The Department of Labor (DOL) intends to finalize its fiduciary re-proposal, possibly by year-end or in early 2016.
Browsing: Retirement issues
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.
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.
Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.
ABA yesterday repeated its call for the Department of Labor to extend the comment period for its rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
As the Senate Finance Committee solicits feedback on comprehensive tax reform, ABA and several other business trade groups yesterday urged the committee not to change the tax treatment of employer-sponsored retirement plans and individual savings vehicles like IRAs.
The Department of Labor today re-proposed a rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.