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Just the facts
Just the Facts
Consumers Keep Flocking to Annuities After a record-breaking 2022, retail annuities surpassed all of their previous quarterly sales numbers since LIMRA began keeping track, in 2008, say preliminary...
Retirement Industry People Moves
Voya selects Armstrong to lead Midwest Wealth Solutions sales; Triterras announces Narganes as head of distribution and sales strategy; Mercer names Somers as investment director; and more.
2023 Retirement Plan Adviser of the Year Finalists
Award recipients will be recognized at the PLANADVISER Industry Leader Awards in New York City.
Investment Service and Product Launches
FiComm and ProudMouth team up on adviser podcasting; 21Shares launches crypto index; Caplight launches platform to monitor private company valuations; and more.
Gomez Confirmed as New Head of EBSA
The full Senate voted, 49-36, to confirm Lisa Gomez as the new assistant secretary of labor for the Employee Benefits Security Administration.
Senator Calls for Confirmation Vote on Assistant Secretary of Labor Nominee
Senator Patty Murray takes the 48th anniversary of ERISA to emphasize the importance of having a proper secretary to oversee EBSA.
DOL Extends Comment Period, Sets Hearing on QPAM Exemption Amendment
The complexity of the proposed reforms to the qualified professional asset manager exemption has given some experts pause.
DOL Updates Guidance on Audit Independence Rules
Labor Department leadership says the update is designed to expand retirement plans’ access to highly qualified auditors and audit firms.
Senators Raise Concerns About Bitcoin in Retirement Plans
Several U.S. Senators have sent a letter requesting answers from Fidelity on their decision to allow plan sponsors to offer participants exposure to bitcoin.
DOL Proposes Qualified Professional Asset Manager Exemption Changes
The Labor Department’s proposed amendment to a widely utilized prohibited transaction exemption is meant to ensure the exemption continues to protect plans, participants and beneficiaries.
Retirement Industry People Moves
Global Atlantic expands institutional business into Asia; new attorney joins The Wagner Law Group; Lincoln Financial Group names workplace solutions head; and more.
MODERN INVESTMENT MENU / CRYPTOCURRENCY
Fool’s Gold for 401(k)s?
The DOL’s guidance on cryptocurrency causes much confusion.
Confirmation Vote Set for Lisa Gomez, EBSA Nominee
The long-awaited full Senate hearing is now on the docket for next week.
Fidelity’s Bitcoin 401(k) Offering Prompted a Plan Sponsor to Examine Plan Exposures
The plan sponsor immediately checked with its plan adviser to know if there was any potential cryptocurrency exposure.
2022 RPAY – George Fraser, Fraser Group at RBG
Business at a Glance as of 12/31/21Plan assets under advisement: $450 millionMedian plan size (in assets): $20 millionPlans under administration: 35Total participants served: 10,000PLANADVISER: Tell us about your...
Retirement Industry People Moves
AssetMark appoints new chief investment officer; AIG names new chief investment, risk and underwriting officers; Verus adds two senior consultants in Chicago; and more.
DOL Compliance Notice Warns Against Crypto Risks
The DOL’s Compliance Assistance Release No. 2022-01 urges plan fiduciaries to exercise ‘extreme care’ before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu.
Compliance News
Legislative and Judicial Actions
The DOL denies general support for private equity; the Supreme Court sends ‘Northwestern’ back to the appeals court; the PBGC funds a second failing pension; and more.
DOL Publishes RFI on Climate-Related Financial Risks to Savings
The Department of Labor wants help identifying actions it can take to safeguard employees’ savings and pensions from threats related to climate change.
DOL Cautions Small Plan Fiduciaries Against Diving Into Private Equity Investments
The agency issued a supplemental statement in response to stakeholder concerns that private equity investments could be inappropriate for small DC plans.