The fact Social Security was already collecting this information, albeit not in a database, raises the question of whether this new lost and found database will add any real value.
Tag "DOL"
I do not underestimate the ability of the plaintiff’s bar to come up with novel and clever arguments, but for the reasons set forth in the white paper I do not believe that they can construct a viable theory.
A lot may depend on who Trump selects to head up the DOL in his second term. If we start seeing familiar faces, that might indicate the department’s direction.
Honestly, I think most 401k plans are off-the-shelf items bought from the large asset management companies, purchased by executives who want to get rid of the vexing chore of setting up a retirement plan that benefits the employees.
The relative quickness of this one-two shot from the District Courts suggests an obvious flaw in the new Rule.
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.
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.
Herein lies the potential for a direct conflict of interest. This applies generally to all proxy voting in commingled portfolios.
Summary of 2024: Navigating the Evolved Fiduciary Landscape for Retirement Plan Fiduciaries
2024 was a year of adaptation for retirement plan fiduciaries who navigated through regulatory changes, legal landscapes, and participant needs with a renewed focus on governance, liability management, and the holistic management of retirement plans.