Several early reports suggested the DOL appeared ready to compromise their fiduciary principles by harmonizing with other agencies. The transcript reveals a surprising reality.
Tag "DOL"
For all the public comments offered at the DOL’s Public Hearing on the definition of the Definition of Fiduciary, perhaps the most important statement was the one offered by Assistant Secretary to open the hearings.
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.
You’d trust someone who had your interests at heart. Would you give your trust to someone who didn’t? How can you tell if someone places your interests first?
Should the ideal 401k fiduciary face the problem head on or ignore it? What if there’s an easy alternative that’s already been proven to be better?
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.
Since no individual 401k plan sponsors seem interested in testifying at a hearing about an issue intended to protect them, we’ve provided three possible outcomes from the DOL Fiduciary hearings and their implications for 401k plan sponsors.
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 4/8/11
For all the talk of the new definition of fiduciary and the fiduciary standard, an old favorite topic returned to trending this past week. Can you guess what it is? Here’s a hint: It impacts nearly every 401k and IRA investor.