SECURE Act Floor Action / Ambassadors in Action with Sens. Scott and Cornyn / DOL Rule

Topics: Advisor Standard of Care, Congress, DOL, IRS, Regulation, Retirement security, SEC, Treasury Department

May 17, 2019 This Week in Washington We learned yesterday that the full House of Representatives will vote on the SECURE Act (H.R. 1994) next week. AALU’s Capitol Hill Club Day during TRANSFORM 2019 played a key role in driving this legislation forward. Ambassador in Action During TRANFORM 2019, Ambassadors met with Sens. Tim Scott...

Nevada Best Interest Reg; PODCAST; Inside the Problem Solvers Caucus; Congressional Vacancies; Liability Heads Up on Data

Topics: Advisor standard of conduct, Best interest, Congress, DOL, Fiduciary, NAIC, Regulation, SEC

March 08, 2019 AALU Submits Comments on the Nevada Standard of Care Proposal In January, the Nevada Securities Division (NSD) proposed a set of fiduciary rules, implementing a law enacted in 2017. The NV law that this regulation is based on expanded the types of financial professionals that are subject to Nevada’s existing fiduciary standard.…

DONE DEAL: The DOL Fiduciary Rule is Officially Dead

Topics: DOL, Regulation

It’s finally official—the DOL Fiduciary Rule is dead. On June 21st, roughly a week after all opportunities for DOL to appeal had passed, the 5th Circuit Court of Appeals officially issued the decision it reached in March, vacating the DOL Rule in its entirety. This marks the end of a controversial regulation first proposed in…

New DOL Rules on Disability Claims May Impact Retirement and Deferred Compensation Plans.

Topics: DOL, Qualified Plans, Regulation

New DOL rules became effective on April 1, 2018 regarding claims procedures for disability benefits offered in employee benefit plans. The rules apply not only to long-term and short-term disability plans, but may also apply to 401(k) and other qualified retirement plans, as well as non-qualified deferred compensation plans and SERPs. The new rules provide…

The Day the DOL Fiduciary Rule Died: 5th Circuit Decision Vacating the rule Takes Effective May 7th, But What Does It Actually Mean For Producers?

Topics: DOL, Fiduciary, Regulation

After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor (“DOL”) Fiduciary Rule (“the Rule”) finally took effect on May 7th, 2018. The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption (“Transition BICE”),…

In This Week’s Tax News – 18.03.23

Topics: Congress, DOL, Regulation, Tax reform

By Chris Morton, Armstrong Robinson, David Hollingsworth, and Jason Martinez Friday, 23 March 2018 Early this morning, the Senate agreed to the House-passed $1.3 trillion omnibus spending bill by a 65-32 vote, sending the legislation to the President’s desk. Twenty-Four Republican Senators voted against the measure. The bill included a fix for the so-called “grain…

WRN#18.03.20: Fifth Circuit Vacates Fiduciary Rule

Topics: DOL, Fiduciary, Regulation

Last week, a three-judge panel of the Fifth Circuit Court of Appeals issued a 2-1 decision vacating the DOL Fiduciary Rule. The decision is sweeping: it rejects the regulation re-defining fiduciary investment advice, as well as the new prohibited transaction exemptions and modifications to old exemptions adopted along with the regulation.


Topics: DOL, Fiduciary, Regulation

Yesterday, the 5th Circuit Court of Appeals struck down the DOL’s fiduciary rule in a lawsuit brought by several financial services industry and business organizations. The Department may still appeal the ruling, and the current rule will likely be in effect for several more months at a minimum—May 7th is the earliest date the ruling…