The Labor Department today released a second set 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.
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.
A 900-page proposal by the Department of Labor to update Form 5500 is “overbroad and significantly exceeds the requisite information necessary or appropriate for effective… reporting,” ABA said in a comment letter today.
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.
ABA wrote to the Department of Labor today requesting a 105-day extension on the comment period for the DOL’s 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.
When asked what their top priorities would be if given a raise, millennials emphasized paying down debt and boosting savings over consumption.
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.
Start planning now to understand and comply with the new 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.