Trump Orders Review of Dodd-Frank, Fiduciary Rule
President Trump today issued two orders to reevaluate several provisions of the Dodd-Frank Act and the Department of Labor’s controversial fiduciary rule.
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ABA Files Additional Comments on Form 5500 Proposal
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).
DOL Publishes Fiduciary Rule FAQs
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.
ABA Offers Resource on DOL Fiduciary Rule, IRA Deposit Programs
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.
DOL Announces Proposed Form 5500 Updates
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.
Industry Groups Sue DOL over Fiduciary Rule
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.
Fiduciary Rule Compliance Estimated at More than $31.5 Billion
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.
Department of Labor Issues Final Fiduciary Rule
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.
Final Fiduciary Rule Includes ABA-Advocated Revisions
The Labor Department’s final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code was released today and includes a number of revisions from its initial proposal, several of which were advocated by ABA.
House Panel Passes Bills to Stop Fiduciary Rule
By vote margins of 22 to 14, the House Education and Workforce Committee approved two bills that would provide alternatives to the Labor Department’s rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.