Key Takeaways When an ERISA governed retirement plan engages and pays service providers, such as advisors and recordkeepers, it commits a prohibited transaction. However, if the plan fiduciaries satisfy the conditions of an exemption (which, in this case, would be the 408(b)(2) statutory exemption), the prohibited transaction is exempt, that
Concerns About 408(b)(2) Disclosures This is my 66th article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions and related developments in the securities laws. Because of the change in the definition of fiduciary advice
Is It Possible To Be An Advisor Without Being A Fiduciary? This is my 62nd article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions and related developments in the securities laws. Under the new
Recommendations to Contribute to a Plan or IRA This is my 58th article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions and related developments in the securities laws. In Angles article #56, I discussed
DOL FAQs on 408(b)(2) Fiduciary Disclosures This is my 57th article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions and related developments in the securities laws. The Department of Labor has issued a new
The Requirement to Disclose Fiduciary Status This is my 49th article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions and related developments in the securities laws. When the new fiduciary rule applies on June
The Definition of Compensation This is my twenty-seventh article about interesting observations concerning the fiduciary rule and exemptions. As the readers of these articles know, one impact of the new fiduciary rule is that compensation paid to Financial Institutions and advisers must be reasonable. Reasonable, in turn, is a function
Over the last few months, the most common questions asked by clients . . . and most of my work . . . have been about three issues: The DOL’s new fiduciary proposal . . . not surprising. Capturing rollovers from retirement plans. Again, not surprising because of the large
Not much has been written about ERISA considerations for referring investment managers to retirement plans . . . and the receipt of solicitor’s fees for a referral. However, there are a host of legal issues. First, the person making the referral is receiving “indirect” compensation (that is, the solicitor’s payment
Several of my colleagues and I have provided comments to the DOL about its proposal to require a 408(b)(2) guide Most other commentators have or will be addressing the policy issue — is it a good idea to require a guide or not? We avoided the policy issues. Instead, our
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