The Department of Labor (“DOL”) has published regulations that enhance plan participants’ rights in the context of benefit claim denials and appeals.
With the DOL revising its fiduciary rule, the SEC planning to propose a uniform standard of care, and an uptick in fiduciary proposals at the state level, there is a lot going on in the regulatory space. AALU continues to work to prevent regulatory agencies from promulgating rules that will make it harder for advisors…
The DOL has proposed to amend the Best Interest Contract Exemption, the Principal Transaction Exemption, and PTE 84-24 to (i) extend the special transition relief period for transactions in certain assets between investment advisors and employee benefits plans and IRAs and (ii) delay applicability dates of certain amendments.
President Trump was in Springfield, Missouri yesterday for a speech launching his efforts to build support for tax reform with the American public. The President issued a warning to Congress not to squander this once-in-a-generation chance to reform the tax code, including Democrats who might obstruct any tax reform package.
Testifying before separate Senate Appropriations subcommittees yesterday, both DOL Secretary Alexander Acosta and SEC Chairman Jay Clayton indicated a desire to work together as the DOL looks at revising the fiduciary rule that became partially effective on June 9th.
Last week, the House Financial Services Committee passed the CHOICE Act (HR 10) on a 34-26 party-line vote. The bill rolls back a number of Dodd-Frank provisions that Republicans say place unnecessary burdens on banks and financial institutions.
Automatic IRAs allow employees to make contributions to an IRA run by a state or certain local subdivisions with automatic payroll deductions made and submitted to the state/locality by the employer (“State Auto-IRAs”). In 2016, the DOL issued regulations that provide State Auto-IRAs with a safe harbor exemption from ERISA requirements, while similar, private payroll…
Yesterday evening, the text of the DOL’s final rule delaying the applicability date of the fiduciary regulation by 60 days—from April 10 to June 9—was released. The rule is expected to be formally published in the Federal Register on Friday.
Thursday, 30 March 2017 …
On Tuesday, the Office of Management and Budget (OMB) completed its review of the DOL’s proposal to delay the April 10th applicability date of the fiduciary rule for 60 days. The proposal was published this morning in the Federal Register, which starts a 15-day comment period on the advisability of extending the applicability date.