DOL Fiduciary News: November 15, 2016
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Rep. Wagner: GOP Will Renew Fight Against Retirement-Savings Rule
The Wall Street Journal; Nov. 14, 2016 2:07 p.m. ET
House Republicans are threatening to unravel the Obama administration’s landmark retirement-savings rules, renewing the battle to stop the regulation before its implementation in April.
Rep. Ann Wagner (R., Mo.) says congressional Republicans will renew their fight after Donald Trump’s inauguration to dismantle or delay the so-called fiduciary rule, which aims to eliminate incentives that cause brokers to give conflicted advice to retirement savers and transform the way financial products are sold.
Legislation, DOL rule could boost multiple employer plans
InvestmentNews; Nov 14, 2016 @ 12:01 am
Multiple employer plans occupy a largely ignored area of the defined contribution market, but a confluence of factors is likely, in the near future, to make such retirement plans more popular for plan advisers serving small-market clients.
These plans, commonly referred to as MEPs, let employers band together to offer a common retirement plan to their employees. That provides scale and cost savings small employers often can't achieve on their own through a single 401(k) plan, and allows them to offload otherwise burdensome administrative duties and fiduciary responsibility. However, many advisers and industry practitioners view MEPs as unwieldy under current rules, and uptake has been relatively low.