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BY Nevin E. Adams, JD 2/15/2018
Arguments that plan design changes could result in “class conflicts” weren’t enough to brush aside the plaintiffs’ petition for class action status in an excessive fee case.The suit – filed on behalf of plaintiffs against New York University in August 2016 by the law firm of Schlichter, Bogard...
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BY Rebecca Hourihan 2/15/2018
Did you know that plan sponsors are personally solicited for plan business four times a year on average?Your rivals are meeting with your plan sponsor clients, demonstrating expertise through blog articles, educating on social media and gaining more and more local market share. Each day that your...
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BY John Ortman 2/14/2018
The Securities and Exchange Commission’s enforcement division launched an initiative Feb. 12 that waives fines against investment advisers if they admit putting clients into high-fee mutual fund share classes when lower-fee classes were available and agree to reimburse those clients for the excess...
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BY NAPA Net Staff 2/14/2018
In its FY 2019 budget request, the Securities and Exchange Commission is seeking a slight increase in funding for inspections and examinations.The SEC’s Office of Compliance Inspections and Examinations (OCIE) was allocated $347,273 for fiscal year (FY) 2017; the SEC is requesting $365,781 for FY...
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BY John Carl 2/14/2018
The ERISA consultants at the Retirement Learning Center Resource regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and executive compensation arrangements.A recent call with a financial advisor from Ohio is...
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BY NAPA Net Staff 2/13/2018
The IRS and Treasury have proposed a plan to streamline tax regulations, including some that are related to retirement plans. The proposal is set to be published in the Federal Register on Feb. 15.The proposal would remove 298 regulations the IRS and Treasury say are no longer necessary because...
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BY Ted Godbout 2/13/2018
The Massachusetts Securities Division has unveiled a proposed regulation that would require investment advisers who are registered with the division to create a fee table for advisory clients.The proposal was announced Jan. 7 by Secretary of the Commonwealth William F. Galvin. In the past, Galvin...
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BY NAPA Net Staff 2/13/2018
In a time when some of the largest institutions have been hacked (including the federal government), it’s not surprising that our industry has already experienced issues with cybersecurity. But is there a fiduciary duty to safeguard that information – and if so, how far does it go?In a recent blog...
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BY NAPA Net Staff 2/13/2018
More than two-thirds of plan sponsors now retain an independent investment advisor to assist with fiduciary responsibility – but they aren’t necessarily clear on the scope of that focus.According to the Plan Sponsor Council of America’s 60th Annual Survey of Profit Sharing and 401(k) Plans, 69.5%...
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BY Nevin E. Adams, JD 2/13/2018
Workers are routinely educated on the benefits of pre-tax savings – there is, however, another tax incentive of which most are unaware.We’re talking, of course, about the so-called Saver’s Credit; Transamerica Center for Retirement Studies’ (TCRS) 18th Annual Retirement Survey found that two in...
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