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Retirement savers and participants in 401(k) plans may soon face a new Department of Labor (DOL) policy, presenting them with either more investment options or just unnecessary costs, depending on ...
A U.S. judge has blocked a Department of Labor rule from taking effect that would have expanded the types of retirement advisers who are considered fiduciaries, finding the rule was arbitrary and ...
The Department of Labor’s proposal will close governance loopholes and require financial advisors to give retirement advice in the best interests of savers rather than chasing the highest payday.
In 2015, the United States Department of Labor issued a proposed rule that if finalized would extend the fiduciary duty relationship to investment advisors and some brokers including insurance brokers. [68] In 2017, the first Trump administration planned to order a 180-delay of implementation of the rule, [69] sometimes known as the 'fiduciary ...
Labor Management Reporting and Disclosure Act; Long title: An act to provide for the reporting and disclosure of certain financial transactions and administrative practices of labor organizations and employers, to prevent abuses in the administration of trusteeships by labor organizations, to provide standards with respect to the election of officers of labor organizations, and for other purposes.
Enforcement of the rule began on 9 June 2017 [26] but is no longer enforced since the DOL fiduciary rule was officially vacated on 21 June 2018 by the U.S. Fifth Circuit Court of Appeals. [ 27 ] On 5 June 2019, the SEC adopted Regulation Best Interest, establishing a new standard of conduct under the Securities Exchange Act of 1934 (“Exchange ...
The Uniform Fiduciary Income and Principal Act (UFIPA) is one of the uniform acts that have been proposed in an attempt to harmonize the law in all fifty U.S. states. [1] UFIPA was finalized and adopted by the Uniform Law Commission (ULC) in 2018. [2] UFIPA is an updated version of the Uniform Principal and Income Act (UPIA).
The fact that the ESG rule is coming before the 5th Circuit may blunt the impact of the Supreme Court ruling on the case, said Katherine Kohn, a Washington, D.C.-based lawyer at the firm Thompson ...