DOL Fiduciary News: July 26, 2016
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DOL Rule Could Lead to More Assets Staying in Plans
PLANSPONSOR.COM; July 25, 2016
Nearly two-thirds, 64%, of the nation’s top retirement plan recordkeepers and providers believe that the new Department of Labor (DOL) fiduciary rule will deter rollovers from retirement plans into individual retirement accounts (IRAs), thus helping them to retain assets, the LIMRA Secure Retirement Institute found in a survey.
Just more than one-quarter, 28%, think the rule will help them increase asset retention, although 36% think it will have no impact. Another 36% think the rule will have an adverse impact on their asset retention rate. Seventy-five percent say they will change how their call centers respond to retirement plan distribution options.
Brokerage groups' higher spending on lobbying doesn't kill DOL fiduciary rule
InvestmentNews; July 25, 2016 @ 1:39 pm
Trade associations representing the brokerage and insurance industries once again heavily outspent investment adviser groups on lobbying lawmakers in the second quarter, but the advantage hasn't succeeded in killing a Labor Department investment advice regulation.
Organizations that have most stridently opposed the measure, which would raise advice standards for retirement accounts, have also spent the most heavily on Capitol Hill outreach.
The key question in NAFA's lawsuit against the DOL fiduciary rule
BenefitsPro.com; July 25, 2016
On July 8th, the public got its first view into how the U.S. Department of Labor will defend its fiduciary rule when it filed a cross motion for summary judgment, asking the U.S. District Court for the District of Columbia to dismiss a law suit brought by the National Association for Fixed Annuities.
The first hearing in that case, NAFA v. Thomas Perez, et al., has been scheduled for Aug. 25. NAFA is seeking an injunction to stay Labor Department's rule, which is slated for a first round of implementation in April 2017.