Defined Contribution Spotlight
The Labor Department has made its proposed delay in the full application of the Best Interest Contract Exemption until July 1, 2019 official.
In a new set of frequently asked questions posted to its website, the department said retirement plan providers recognized as fiduciaries under the new rule would not need to start describing themselves in their 408b-2 client disclosures specifically as fiduciaries for now, so long as those disclosures accurately describe their services.
An Obama-era program that created savings accounts to help more people put away money for retirement is being shut down by the Treasury Department, which deemed the program too expensive.
In a new final rule, Definition of Employee Pension Benefit Plan Under ERISA, the Department of Labor’s Employee Benefit Security Administration removed its final rules regarding the Employee Retirement Income Security Act safe harbor of government-run plans for private-sector workers from the Code of Federal Regulations.
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.
Published reports say that President Trump’s top aides and congressional leaders have made “significant strides” in shaping a tax overhaul – and yes, Rothification remains on the table.
The fight over tax reform is starting to get personal. So far, much of the debate in Washington has centered on overhauling the corporate tax code. But a new coalition of consumer and industry groups is spotlighting the potential for major changes to the individual side — particularly the way that Americans save for retirement.
This article provides a brief summary of each state-sponsored auto-IRA plan that has either passed or is being considered. [Editor's note: The summaries are updated as circumstances change].
Source: Pension Rights Center
The Finance Committee took the opportunity (after approving the Miners Protection Act of 2016) to also consider and unanimously approve a package of other retirement reforms — compiled into a single bill called the Retirement Enhancement and Savings Act of 2016 (RESA) — to improve the retirement system generally.
The recent ruling makes important points regarding share-class selection, the timing of fund changes and comparisons to the S&P 500 Index.
Class-action lawsuits, an important tool for public pension funds and other investors to address perceived wrongs, could become less viable options following a Supreme Court ruling and new positions from the departments of Labor and Justice.
The win could provide fodder in other legal defenses, and supports the contention that comparing fund costs to Vanguard doesn't always provide an accurate barometer.
A federal judge has seemingly dealt a blow to plaintiffs bringing claims against financial services companies for excessive retirement plan fees, following a recent ruling in a self-dealing lawsuit involving Putnam Investments' 401(k) plan.
A concise example of summary judgement published by the 2nd U.S. Circuit Court underscores retirement plan fiduciaries’ absolute duty to diversify and carefully administer participant assets.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
This material is intended for use by financial professionals or in conjunction with the advice of a financial professional.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.