Same-Gender Partnerships Now Marriages in Washington State
In Washington State, same-sex domestic partnerships were automatically converted to marriages as of June 30.
Compliance
Final Rules Seek to Expand In-Plan Longevity Annuity Access
The U.S. Department of the Treasury issued final rules regarding longevity annuities—aimed at bringing more flexibility to retirement savers using the fixed-income vehicles as a longevity hedge.
Making Sure Plan Fees Are Reasonable
When it comes to retirement plan fees, recent regulatory changes and litigation have highlighted the importance of plan sponsors and fiduciaries ensuring that such fees are reasonable.
No One Totally Wins in Presumption of Prudence Decision
The U.S. Supreme Court this week ruled employee stock ownership plan (ESOP) fiduciaries are not entitled to a presumption of prudence for keeping company stock in the plans,...
FINRA Withdraws B/D Compensation Proposal
The Financial Industry Regulatory Authority (FINRA) backed off its proposal requiring broker/dealers to disclose financial incentives to move to a new firm.
ESOP Fiduciaries Not Entitled to Presumption of Prudence
The U.S. Supreme Court has decided fiduciaries of employee stock ownership plans (ESOPs) are not entitled to any special presumption of prudence under the Employee Retirement Income Security...
Firm Settles with SEC for Pay-to-Play Violations
TL Ventures Inc. has settled with the Securities and Exchange Commission (SEC) in a case involving pay-to-play rules for investment advisers.
Council Examining Practices for Outsourcing Plan Services
The Department of Labor’s (DOL) ERISA Advisory Council is examining practices for outsourcing employee benefit plan services.
Bill Would Increase Certain Social Security Payments
Two U.S. Senators have introduced the Retirement and Income Security (RAISE) Act.
New Bill to Encourage ESOPs Introduced
House Ways and Means Committee members introduced legislation designed to spur more employee-ownership in private industry.
FINRA Fines Merrill Lynch Due to Sales Charges
The Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch $8 million for failing to waive mutual fund sales charges for certain charities and retirement accounts.
Mass. Regulator Argues for Better Disclosures of Match Changes
In a report sent to Congress and the Department of Labor, the Massachusetts Securities Division (MSD) is asking for improved disclosures to retirement plan participants of company match...
SCOTUS Rules Inherited IRAs Not Exempt in Bankruptcy
The Supreme Court of the United States (SCOTUS) upheld a lower court’s determination that inherited individual retirement accounts (IRAs) do not share the same bankruptcy protections as self-funded...
Last Defendant Settles in N.Y. ‘Pay-to-Play’ Case
A final judgment was entered against Saul Meyer in the enforcement action that arose from New York’s retirement fund corruption scandal.
Groups Weigh In on Proposed Fee Disclosure Regs
From excluding large plans to asking for wording that would prompt consultation with the plan adviser, organizations are petitioning the Department of Labor (DOL) about the proposed 408(b)(2)...