Department of Labor Moves to Postpone Fiduciary Rule
The Department of Labor is proposing to extend the applicability deadline of the fiduciary rule for 60 days, until June 7, according to a notice published in the Federal Register.
The Department of Labor is proposing to extend the applicability deadline of the fiduciary rule for 60 days, until June 7, according to a notice published in the Federal Register.
A judge in the U.S. District court for the Northern District of Texas ruled yesterday that the Department of Labor acted within its statutory authority in issuing the fiduciary rule last year, which greatly expanded the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.
President Trump today issued two orders to reevaluate several provisions of the Dodd-Frank Act and the Department of Labor’s controversial fiduciary rule.
Following a meeting last month with bankers, ABA staff, the Department of Labor and the Internal Revenue Service, ABA today filed additional comments on DOL’s proposed updates to Form 5500 (Annual Return/Report of Employee Benefit Plan).
The Labor Department today issued a series of frequently asked questions on its final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code.
As banks continue to grapple with the effects of the Department of Labor’s fiduciary rule on the marketing and sales of deposit IRAs, ABA is making available to its members a briefing paper by the law firm of Morgan, Lewis & Bockius, LLP.
The Department of Labor today issued proposed revisions to Form 5500 Annual Return/Report of Employee Benefit Plan that must be filed by all private sector employers under the Employee Retirement Income Security Act and the Internal Revenue Code.
A group of nine financial services and business trade groups today filed a lawsuit against the Department of Labor over its recent fiduciary rule, which greatly expands the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.
The Department of Labor’s newly finalized rule expanding the definition of who counts as a fiduciary under the Employee Retirement Income Security Act is estimated to cost $31.5 billion over the next decade, along with requiring nearly 57,000 hours in compliance efforts.
ABA pressed DOL for a number of changes from the proposed rule, which was widely viewed as draconian and unworkable. Two significant revisions in particular were made specifically as a result of ABA’s advocacy.