you can't sell yourself...more

Broker-Dealers and the New DOL Fiduciary Rule

Under ERISA and the Code, a fiduciary to a plan or IRA includes a person who renders investment advice for a fee. ERISA imposes safeguards on a fiduciary by applying standards of care and duties of loyalty and penalizing a...more

Texas Supreme Court Holds that Individual Beneficiary Had Standing to Bring a Legal Malpractice Claim Involving a Loan From an...

On May 27, 2016, the Texas Supreme Court held that an individual beneficiary of a self-directed retirement account managed by a corporate trustee had standing to bring legal malpractice claims against a law firm based on...more

Health Care E-Note - May 2016

On April 6, 2016 the Department of Labor's Employee Benefits Security Administration ("EBSA") issued its long awaited final rule redefining a fiduciary investment advisor (also known as the "conflict of interest rule"),...more

401(k) Plan Sponsors and Fiduciaries Face an Alarming Number of Stable Value Fund and Other Class Action Lawsuits

In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large...more

Inside Trustees for Small Minnesota 401(k) Plan Face Class Action Over Excessive Fees

A Minneapolis law firm recently filed a class action complaint against Lamettry’s Collision, Inc. and the Trustees of its 401(k) Plan, CFO Stephen Daniel and President Joan Lamettry for various breaches of fiduciary duty with...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 6

Structured Notes Offered on an Agency Basis - In our last issue, we discussed the potential impact of the Department of Labor’s new rules on sales of structured products. In that article, we discussed some of the...more

The Rosenbaum Law Firm Review - June 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

Why a Plan Sponsor Should Seek Out a Retirement Plan "Dentist"

More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some sort of dental conspiracy to increase revenue as fluoridated water and other dental hygiene has had...more

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits

The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. On May 18, 2016, the U.S. Department of Labor (DOL) updated its Semi-Annual Regulatory...more

Advertising won’t fix this

Over the years, I worked with many organizations starting back with student political organizations and the school paper at Stony Brook. This includes actual businesses, civic and religious organizations. Many of these...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Rule: The Best Interest Contract Exemption

Last month the U.S. Department of Labor published a suite of final regulations governing the fiduciary status of, and prescribing conflict of interest rules that apply to, persons who provide investment advice to...more

DOL Fiduciary Rule Re-Makes Retail IRA Advice

Congress voted this week to de-rail the Department of Labor’s sweeping fiduciary-duty suite of rule-making, but doesn’t have the votes to override the President’s threatened veto....more

The DOL Script

I had a client who had been undergoing a Department of Labor (DOL) audit. Their mistake? Years ago, a former participant asked for a distribution from this trustee directed profit sharing plan (so no 401(k)) and my client...more

DOL’S New Fiduciary Conflicts of Interest Rules

The U.S. Department of Labor recently announced a new suite of Rules that are a game-changer for any Financial Institution that gives investment advice (including rollovers and distributions) to owners or beneficiaries of...more

Ninth Circuit Finds That Purpose Of Stock Rights Plan Matters

Most equity award plans that I come across include a statement of the plan’s purposes. I haven’t tended to give these provisions a whole lot of thought, but an opinion issued yesterday by the Ninth Circuit Court of Appeal...more

It Happened, It Happened: Small 401(k) Plan Sued

I love boxing and one of my favorite fights is when George Foreman shocked the world and knocked out Michael Moorer to become heavyweight champion at age 45. Jim Lampley doing the HBO broadcast proclaimed: “it happened! It...more

Meaningless Plan Sponsor Surveys

There was a new 401(k) plan sponsor survey on which providers are associated with being a “good value for the money”. Providers Most Associated with “Good Value for the Money” - Among all plan sponsors...more

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