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Fiduciary Rule Law as of June 9, 2017 but DOL will not Enforce until January 1, 2018 as it Seeks Pubic Input on the Rule, Considers Changes and Additional Delays
On May 22, 2017 Alexander Acosta, the Secretary of the Department of Labor (“DOL”) wrote an opinion piece in the Wall Street Journal on the Fiduciary Rule. In it he states: "The Labor Department has...
Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
On April 20, 2017, the AICPA Auditing Standards Board issued an exposure draft, Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee...
US LABOR DEPARTMENT EXTENDS FIDUCIARY RULE APPLICABILITY DATE
The U.S. Department of Labor has announced a 60-day extension of the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption. The...
FASB issues Update Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
The Board issued in March 2017 Accounting Standards Update (ASU) (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and...
FASB Issues ASU 2017-06, Employee Benefit Plan Master Trust Reporting
In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution...
IRS Proposes Updated Mortality Tables for Funding
The IRS issued Notice 2016-50, Updated Static Mortality Tables for Defined Benefit Pension Plans for 2017, which provides updated static mortality tables to be used for defined benefit pension plans...
The DOL’s Advisory Council on Employee Welfare and Pension Benefit Plans Issues Report on Cybersecurity Considerations for Benefit Plans
The DOL's Advisory Council on Employee Welfare and Pension Benefit Plans (known as the DOL ERISA Advisory Council) issued a report, Cybersecurity Considerations for Benefit, which summarizes its...
Presidential Memorandum on Fiduciary Duty Rule
On February 3, 2017, President Trump issued an executive order which directs the Department of Labor (“DOL”) to review the Fiduciary Duty Rule, specifically, Term "Fiduciary"; Conflict of Interest...
DOL Releases Consumer Protections for Retirement Investors – FAQS on Your Rights and Financial Advisers
In January 2017, the U.S. Department of Labor, Employee Benefits Security Administration released it CONSUMER PROTECTIONS FOR RETIREMENT INVESTORS – FAQS ON YOUR RIGHTS AND FINANCIAL ADVISERS. Per...
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