The first of the suits challenging the Labor Department’s fiduciary regulation got its day in court last week.In oral arguments before Judge Randolph Moss on the U.S. District Court for the District... Read More
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Regulatory Compliance
BY Nevin E. Adams, JD | 8/26/2016
The Labor Department’s final rule outlining the circumstances in which state retirement savings programs would not be treated as creating ERISA-covered pension plans is out. The final rule largely... Read More
BY NAPA Net Staff | 8/19/2016
As the effective date of the Labor Department’s fiduciary regulation nears, a broker-dealer has outlined how they plan to deal with the changes.According to The Wall Street Journal, Edward Jones has... Read More
BY NAPA Net Staff | 8/18/2016
While much of the discussion around the implementation of the fiduciary regulation has centered on investment recommendations, what about an advisor recommending his or her own services?A recent blog... Read More
BY NAPA Net Staff | 8/5/2016
The Labor Department has long taken the position that the recommendation of a discretionary investment manager is a fiduciary act, notes Fred Reish in a recent blog post. But what about recommending... Read More
BY NAPA Net Staff | 8/2/2016
A couple of large advisory firms have put a public price tag on the costs of their compliance with the Labor Department’s fiduciary regulation.The most recent, Principal Financial, announced last... Read More
BY Fred Barstein | 8/1/2016
File this under the category of unintended consequences: On the one hand, the DOL conflict-of-interest regulation could create more orphaned plans without an advisor, while at the same time probably... Read More
BY NAPA Net Staff | 8/1/2016
Since the 2009 plan year, the Form 5500 has posed a question regarding the failure to provide benefits when due, but new information from the IRS offers some relief for plan sponsors.Lines 4l of... Read More
BY NAPA Net Staff | 7/28/2016
State Street Bank and Trust Company has agreed to pay $382.4 million in a global settlement for misleading mutual funds and ERISA plan clients by applying hidden markups to foreign currency exchange... Read More
BY Andrew Remo | 7/22/2016
The Democrats have laid out their party platform – and when it comes to retirement issues, they plan to do a lot of fighting.In keeping with an American political tradition dating back to the 19th... Read More
BY Nevin E. Adams, JD | 7/18/2016
Having already taken a position that robo-advisors can’t be fiduciaries, the Bay State is requiring a series of disclosures about their use, and the decision to do so.Earlier this year Massachusetts... Read More
BY NAPA Net Staff | 7/15/2016
The Securities and Exchange Commission has launched an initiative to identify situations where RIAs have recommended share classes with “substantial loads or distribution fees.”The initiative,... Read More
BY Nevin E. Adams, JD | 7/14/2016
If your plan sponsor clients are working to get a DB determination letter, the IRS now wants to know if those plans have lump sum risk transfer language.For plans that do, the IRS wants the... Read More
BY Nevin E. Adams, JD | 7/12/2016
The Labor Department wants the information form that private-sector employee benefit plans file each year to have more information – and to be more “mineable.”The DOL’s Employee Benefits Security... Read More
BY NAPA Net Staff | 7/6/2016
The Labor Department has adjusted the civil monetary penalties for inflation – though there’s likely to be some sticker shock from some of the increases. For example, the penalty for failure or... Read More
BY NAPA Net Staff | 6/29/2016
The Securities and Exchange Commission (SEC) has proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans.The SEC... Read More
BY John Iekel | 6/28/2016
Less than a year till zero hour on the Department of Labor’s (DOL) fiduciary rule. And while it is imminent but not formally implemented just yet, it’s already having an effect — and panel... Read More
BY NAPA Net Staff | 6/10/2016
A new white paper from Groom Law outlines the ways in which the Labor Department’s fiduciary regulation could change how investment managers work with advisors and plan fiduciaries.In “The Final... Read More
BY NAPA Net Staff | 6/9/2016
While the pace of litigation can sometimes be lengthy and arduous to predict, we could have a summary judgment ruling on at least one of the cases challenging the fiduciary regulation in relatively... Read More
BY NAPA Net Staff | 6/7/2016
Massachusetts’ top securities regulator is looking for information from brokerage firms to keep “rogue” brokers out of the Bay State.Reuters reports that Commonwealth Secretary William Galvin has... Read More
BY Nevin E. Adams, JD | 6/3/2016
Many advisors – and advisory firms – have assumed that recommending a recordkeeper under the new fiduciary regulation wouldn’t constitute a fiduciary act. But that assumption may be wrong.The final... Read More
BY Nevin E. Adams, JD | 6/2/2016
As anticipated, a number of retirement industry trade groups and the U.S. Chamber of Commerce have taken their case against the Labor Department’s fiduciary regulation to the courts.Filed on June 1... Read More
BY NAPA Net Staff | 6/1/2016
A number of industry trade groups have been contemplating litigation to stop the Labor Department’s fiduciary regulation even before there was a final regulation – that litigation could be filed as... Read More
BY NAPA Net Staff | 5/31/2016
Most workplace retirement plans allow participants to take a loan against their retirement plan balance – but administering the option carries risks for plan fiduciaries. Here are what the IRS has... Read More
BY NAPA Net Staff | 5/26/2016
An AARP official says that the advocacy group plans to assemble some members to act as “mystery shoppers” to see if advisors are complying with the DOL’s fiduciary regulation.Nancy Smith, executive... Read More
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