By a 245-186 vote, the House yesterday passed H.R. 1090, which would require the Department of Labor to wait 60 days to finalize its controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act after the Securities and Exchange Commission issues its final rule before making its own rule.
The Senate is scheduled to vote this week on the Cybersecurity Information Sharing Act (S.754), an ABA-supported bill that would strengthen the ability of the public and private sectors to share critical cyber threat information without compromising customer privacy.
The Department of Labor (DOL) intends to finalize its fiduciary re-proposal, possibly by year-end or in early 2016.
The House Financial Services Committee yesterday passed three ABA-supported bills addressing the Consumer Financial Protection Bureau and proposed limitations on retirement advice.
Testifying before the Department of Labor’s ERISA Advisory Council today, ABA VP Tim Keehan urged DoL to develop educational resources for defined-contribution retirement plan participants to calculate the income streams they can expect from their savings — instead of imposing a mandate for plan sponsors to include lifetime income calculations on account statements.
Ninety-six House Democrats wrote to Labor Secretary Tom Perez on Wednesday urging changes to DoL’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
The Department of Labor’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act covers far more services and customer interactions than is necessary, Northern Trust SVP Gerald Cleary said in testimony before DoL today.
Led by Sen. Ron Wyden (D-Ore.), eight Democratic senators wrote to the Department of Labor on Friday urging several fixes in its re-proposed fiduciary standard under the Employee Retirement Income Security Act.
A bipartisan group of 21 House members yesterday called on the Department of Labor to re-propose its controversial proposal redefining who counts as a fiduciary now that the comment period has closed.
The Department of Labor’s proposal to redefine who counts as a fiduciary under the Employee Retirement Income Security Act overreaches, capturing many people who should not be reasonably considered fiduciaries under ERISA or the Internal Revenue Code, ABA said in a comment letter today.