The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
3/1/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Retirement Plan
Broker-dealers and their registered representatives (advisors) providing services to private sector tax-qualified and ERISA-governed retirement plans, participants in those plans and IRA owners (collectively, Retirement...more
2/21/2024
/ Competition ,
Department of Labor (DOL) ,
Disclosure ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investors ,
Prohibited Transactions ,
Proposed Amendments ,
PTEs ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/23/2024
/ Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Incentives ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/17/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/9/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
1/3/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
12/18/2023
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/13/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/11/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Insurance Industry ,
Investment ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/6/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
IRA Rollovers ,
Prohibited Transactions ,
Proposed Regulation ,
Required Minimum Distributions ,
Retirement Plan ,
Securities
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants...more
12/4/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Retirement ,
Retirement Plan ,
Robo-Advisors
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
11/20/2023
/ Comment Period ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
PTEs ,
Registered Investment Advisors ,
Regulatory Agenda ,
Retirement Plan
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
11/13/2023
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
New Regulations ,
New Rules ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda
The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more
11/8/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
UPDATE: On August 8, I posted this blog article in contemplation of the DOL sending a new fiduciary proposal package to the Office of Management & Budget (OMB) in the White House. One month later, to the day, the receipt of...more
9/26/2023
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
New Regulations ,
New Rules ,
OMB ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda
The DOL has not appealed the decision in the Florida Federal District Court that vacated its fiduciary “re-interpretation.” That re-interpretation, in effect, said that ongoing investment advice to a rollover IRA could be...more
8/8/2023
/ Annuities ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
OMB ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022.
SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more
Under Regulation Best Interest (Reg BI), the SEC imposes a best interest standard on account recommendations by broker-dealers. This is because recommending an account type is viewed by the SEC as recommending an investment...more
7/21/2023
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary ,
Investment ,
Investment Adviser ,
Policies and Procedures ,
Prohibited Transactions ,
Regulation Best Interest ,
Regulation BI ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
Let’s take a break from my SECURE 2.0 series of articles to discuss what is going on with the DOL’s fiduciary rule.
As background, in the preamble to Prohibited Transaction Exemption (PTE) 2020-02, the DOL re-interpreted...more
The Department of Labor (the DOL) expanded its interpretation of fiduciary advice in its guidance issued in connection with Prohibited Transaction Exemption (PTE) 2020-02. As a result, many more broker-dealers and registered...more
3/23/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Florida ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Registered Investment Advisors ,
Retirement Plan ,
State and Local Government
Now that 2022 is behind us, the final steps in compliance with PTE 2020-02 must be satisfied. Those steps are (i) conducting the annual retrospective review and the resulting report (within six months) and (ii) correcting any...more
Both the Internal Revenue Code (Code) and the Employee Retirement Income Security Act of 1974 (ERISA) include prohibited transaction provisions that literally prohibit certain transactions (unless exempted by statute or by a...more