Recent Legal Cases of Interest to Plan Sponsors

Friday, February, 22, 2019 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
There have been several recent legal developments which plan sponsors should be aware. Putnam investments has asked the Supreme Court to weigh in on who is responsible for bearing the burden of proof whether investment losses resulted in losses to 401(k) plan participants. Read More

Fifth Circuit Court Vacates Fiduciary Rule

Friday, March, 16, 2018 / Published in Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b), Uncategorized
Fifth Circuit Court Vacates Fiduciary Rule On March 15, 2018, in a 2-to-1 decision, the U.S. Court of Appeals for the Fifth Circuit reversed a lower court decision in Texas and issued a ruling vacating the Labor Department’s fiduciary rule. Read More

DOL EXTENDS TRANSITION PERIOD FOR FIDUCIARY RULE EXEMPTIONS

Tuesday, November, 28, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs). Read More

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

Tuesday, May, 23, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
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 concluded that it is necessary to seek additional public input on the entire Fiduciary Rule, and we will do so.

US LABOR DEPARTMENT EXTENDS FIDUCIARY RULE APPLICABILITY DATE

Wednesday, April, 05, 2017 / Published in Employee Benefit Plans, News and Press Releases
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 announcement follows a Feb. Read More

Presidential Memorandum on Fiduciary Duty Rule

Saturday, February, 04, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 Rule Retirement Investment Advice, 81 Fed. Read More

DOL Releases Consumer Protections for Retirement Investors – FAQS on Your Rights and Financial Advisers

Saturday, January, 14, 2017 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 the Department of Labor, beginning on April 10, 2017, retirement investors will benefit from important new protections requiring that financial advisers act in their best interest. Read