DOL Fiduciary Rule Update

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The Details

On April 6, 2016, the US Department of Labor (DOL) issued its final fiduciary and conflict of interest regulations.  These new rules usher in very significant changes to the regulations governing retirement plans and individual retirement accounts (IRAs) since the passage of the Employee Retirement Income Security Act of 1974 (ERISA) over forty years ago.

 

For the first time since ERISA’s passage, the new fiduciary rule will subject many of the investment and asset management recommendations from banks, broker dealers and other financial organizations to IRAs and other retail retirement investors to the fiduciary standards and remedies found in ERISA.

Updates

No Delay -- Feels Like Groundhog Day

 

Tue May 23, 2017

 

While opponents of the Rule are likely disappointed, at least we now have certainty about what to expect and what we are required to do in the near term.  And, it is hard to argue that the reduced requirements for complying with the Rule between June 9th and the end of this year (the “Transition Period”) are unworkable or overly cumbersome.

 

That said, the reality laid out in Acosta’s article is that we may be in for our own Groundhog Day type experience with respect to what will happen next...

The Fiduciary Delay -- A Surprise Inside for Annuities

 

Wed April 5, 2017

 

The first tip off that there might be more to it was that the Final Rule to Extend the Applicability date of Fiduciary Rule and its related exemptions is 63 pages long. Granted, there is a good deal of boiler plate language, background notes and rationale which adds to the page count.  However, it did seem that the large number of pages were there to describe something a bit more than, “we going to take 60 more days to look at this”....

The Proposal to Delay the Applicability Date of the Fiduciary Rule

 

Thurs March 23, 2017

 

The public comment period for the proposed 60-day delay of the applicability date of the Fiduciary Rule concluded last Friday on March 17th.  The Department of Labor (DOL) is now reviewing the comments it received through that process and preparing a final rule to delay.   Once the final rule to delay is ready, it will be re-submitted to the Office of Management & Budget (OMB) for its review and approval.

A Fiduciary Love Story, Delayed?

 

Thurs March 9, 2017

 

It has now been about a week since the DOL published its most recent proposal to delay the coming applicability date of the new Fiduciary Rule and its related exemptions.  It strikes me that many of us are probably growing weary of reading the continued swarm of articles and opinions on this subject.  While helpful, the flurry of coverage can sometimes blend one’s perception of what is fact versus what is opinion- leaving many with a blurred understanding of where we currently stand...

 

A New Hope for Rule Advocates?

 

Tues February 28, 2017

 

The Office of Management and Budget (OMB) announced today that it has concluded its review of a requested delay of the applicability date of the fiduciary regulation, as submitted by the Labor Department’s Employee Benefit Security Administration (EBSA) on February 9th...

 

Exit Stage Left

 

Fri February 17, 2017

 

A New Nominee for Labor Secretary & Implications for delay of the Fiduciary Rule  After four previously delayed dates for his hearing, Andrew Puzder withdrew himself from consideration as the next Labor Secretary on Wednesday this week, the day before his scheduled hearing. Amid mounting controversy over his personal and professional past, it was widely reported that Puzder had lost key support f...

 

Timing is Everything

 

Mon February 13, 2017

 

Late in the day on Thursday, February 9th, Reuters reported that the Labor Department’s Employee Benefit Security Administration (EBSA) sent two documents related to the Fiduciary Rule to the Office of Management and Budget (OMB) for approval. While details of the documents won’t be revealed until OMB approves the notice and publishes them in the Federal Register, it has been reported that one of ...

 

Summary Update on the DoL's Fiduciary Rule

 

Thu February 9, 2017

 

As we expected, it has been an interesting week.  Here is the latest update regarding the fate of the DOL’s Fiduciary Rule: On Wednesday, February 8th, the U.S. Justice Department, representing the Labor Department, asked Texas federal trial Judge Barbara M.G. Lynn to postpone issuing her ruling in the case brought by the U.S. Chamber of Commerce and eight other plaintiffs against the DOL’s Fiduci...

 

The Delay that Wasn't... At Least for Now

 

Mon February 6, 2017

 

As you likely know by now, the early reports from last Friday that the Trump administration was ordering a six-month delay to the implementation of the Fiduciary Rule were not correct. These reports were apparently based on a draft memorandum that included instruction to the DOL to postpone the applicability date of all provisions that were not yet effective. As it turned out, the final memorandum...

 

DoL Confirms Treatment of Using RMDs to Purchase Life Insurance

 

Wed January 18, 2017

 

In the most recent Conflict of Interest FAQs issued from the DOL, the department has finally provided guidance on Advisers recommending the use of RMDs to fund permanent life insurance purchases. Please refer to page 3, question #4 of the FAQ which can be found HERE . In the FAQ, the DOL makes clear that the advice given under this scenario would be considered as covered investment advice under th...

 

The DOL’s public comment period will close at 6 p.m. Thursday, Sept. 24th

 

September 15, 2016

 

 If you would like to submit a comment during this final window, you can do so by: Emailing it to e-ORI@dol.gov and include “RIN 1210-AB32” in the subject line; or Submitting it through the regulations.gov website ; or Sending a letter to: Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Conflict of Interest Rule, Room N-5655, U.S. Department of Labo...

 

An Update on the DOL's Proposed Conflict of Interest Rule

 

September 11, 2016

 

This week, the Department of Labor ("DOL") has made the transcripts and webcasts available related to the recent public hearings that took place over the week of August 10, 2015. As you may know, the release of this information starts a final two-week comment period on its controversial proposed conflict of interest rule...

 

 DOL Announcement Coming April 16th

 

April 1, 2016

 

The WSJ is reporting today that the Obama administration is set to unveil the final DOL Fiduciary Advice rule next Wednesday, April 6th at 11:30am.With many supporters and detractors, the new rule will impose new limits on how brokers and financial advisers offer financial advice to people saving for retirement and will have significant impacts on our business.  For sure, next week will be filled with rants and raves, commentary...

 

Fiduciary Rule Insights -- A New Publication

 

March 1, 2016

 

Through the support of Saybrus Partners, Saltzman Associates is publishing a series of complimentary papers that outline the main provisions and impacts of the new fiduciary rule as they relate to financial institutions and their continuing efforts to provide annuity solutions to clients.Our series of papers cover the following topics and will be published

each month as follows...

 

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