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BY Ted Godbout 10/17/2017
Is stock in a former parent company entitled to the considerations afforded employer stock in the defined contribution plan of a spinoff?The plaintiffs in a recent class action lawsuit argue that it is not. Their suit alleges that the investment committee of a company’s DC plan breached its duties...
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BY Nevin E. Adams, JD 10/17/2017
All too often the innovations honored with a Nobel Prize fly under the radar of “regular” Americans. But that wasn’t the case last week when the work of University of Chicago’s Richard Thaler was acknowledged.Thaler was, of course, recognized by the Royal Swedish Academy of Sciences, who said that...
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BY Nevin E. Adams, JD 10/16/2017
We had a great response to our reader poll on financial literacy – and some strong reader interest on knowing more about how/if you are integrating this into your practice.That reader poll dealt with the concept of financial literacy, the need for it, when/if the concepts should be introduced in...
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BY NAPA Net Staff 10/16/2017
The ERISA Industry Committee (ERIC) filed a lawsuit Oct. 12 against the Oregon Retirement Savings Board, saying that a provision of the state’s OregonSaves retirement program for private-sector employees obstructs ERISA.The complaint, filed in the U.S. District Court for the District of Oregon,...
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BY Nevin E. Adams, JD 10/16/2017
The Labor Department continues to fight an attempt by at least one fiduciary rule opponent to pursue its case in court.In an Oct. 13 filing, the DOL repeated its request that the court grant its July motion to stay proceedings “because it would conserve judicial resources to await completion of the...
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BY John Iekel 10/16/2017
There have to be changes in the law, and “it needs to be done quickly,” argued former North Dakota Senator and Chairman of the Senate Budget Committee Kent Conrad at an Oct. 11 Bipartisan Policy Center event that concerned Retirement readiness and policies affecting it, including the health of the...
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BY NAPA Net Staff 10/13/2017
The Social Security Administration on Oct. 13 announced that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2% in 2018. The change will affect more than 66 million Americans.The 2% cost-of-living adjustment will begin with benefits payable to more than 61...
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BY Ted Godbout 10/13/2017
As part of a two-day marathon markup of 23 bills, the House Financial Services Committee on October 12 approved legislation to repeal the Department of Labor’s fiduciary rule and create a new standard of conduct for broker-dealers.H.R. 3857, the Protecting Advice for Small Savers Act of 2017 (or "...
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BY Nevin E. Adams, JD 10/13/2017
Nonqualified deferred compensation (NQDC) plans are once again emerging as a critical plan design opportunity that a growing number of advisors are focused on, including a majority of respondents to this week’s NAPA Net reader poll.Nearly two-thirds (63%) of the respondents to this week’s reader...
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BY NAPA Net Staff 10/13/2017
President Trump has officially announced his intent to nominate Preston Rutledge to be an Assistant Secretary of Labor, Employee Benefits Security Administration.Rutledge currently serves as senior tax and benefits counsel on the Majority Tax Staff of the U.S. Senate Finance Committee, where his...
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