Compliance July 12th, 2023 SEC Changes Liquidity Fee, Gate Structure for MMFs MMFs must be significantly more liquid in 2024 under new rule updates adopted this week.
Compliance July 12th, 2023 Insurance Group Calls On White House to Support More Retirement, Annuity Legislation The IRI wrote to the Biden administration in the hopes it will back retirement legislation that paves the way for...
Compliance July 12th, 2023 Twitter Hit With $500M Suit for Unpaid Severance The proposed class action alleges Elon Musk promised to abide by the firm’s severance plan but did not follow through.
Compliance July 12th, 2023 Wake Forest Baptist Health Settles 403(b) Suit for $3.8M The plaintiffs filed an unopposed settlement after “hard-fought” negotiations.
Compliance July 10th, 2023 EBSA Publishes Regulatory Update on Health Facility Fees, Provider Networks The FAQ says facility fees count toward out-of-pocket limits and price estimates, while maintaining a contractual relationship causes a provider...
Compliance July 7th, 2023 Federal Agencies Propose Plugging Short-Term Health Plan Workaround The Biden administration has proposed limiting short-term health plans it calls ‘junk insurance’ to four months instead of one year.
Compliance July 7th, 2023 FINRA Expels Brokerage Firm Monmouth for Violating Reg BI Monmouth is the second firm to be expelled by FINRA for failing to supervise its representatives’ trading.
Compliance July 7th, 2023 Supreme Court Accepts Case Challenging Legitimacy of SEC’s Adjudication System The court has agreed to hear a case next session which could dramatically reduce the authority of in-house adjudication process...
Compliance July 7th, 2023 Judge Rejects Proposed Class Certification in Remanded TIAA Retirement Plan Case Given the appellate court’s ruling, the district court found no ‘single policy’ affecting all putative class participants from Washington University...
Compliance July 6th, 2023 Fake Silver Coin Scheme Penalized by CFTC The companies involved were penalized over $100 million and its main organizer was arrested on June 10.
Compliance July 6th, 2023 J.P. Morgan Fined $4M for Recordkeeping and Outsourcing Failures The SEC penalty addressed recordkeeping issues including the early deletion of 47 million emails.
Compliance July 5th, 2023 Some Silver Linings For Student Loan Borrowers Despite the Supreme Court striking down the student loan debt relief program, there is some good news for debtors.
Compliance June 30th, 2023 Student Loan Forgiveness Program Stopped By Supreme Court Eligible borrowers will not receive up to $20,000 in student loan debt forgiveness from the federal government.
Compliance June 29th, 2023 Jury Sides with Yale in 403(b) Lawsuit A Connecticut federal jury sided mostly in favor of Yale over the management of its $5.5 billion retirement program.
Compliance June 29th, 2023 Employees Can’t Deduct Wellness Indemnity Plans From Their Taxes, IRS Says Workplace wellness indemnity programs funded through salary withholding cannot be tax deductible if that money is used for non-medical reimbursement.
Compliance June 28th, 2023 House Republicans Outline ESG Policy Goals An interim report argued that the US should protect firms from foreign regulators and require more transparency on ESG issues.
Compliance June 27th, 2023 Does Swing Pricing Have a Time Zone Problem? Several House Democrats expressed concern to SEC officials that a hard close at 4 p.m. Eastern time would discriminate against...
Compliance June 26th, 2023 House Appropriations Bill Would Block Safeguarding and Swing Pricing Proposals, Among Others The legislation also targets the climate disclosure and market structure proposals.
Compliance June 23rd, 2023 IAA: SEC’s Pending Adviser Proposals Are Redundant, Inconsistent A letter from the industry association outlines what it calls overlap and inconsistencies between them.
Compliance June 23rd, 2023 American Benefits Council: Roth Catch-ups Can’t Be Done in Time The new mandatory Roth treatment for certain catch-ups introduced by SECURE 2.0 continues to concern retirement professionals.