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401k Individual Retirement Account (IRA) Broker-Dealer

Faegre Drinker Biddle & Reath LLP

Tax Credits for Starting Up Small Employer Plans: What You Need to Know

Starting with tax years beginning after December 31, 2022, a small employer can take advantage of significant tax credits under SECURE Act 2.0 (the “Act”) for establishing a new retirement plan.  Under the Act, the tax...more

Faegre Drinker Biddle & Reath LLP

A Rollover Recommendation Is a Securities Recommendation

The Department of Labor considers a rollover recommendation to be a recommendation to liquidate the investments in a participant’s 401(k) account or to transfer (and change) securities. In addition, as explained in...more

Faegre Drinker Biddle & Reath LLP

SLOW Your Roll: DOL Temporarily Halts Enforcement of Compliance with PTE and ERISA Fiduciary Obligations for Rollover Advice

Benjamin Franklin once said “don’t put off until tomorrow what you can do today.” While that is always prudent advice, the Department of Labor (DOL) believes it’s best to grant an extension to investment advisors and...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #41

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 6) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Faegre Drinker Biddle & Reath LLP

SECURE Act 2.0: Key Provisions Affecting Retirement Plans

Late last year, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (SECURE 2.0), a bipartisan legislative proposal that...more

UB Greensfelder LLP

The Rare Case Of The Unsuitable Strategy

UB Greensfelder LLP on

As everyone is likely well aware, one of the principal changes that happened when FINRA retired the old suitability rule – NASD Rule 2310 – and replaced it with shiny new FINRA Rule 2111 back in 2012 was the broadening of the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #29

On June 15, SEC Chairman Clayton issued a statement partially entitled: “Need for Increased Care when Recommending 401(k)/IRA Rollovers and Withdrawals . . .”. As that title suggests, the Chairman’s statement covers areas...more

Troutman Pepper

Initial Form CRS Filings Due by June 30; Compliance Date Not Extended

Troutman Pepper on

On April 7, 2020, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced that, after the initial June 30, 2020 compliance date to file Form CRS, the OCIE will conduct...more

Kilpatrick

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

Kilpatrick on

Transition Period Extension - In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with Morgan Stanley’s payment decision

As you probably heard, Morgan Stanley will be moving to a level compensation approach for its 401(k) advisors. So this means it will do away with commission payments and finder’s fees (for recommending record-keeping...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - December 2016

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

Dechert LLP

Financial Services Quarterly Report - Third Quarter 2016: The Evolving DOL Fiduciary Rule: Impact on Mutual Fund Distribution and...

Dechert LLP on

The U.S. Department of Labor (DOL) issued the final version of its “fiduciary investment advice” regulation (Final Rule) on April 6, 2016, following a lengthy proposal and re-proposal process. Although the Final Rule reflects...more

Dechert LLP

The New DOL Fiduciary Rule: Impact on Mutual Fund Distribution

Dechert LLP on

The Department of Labor (DOL) has issued the final version of its “investment advice” regulation (Final Rule), which is widely expected to impact significantly the financial services industry, including registered investment...more

Morrison & Foerster LLP

Impact of DOL’s Final Rule on Business Development Companies

On April 6, 2016, the U.S. Department of Labor (DOL) released its final rule defining who is a fiduciary in connection with investment advice that is provided to benefit plans subject to the Employee Retirement Income...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: News for the financial services community, Special Issue: Implications of the DOL Fiduciary Rule for...

On April 6, 2016, the Department of Labor (“DOL”) issued its final conflict of interest regulations, which significantly expand who is considered a fiduciary when dealing with a retirement account. The new regulations,...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Labor Department Redefines ‘Fiduciary’ for ERISA and Internal Revenue Code Purposes"

On April 6, 2016, the Department of Labor (DOL) issued a widely anticipated final regulation that redefines who is a “fiduciary” of certain employee benefit and other plans for purposes of the Employee Retirement Income...more

Gray Reed

“Best Interests” of Investors and Employees

Gray Reed on

Ima Knowitall, owner of All My Business Ideas (AMBI), just read the Wall Street Journal article on new Department of Labor (DOL) regulations and called her financial advisor, Phillip Coffers. Mindful of last fall’s Tilting...more

Winstead PC

News Alert – Employer Action Required Following Issuance of Final Rule

Winstead PC on

On April 8, 2016, the Department of Labor (DOL) released the much anticipated final regulation to broaden the scope of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal...more

Troutman Pepper

Department of Labor Issues Long-Awaited Fiduciary Rule

Troutman Pepper on

The new standard requires broker-dealers providing advice with respect to IRAs to put their client’s interests ahead of their own. The U.S. Department of Labor released new rules on April 6 that materially enlarge the...more

Dechert LLP

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

Dechert LLP on

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of...more

Clark Hill PLC

“They’re Here!” – Department of Labor Issues Final ERISA Fiduciary and Conflict of Interest Regulations

Clark Hill PLC on

After receiving and reviewing extensive feedback on its earlier proposals, the Department of Labor (“DOL”) has issued final regulations expanding the definition of a fiduciary under the Employee Retirement Income Security Act...more

Adler Pollock & Sheehan P.C.

Department Of Labor Announces Implementation Of Final Fiduciary Rule

On Tuesday, April 5, 2016, Labor Secretary Thomas Perez announced the finalization of the Department of Labor’s (“DOL”) rule to amend the definition of “fiduciary” in the context of providing retirement advice for 401Ks and...more

Burr & Forman

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

Burr & Forman on

The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

Carlton Fields

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Carlton Fields on

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

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