The New Fiduciary Rule (45): The Regulation and Exemptions are Stayed (5)—What Remains?
Key Takeaways Two Texas Federal District Courts have “stayed” the effective dates of the DOL’s new fiduciary regulation and related exemptions, meaning that the private sector will not have to comply with those rules until the cases are resolved. The next step will be for those courts to determine if the regulation and exemptions are […]
The New Fiduciary Rule (11): What is An Investment? (Part 3)
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs. The proposed regulation redefines fiduciary status for “investment” recommendations. But what is an investment recommendation? The answer: […]
The New Fiduciary Rule (9): What is An Investment? (Part 1)
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs. The proposed regulation redefines fiduciary status for “investment” recommendations. But what is an investment recommendation? The answer: […]
The SECURE Act 2.0: The Most Impactful Provisions #14 — Automatic Portability for IRA Force-outs
Key Takeaways Current law permits plans to force out distributions of accounts with less than $5,000 in benefits if a departed employee does not affirmatively elect to receive his or her benefits. (That amount is increasing to $7,000 in 2024.) The “force-out” amounts must be rolled over into an IRA if the account balance is […]
The SECURE Act 2.0: The Most Impactful Provisions (#3–Extension of RMD Start Ages)
Key Takeaways The SECURE Act 1.0 delayed the starting age for RMDs from 70½ to 72. SECURE Act 2.0 further delays the ages to 73 and 75. As a practical matter, while most plan participants and IRA owners will need to access their retirement savings before those ages, the change creates an opportunity for higher […]