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Tag "Fiduciary Rule"
As long as the fiduciary ball remains in the Executive Branch’s court, it’s easy to predict what will happen. That doesn’t mean, however, that we won’t see some surprises coming from the Legislative Branch.
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.
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.
“Industry participants also argue that the rule transforms one-off transactions into fiduciary relationships in violation of the common law, but the common law of the states is divided on this, and there is a need for a federal standard regulating investment advice fiduciaries.”
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.
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.
Will These Be The Biggest 401k Fiduciary Stories In 2024?
If you have any experience in the retirement plan business, some predictions just write themselves. As in “an incredible feeling of déjà vu.”