The New Fiduciary Rule (14): The Timeline for the Final Regulation and Exemptions
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs. Key Takeaways The Department of Labor’s proposed fiduciary “package” expands the scope of fiduciary status (to include, e.g., […]
The New Fiduciary Rule (7): Non-Discretionary Investment Advice
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The Department of Labor’s proposed regulation defining fiduciary investment and insurance advice to private sector […]
The New Fiduciary Rule (6): The Fiduciary Definition of Fiduciary
The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including rollovers), and IRAs (including transfers of IRAs). Key Takeaways The Department of Labor’s proposed regulation defining fiduciary investment and insurance/annuity advice to […]
The New Fiduciary Rule (4): A Relationship of Trust and Confidence
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. Key Takeaways The Department of Labor’s proposed fiduciary “package” includes a new definition of nondiscretionary fiduciary investment […]
The New Fiduciary Rule (3): Fixed Indexed Annuities
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. Key Takeaways Statements from the White House indicate that the DOL and the White House are concerned […]
The New Fiduciary Rule (2): The Impact
The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including rollovers), and IRAs. Key Takeaways The Department of Labor’s proposed fiduciary “package” will have different impacts on different types of service providers […]
The New Fiduciary Rule (1): An Overview
The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including rollovers), and IRAs. Key Takeaways One time investment recommendations to qualified and ERISA retirement plans and their participants, and to IRA owners, […]
The DOL’s Regulatory Agenda and a New Fiduciary Rule
UPDATE: On August 8, I posted this blog article in contemplation of the DOL sending a new fiduciary proposal package to the Office of Management & Budget (OMB) in the White House. One month later, to the day, the receipt of the DOL’s proposed fiduciary rule and prohibited transactions was posted on the OMB’s website. […]
Rollovers, Regulation, Litigation: Where Are We and What’s Next?
Key Takeaways The recent decisions on the DOL’s interpretation of fiduciary status are significant but limited in scope. Fiduciary status for plan-to-IRA rollover recommendations, standing alone, has been vacated. But other important transactions, such as IRA transfers, have not. Also, where an advisor is a fiduciary to a plan or participant, and then recommends a […]
The DOL’s Fiduciary Interpretation and the Florida Court Decision
In 2020, the Department of Labor (DOL) issued its Prohibited Transaction Exemption (PTE) 2020-02 to provide an exemption to most prohibited transactions resulting from nondiscretionary fiduciary advice to retirement plans governed by either ERISA or the Internal Revenue Code, or both, as well as nondiscretionary fiduciary advice to IRAs. The DOL’s Fiduciary Interpretation and Prohibited […]