Several early reports suggested the DOL appeared ready to compromise their fiduciary principles by harmonizing with other agencies. The transcript reveals a surprising reality.
Commentary
A day in the life of a fiduciary, from a foreboding dawn, to the doom of high noon, to the sun setting on an old friend, to the restless night. What a week it’s been.
Just as the problems with Target Date Funds go mainstream, the GAO asks the DOL to look into disclosure rules that could torpedo annuities in 401k plans. Oh, and the House calls the SEC’s bluff.
This week sees more on the part of the BD industry trying to pit the DOL against the SEC, the revelation of an interesting “opt-out” feature in the new DOL financial definition that may invalidate the entire effort and a surprise response from the SEC.
Whether you’re a plan sponsor of a defined contribution plan like a 401k or a defined benefit plan, this past week contained news you could use – or at least have on your radar.
This week was an important week for plan sponsors worried whether their 401k decision would come back to bite them. Yet, despite the media blather, one quote stands out as the ultimate truth. We’ve got it for you here.
This week say more positioning on the fiduciary standard, the return of the annuity debate, continued heckling of 401k plans and some important regulatory news.Target d
Last week we saw some grand positioning in the coming battle for the Fiduciary Standard. What’s it all about? We’ll tell you bluntly.
It really doesn’t appear the SEC is serious about the fiduciary standard. It seems more interested in using it as a pawn in a looming partisan fight. Where does this leave the proponents of the fiduciary standard? What other alternatives do they have?
Fiduciary News Trending Topics for ERISA Plan Sponsors: Week Ending 4/1/11
In a week where the new Form ADV became official, we discovered it can increase fiduciary liability for 401k plan sponsors for the same reason it is supposed to help them. In the meantime, the fiduciary finger now points squarely at brokers alone, plus more news on pensions and Target Date Funds.