Going forward, individually designed retirement plans may only receive a determination letter for initial plan qualification and for qualification upon plan termination.
Eight comment letters to the DOL address SIFMA’s concerns about the fiduciary redefinition, including what it sees as an unfair position on commission-based accounts.
A court has found questions exist about whether a privately-held company had a duty to disclose a contemplated merger to ESOP participants who sold company stock shares.