The Department of Labor is seeking to offer assurance to
advisers that it does not intend to enforce the fiduciary rule slated for
implementation April 10, even if it fails to formally overturn the rulemaking
For claims alleging a fiduciary breach based on
non-public information, the high court has held that plaintiffs must plausibly
allege an alternative action fiduciaries could have taken and would not have
viewed as more harmful to the plan than helpful.
In comment letters to the DOL, investment firms,
retirement plan service providers and trade groups voice support for the
decision to delay the implementation of the new fiduciary rule until the
Trump-appointed leadership completes its economic and legal analysis.
“With so many competing financial priorities, it’s not
surprising to find that Americans focus on their current needs,” says Kathie
Andrade, chief executive officer of TIAA’s retail financial services business.
“By learning about the tax benefits of contributing to an IRA, they may find
they can take the sting out of saving for their long-term goals.”