DOL Fiduciary News: August 17, 2016
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Consumer groups reject DOL lawsuits
LifeHealthPro.com; August 15, 2016
WASHINGTON — Three consumer groups are asking a D.C. federal court to deny a trade group’s request for an injunction that would bar the Department of Labor (DOL) from implementing its fiduciary standard rule next April, pending further legal proceedings.
The friend of the court brief was filed by Better Markets, Inc., Consumer Federation of America, and Americans for Financial Reform. It challenges a lawsuit seeking the injunction filed June 2 by the National Association for Fixed Annuities (NAFA).
Fiduciary Rule Affects Relationships with HSA Vendors
SHRM-Aug 16, 2016
New regulations that prohibit "conflicted" investment advice given to 401(k) and similar retirement plan participants can also extend to advice given employees enrolled in health savings accounts (HSAs) through their workplace.
In April 2016, the Department of Labor (DOL) issued its final rule expanding application of the fiduciary standard, which takes effect in April 2017. It's meant to ensure that financial advisors make investment recommendations that are in the best interests of retirement plan participants. The rule also broadens the compliance obligations for plan sponsors, to the extent that they contract or otherwise provide participants with access to investment advisors, regulatory experts say.