Speaking at the Insured Retirement Institute’s annual Government, Legal and Regulatory Conference in Washington this week, EBSA’s Phyllis Borzi argued for her proposed redefinition of fiduciary rule... Read More
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Regulatory Compliance
BY Fred Barstein | 6/17/2013
Revenue sharing is and will continue to be an important issue going forward for DC plans. Shipman Goodwin reviews these issues as well as others that investment committees should consider when... Read More
BY John Ortman | 6/13/2013
Quick: Can you list the types of expenses that can and cannot be paid from the assets of a retirement plan? How about the requirements that must be met before expenses can be paid from plan assets?... Read More
BY Warren Cormier | 6/6/2013
Speaking with plan sponsors and record keepers across the DC industry, one would conclude that the much-anticipated fee disclosure to participants was a non-event. Some likened it to the Y2K of the... Read More
BY Fred Barstein | 6/5/2013
The DOL’s Employee Benefits Security Administration announced that it has approved a process for JP Morgan, acting as custodian, and ADP as record keeper, to terminate and wind up 180 abandoned plans... Read More
BY Fred Barstein | 5/30/2013
As an indication that the DOL’s EBSA will be more active in bankruptcy cases where an ERISA plan is abandoned, the agency has filed suit in the Northern District of New York to have an independent... Read More
BY Fred Barstein | 5/29/2013
Look for EBSA, the DOL group that enforces ERISA, to be even more assertive based on comments from an EBSA regional director in Philadelphia as well as the agency’s Assistant Secretary herself,... Read More
BY Fred Barstein | 5/23/2013
Looks like another entity may be weighing in on the redefinition of fiduciary issue. FINRA’s CEO Richard Ketchum stated at the group’s annual meeting this week that the SEC should act quickly to... Read More
BY John Ortman | 5/23/2013
Gina Gurgiolo of the Multnomah Group offers a sprightly rundown of the most common Form 5500 audit traps — that is, responses on the 5500 that are most likely to draw attention from the IRS or DOL.... Read More
BY Fred Barstein | 5/20/2013
Going independent to get away from the restrictive and sometimes archaic FINRA rules may seem appealing to some advisors, as does the relatively limited enforcement staff of the SEC. But if new SEC... Read More
BY NAPA Net Staff | 5/20/2013
By Fred Reish, Bruce Ashton, Joan Neri and Joshua WaldbeserAdvisors have an opportunity to add significant value by helping plan sponsor clients develop a prudent 408(b)(2) disclosure review process... Read More
BY Fred Barstein | 5/13/2013
It’s hard enough to save enough for retirement, but even those who are fortunate enough to have a DB plan are at risk from companies willing to buy their pensions in exchange for a lump sum. The SEC... Read More
BY Fred Barstein | 5/8/2013
As we move from a DB world in which participants are guaranteed a lifetime benefit to a DC world in which each of us must figure out how much we need to save to maintain a certain stream of income,... Read More
BY Fred Barstein | 5/1/2013
Speaking remotely to the annual conference of the Investment Management Consultants Association in Seattle, the EBSA’s Phyllis Borzi hinted that the DOL’s proposed rules redefining a fiduciary could... Read More
BY NAPA Net Staff | 4/23/2013
Amid the hype over providing disclosure to financial consumers, it’s important to identify when disclosure can be helpful and beneficial versus when it can hurt and confuse the client. In an article... Read More
BY Fred Barstein | 4/18/2013
In response to the Congressional Black Caucus’ concerns about the DOL’s proposed definition of fiduciary, EBSA Assistant Secretary Phyllis Borzi defended her proposal at a congressional briefing this... Read More
BY Fred Barstein | 4/16/2013
Once a spokesperson for fiduciary advisors, Matthew Hutcheson was convicted Monday of 17 counts of wire fraud for dipping into two pension funds to remodel his home, buy cars and make a down payment... Read More
BY Fred Barstein | 4/12/2013
In President Obama's FY 2014 budget proposal submitted to Congress April 10, the SEC is requesting an additional $250 million, much of which would be used to hire an additional 325 examiners. In 2012... Read More
BY NAPA Net Staff | 4/12/2013
In the midst of a leadership change, the SEC is working on proposed new rules to reduce risk in money market funds. The proposal is set to be released in the next two months. SEC staff is working... Read More
BY Fred Barstein | 4/10/2013
Drinker Biddle partner (and former EBSA Assistant Secretary) Brad Campbell covered a wide range of issues that might affect plan advisors at the CUNA Mutual/CPI Retirement Academy in St. Louis on... Read More
BY NAPA Net Staff | 4/2/2013
In her latest biweekly update, EBSA’s Phyllis Borzi cautions workers in employer sponsored retirement plans to be wary of hidden fees and conflicts of interests by advisors who may put their own... Read More
BY NAPA Net Staff | 3/18/2013
Will the move toward a common fiduciary standard for all advisors under new authority granted to the SEC result in a move toward a common regulator as well? It seems that if FINRA Chief Executive... Read More
BY NAPA Net Staff | 3/11/2013
Once again, the SEC is going to take a look (free registration required) at 12(b)1 and other distribution fees, making it a priority in the next few months. According to a Deputy Director from the... Read More
BY NAPA Net Staff | 2/28/2013
What’s on the minds of of regulators at the IRS and SEC this year? At the IRS, 401(k) plans for sure, along with 403(b) plans — with a focus on failure to have internal controls or to follow the ones... Read More
BY NAPA Net Staff | 2/12/2013
Participants from three Fidelity DC plans have filed a lawsuit (free registration required) in the U.S. District Court in Boston alleging that Fidelity improperly used float income from interest... Read More
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