Search Results

It's been 50 years since the passage of the Employee Retirement Income Security Act of 1974, and while experts agree the law has been beneficial to retirement savers, many say it also contributed to a decline in pension plans.

The American Council of Life Insurers and others are seeking to overturn the fiduciary rule finalized last month because it "undermines the expertise of state authorities who are responsible for overseeing annuities."

The Retirement Security Rule, finalized on April 23, is polarizing and is sure to face significant legal challenges (one lawsuit has already been filed), because the rule applies a new, heightened fiduciary duty to the insurance industry.

According to the DOL, the new fiduciary rule levels the playing field for insurance agents, brokers, financial planners and registered investment advisors to adhere to a best interest standard when providing investment advice.

To be well-positioned for the possibility of a Department of Labor audit, plan sponsors need to watch out for common errors, which include late deposits of employee contributions into the plan, failure to implement employee deferral elections and failure to provide required notices.

The Federation of Americans for Consumer Choice's lawsuit states that the Department of Labor's new "rushed" fiduciary rule is similar to a proposal struck down by the federal appeals court a decade ago.

On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.

The new bill is the latest attempt to restrict the use of environmental, social and governance factors in retirement plans by specifying that fiduciaries may consider only "risk and return" factors when making investment decisions.