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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 United States Department of Labor's Employee Benefits Security Administration ("EBSA") is responsible for overseeing Title I, promulgating regulations implementing and interpreting the statute as well as conducting enforcement. Plan fiduciaries and plan participants may also bring certain civil causes of action in Federal Court.
If advisers breach their fiduciary duty under this new rule, they would face serious penalties, including having to pay restitution and additional financial penalties. Improving advice around 401(k)s
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 Fiduciary Rule imposes a fiduciary level standard of care on retirement advisors forbidding them from receiving any commissions that create a conflict of interest. [ 143 ] The rule was originally drafted in 2010 but had not been implemented after over 200 members of Congress sent letters urging the rule be withdrawn. [ 142 ]
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).
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