A health care company filed no annual reports, did not perform valuations and took more than $1.6 million in improper distributions in violation of ERISA, the DOL alleges.
Focus on DOL’s fiduciary rulemaking is understandable—but there are other major regulatory changes in the works that will directly impact retirement plans.
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.
Fitch Ratings warns the proposed fiduciary rule language from the DOL would substantially impact current adviser and investment fund provider business models.
Labor Secretary Perez was just about the only witness called to a recent Congressional hearing to actually defend the DOL’s fiduciary redefinition effort.
In a section called “Reducing Harmful Red Tape,” the committee proposes a “provision prohibiting regulatory changes to the definition of the term ‘Fiduciary.’”