An Overview of the Fiduciary Rule
The ERISA attorney at the firm of Drinker Biddle & Reath believes that 'broker-dealers will be affected the most by new DOL rule. Insurance companies will also need to...
Regulations/Legal
Surprise: DOL Rule Targets Indexed Annuities
The DOL may have put a crimp in the sales of the hot-selling but controversial annuity product when, without specific warning, it raised the regulatory bar for the sale...
Fiduciary rule may be long-run “negative” for life insurers: Fitch
The new regulations could have a "negative impact on the sale of certain annuity products, drive changes in product offerings, distribution strategies and compensation structures and lead to increased...
MetLife isn’t a SIFI, federal judge rules
Judge Rosemary Collyer's opinion was sealed, but parts may be made public next month.
LPL announces adaptations to impending DOL fiduciary rule
We are 'making changes to our platform and capabilities that we believe will help advisors grow their practices and support more investors in need of financial advice," said LPL's...
Lower annuity prices will likely follow DOL fiduciary rule: Cerulli
“There will be unexpected changes to the retirement and wealth management industries, and, to a degree, this cultural evolution is what the proposed rule is hoping to effect,” a...
Born to be vetoed: Two more House bills target DOL proposal
The bills emerging from the House Committee on Education and the Workforce would maintain the status quo by requiring disclosure of, not elimination of, conflicts of interest in sales...
Legal Defenses
Will the financial services industry sue the Department of Labor if it doesn't like the final wording of the fiduciary rule? And if it does, what happens next? Four...
Christie nixes state-run IRA in favor of private marketplace
The marketplace will offer three options: a SIMPLE IRA, a payroll deduction IRA and a MyRA. Firms participating in the marketplace will have to offer at least two investment...
Schlichter law firm sues Insperity over high plan fees
The complaint alleges that “Insperity breached its fiduciary duties by causing the plan participants to pay millions of dollars in excessive recordkeeping fees to Insperity’s proprietary subsidiary, Insperity Retirement...
New ERISA Advisory Council members appointed
Three represent the public, three represent employers, and three represent employee organizations. The fields of insurance, corporate trust, actuarial counseling, investment counseling, and investment management and accounting have one...
Two settlements of 401(k) excessive fee cases, for a combined $89 million
The settlements, by Boeing and Novant Health, mean over $30 million in fees and expense for the firm of Schlichter, Bogart & Denton, which specializes in federal class action...
‘myRA.gov’ steals its webpage design from the robo’s
The federal government's "myRA" program offers a portable Roth IRA to Americans with no other retirement plan at work. The first $15,000 in savings goes into U.S. Treasuries. Participants...
Shadow of ERISA hangs over state-run retirement plans
California, Illinois and Massachusetts have all enacted laws creating state-run defined contribution plans, but uncertainty that such plans might be subject to Department of Labor regulation is delaying implementation.
Five more advisory firms pay restitution for overcharges
Collectively, an estimated $55 million in restitution will be paid to more than 75,000 eligible retirement accounts and charitable organizations as a result of 10 FINRA cases settled in...
Congress Shuts $50,000 Social Security ‘Loophole’
The problem with file-and-suspend was that it threatened to bleed an estimated $10 billion a year from a system already suffering from financing issues.
Will the ‘BIC’ Affect QLAC Sales?
We're talking about the DOL's proposed Best Interest Contract exemption and sales of Qualified Longevity Annuity Contracts. "Most firms will just pass on this uncertainty and risk," said Caleb...
After nine years, Boeing settles 401(k) fiduciary suit
The suit, filed on behalf of 190,000 Boeing employees and retirees, had accused the aircraft builder of charging excessive investment fees to participants in its $44 billion 401(k) plan....
Edward Jones to pay $20 million SEC fine
Instead of offering bonds to customers at the initial offering price, Edward Jones and Stina R. Wishman took new municipal bonds into the firm's own inventory and improperly offered...
FINRA Sides with Brokers against DOL Proposal
As it stands, the “fractured approach" of the Department of Labor conflict-of-interest proposal "will confuse retirement investors, financial institutions, and advisers,” wrote FINRA executive Marcia Asquith in a comment...
