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On April 23, the Department of Labor announced it had finalized its Retirement Security rule to "protect the millions of workers who are saving for retirement diligently and rely on advice from...
The Retirement Security Rule broadens the definition of a fiduciary to include any financial service provider who is compensated to provide advice to individual retirement account owners ...
A rule protecting financial advisory clients was signed into law, and encouraging findings from a major retirement confidence survey show that the lion's share of retirees are, well, happy.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94 (text), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
The EBSA plans to propose a new rule related to fiduciary standards for advisors of retirement and employee benefit plans but has not published a schedule for implementation. Therefore, adding a contingency—that the SEC act first—may delay the timing of a final rule from the EBSA, but at no additional cost to the agency. [3]
The rule, unveiled in April as the "Retirement Security Rule," was challenged by insurance groups who argued it conflicted with ERISA, or the Employee Retirement Income Security Act.
The Employee Benefits Security Administration (EBSA) is an agency of the United States Department of Labor responsible for administering, regulating and enforcing the provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA).