This is another in a series of articles about interesting issues related to plan and participant disclosures. The DOL disclosure regulations for both plan sponsor and participant disclosures are not clear about the treatment of brokerage accounts for a plan (for example, a small profit sharing plan) or for a
As you may know, the Department of Labor recently announced that it was going to re-propose its proposed fiduciary investment advice regulation. As background, that proposal was intended to modify the Department’s current regulation that defines fiduciary investment advice . . . and also intended to expand the definition, so
In a departure from the recent series of 408(b)(2) articles, in this one I will be discussing the DOL’s decision to re-propose the fiduciary advice regulation. On September 19th, the Department of Labor announced that, rather than issuing a final regulation on fiduciary investment advice, it would be re-proposing the
Together with Bruce Ashton and Summer Conley, I have authored an article titled “DOL Investigations: Broker-Dealers and RIAs as Targets.” To see the full text of the article, click on the link included here: http://www.drinkerbiddle.com/resources/publications/2011/dol-investigations-broker-dealers-and-rias-as-targets In the article we discuss that in recent months, we have heard of at least
This is another in a series of short articles about interesting issues under the DOL’s new disclosure requirements. If a covered service provider (for example, an RIA or a broker-dealer, or their individual advisers) fails to timely provide the disclosures required under 408(b)(2), the “arrangement,” or relationship, between the service
Last week, the Department of Labor (DOL) extended the compliance date for 408(b)(2) to April 1, 2012. While that only gives us another three months (from the current deadline of January 1), it is welcome relief. We have several observations about the extension: Generally speaking, our service provider clients were
The 408(b)(2) regulation requires that covered service providers disclose all “compensation.” On the face of it, that seems clear, but in practical application, it is more difficult. For example, must broker-dealers and others disclose all compensation, including revenue sharing? The answer is “yes.” Must all revenue sharing be disclosed? The
This is the second in a series of short articles about disclosures to plan sponsors and participants under the new DOL regulations for disclosures to plans and to participants. FACT: Many investment advisers (RIAs) and broker-dealers (BDs) use asset allocation models (AAMs) to help participants invest appropriately. RULE: The DOL
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