DOL Fiduciary News: May 10, 2017
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Why plan sponsors need to navigate the exemptions maze of the new fiduciary rule
Employee Benefit Adviser; May 08 2017, 11:20am EDT
The Department of Labor’s recent extension of the applicability of the fiduciary rule has sent the retirement industry into a tizzy, in large part because the rule will go into effect, as is, on June 9. The department has said it will implement the rule first and then fix it later, based on what is and isn’t working.
Fred Reish, a partner in Drinker Biddle & Reath’s Employee Benefits and Executive Compensation Practice Group, chair of the Financial Services ERISA Team and chair of the Retirement Income Team, says that the 60-day extension granted by the DOL was a “recent and surprising development.”
The fiduciary rule redefines who is a fiduciary when it comes to financial advice, including broker-dealers and advisers who work with IRAs for the first time.
DOL Rule, Dodd-Frank Face Intransigent Senate
InvestmentNewsNet; May 9, 2017
House legislation to undo much of the Dodd-Frank Act, and put the kibosh on the Department of Labor fiduciary rule, looks unlikely to pass the Senate.
The CHOICE bill was passed out of House Financial Services Committee last week by a party line vote. It is expected to pass the full House soon.
It includes the Retail Investor Protection Act, introduced by Rep. Ann Wagner, R-Mo. The RIPA would put the fiduciary rule on hold until the Securities and Exchange Commission acts.
While the RIPA, as well as other bills, were folded into the Financial CHOICE Act, dismantling Dodd-Frank is clearly the target.