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Fiduciary Governance
What's in the episode?
Research and consulting giant Morningstar was cited over 40 times in the final fiduciary rule release, officially called the Retirement Security Rule. The reason was largely due to the data and information for which the company is known.
Aron Szapiro, Head of Government...
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As expected, and with the ink barely dry on the new Retirement Security regulation, the first lawsuit challenging that rule has been filed.
It seeks to vacate the 2024 Fiduciary Rule and amendment to PTE-84-24 under the Administrative Procedures Act (APA) on the grounds that they are “contrary to...
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At the upcoming 2024 ASPPA Spring National Conference, I look forward to learning from many top industry experts and ERISA attorneys during the conference, as well as receive updates on SECURE 2.0 and developments in Washington D.C.
Highlights. To highlight only a few sessions, TPA plan...
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A contentious congressional hearing that was billed as “examining the policies and priorities of the Department of Labor” ended with a member of Congress calling for the resignation of Acting Labor Secretary Julie Su.
Appearing May 1 for a hearing before the House Education and the Workforce...
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Don’t Be Bashful! Sign up for the 2024 ASPPA Spring National Conference.
Why Attend?
Here are some reasons to attend the 2024 ASPPA Spring National Conference.
Learn and earn. On this virtual journey, you will hear from a bevy of industry experts and ERISA attorneys, while earning 10 CE...
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While sympathizing with the participant-plaintiffs in the case, a federal judge finds no obligation to use “reasonable” life expectancy and interest rates in a pension calculation conversion.
Plaintiffs Thomas Reichert, Stuart Buck, and Kenneth Henrich (on behalf of themselves and others similarly...
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One week after the release of the final retirement security rule, senior officials with the Department of Labor’s Employee Benefits Security Administration (EBSA) defended the rollout of the fiduciary rule while taking a deeper dive to explain some of the key changes.
The DOL on April 23...
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So nice to get a break from deadlines as the weather heats up. Hope your vacation and concert schedule is full of fun times ahead. Perhaps you will prepare a hundred or so Cycle 3 document restatements during down time?
Remember preparing your 2023 PBGC Forms that reflected big asset losses in...
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The Department of Labor (DOL) released the Retirement Security Rule, informally known as the fiduciary rule, to great fanfare on Tuesday—including a press conference and White House ceremony.
Now that it’s released, what changes does the final rule make to the proposed rule? Here are eight...
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On April 23, the Department of Labor (DOL) released its final Retirement Security Rule—also called the Fiduciary Rule—that it said will “protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings.”
This...
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Vanguard and Ascensus have announced a major deal that could potentially shake up the small-business retirement plan market.
According to the April 16 announcement, Ascensus has entered into a definitive agreement to acquire Vanguard's Individual 401(k), Multiple Participant SEP (Multi-SEP), and...
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Spring cleaning is well underway. But that need not be limited to closets, kitchens, and garages—it can serve retirement plans and their administrators too. And one such prime function is addressing missing participants.
Missing participants—former employees whose benefits remain in the plan but...
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The Department of Labor (DOL) on April 15 released a proposed information collection request (ICR) to help implement a forthcoming lost-and-found database to assist individuals with locating missing retirement accounts, but the operation appears to have hit a slight bump in the road.
Section 303...
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The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the Department of Labor (DOL) by the end of the month, according to reliable sources.
The OMB concluded its review and removed the rule from its...
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Legislation that would put the interests of participants and their beneficiaries ahead of “nonpecuniary” interests when assets of publicly funded retirement plans are invested is closer to enactment in Georgia. And the ball has just begun rolling on a similar measure in Louisiana.
The Peachtree...
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“Democracy is messy, and it’s hard. It’s never easy.”
American Retirement Association CEO Brian Graff quoted Robert Kennedy to describe the current political environment and its potential effect on retirement plan savers and advisors.
Graff, who kicked off the opening keynote general session at...
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Nearly 4 in 10 compliance professionals from asset management, investment adviser, and private markets firms have yet to evaluate Artificial Intelligence (AI) as a cybersecurity risk, according to the findings of a new survey. What’s more, a similar amount has concerns about how the Securities and...
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The American Retirement Association (ARA) and sustainable markets advocacy organization Ceres have filed an amicus brief in the 5th U.S. Circuit Court of Appeals. It supports the U.S. Department of Labor’s (DOL) rule “that ensures retirement plan fiduciaries, including 401(k) sponsors, can consider...
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Editor’s Note: This is Part II of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su. Part I is here.
Recordkeeping has long been moving from paper-based to electronic. The Advisory Council on Employee...
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As the Department of Labor works in court to defend its rule allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, legislation to restrict the use of ESG has been reintroduced in Congress, albeit with modifications.
Rep. Greg...
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