The relative quickness of this one-two shot from the District Courts suggests an obvious flaw in the new Rule.
Compliance
It’s clear that certain areas of government oversight are more vulnerable now that Chevron no longer rules the land. The prospect of this may excite opponents of excessive regulation.
It’s too easy for plan sponsors to get lost in the weeds when dealing with plan minutia. Yes, “the buck stops here” reality can overwhelm many. Delegation is the key. It’s also the Achilles Heel. This is where the magic word emerges.
Once the communications link is broken, it’s fair to say the participant is lost or missing. Plan sponsors need a second set of procedures in this case.
For all the good intentions, however, what will happen when the rubber finally meets the road? Will the new DOL Fiduciary Rule really level the playing field?
Here’s where the greatest controversy of the new Rule, as with its predecessors, comes to a head.
For all the rose-colored eyes that have a created a legend flawless certitude concerning memories of a time that never existed, pension plans simply can’t measure up to 401k plans.
ERISA, it turns out, was only the first in the one-two punch that made it difficult for private companies to justify offering pensions.
To make the procedure more agonizing, the transition away from Chevron may feel like death by a thousand cuts. But the snail-like process of the courts has its benefits.
The process of transferring assets is not without its own liabilities. The exact nature of the fiduciary risk depends on the nature of the transfer.
