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BY Ted Godbout 8/31/2017
A complaint seeking class action status alleges that an investment advice platform steered participants into high-cost retirement funds that paid excessive fees and revenue-sharing “kickbacks.”The suit, filed August 3, charges violations of both the Racketeer Influenced and Corrupt Organizations...
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BY John Iekel 8/31/2017
Less than 24 hours after the American Retirement Association requested it, the IRS has granted relief to taxpayers affected by Hurricane Harvey.The relief provided in IRS Announcement 2017-11 matches what the American Retirement Association, parent of the National Association of Plan Advisors, had...
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BY Nevin E. Adams, JD 8/31/2017
The Labor Department says it won't enforce a provision of the fiduciary rule’s arbitration ban.The stance, published August 30 in Field Assistance Bulletin 2017-03, was first revealed in a brief filed in the U.S. Court of Appeals for the 5th Circuit in Chamber of Commerce v. Acosta, where the Labor...
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BY Steff Chalk 8/31/2017
Uncertainty continues to brew in the land of the qualified retirement plan, as plan advisors weigh their options and consider changing to a new business model — all thanks to the shifting timelines of the new fiduciary rule established by the Department of Labor over the last year.But this...
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BY Ted Godbout 8/30/2017
While a majority of plan sponsors report that they are highly satisfied with their plan advisors, a record number are actively looking to switch their advisors, according to new research from Fidelity.Now in its 8th year, the firm’s annual Plan Sponsor Attitudes survey found that 65% of plan...
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BY Nevin E. Adams, JD 8/30/2017
The Labor Department has made its proposed delay in the full application of the Best Interest Contract Exemption till July 1, 2019 official.Less than 48 hours after the Office of Management and Budget (OMB) completed its review of the Labor Department’s proposal to extend the transition period and...
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BY John Carl 8/30/2017
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 and qualified retirement plans.A recent call with an advisor in Ohio is representative of a common inquiry involving 401(k) safe...
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BY Nevin E. Adams, JD 8/29/2017
The Office of Management and Budget (OMB) has made a quick response to the Labor Department’s request for a delay in the full BIC applicability date.In an update posted on the OMB site on August 28, the concluded action is noted as “Consistent With Change.” The OMB review, which frequently takes as...
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BY NAPA Net Staff 8/29/2017
Published reports say that President Trump’s top aides and congressional leaders have made “significant strides” in shaping a tax overhaul – and yes, Rothification remains on the table.Politico, citing five sources familiar with the behind-the-scenes talks, reports there is “broad consensus” on...
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BY Nevin E. Adams, JD 8/29/2017
Watching the incredible, heart-rending coverage this past weekend of Hurricane Harvey’s devastation, I was reminded of a personal experience with nature’s fury.It was 2011, and we had just deposited our youngest off for his first semester of college, stopped off long enough in Washington, DC to...
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