|
| Editor’s Note |
| We are pleased to bring you today’s special
edition NewsDash newsletter, sponsored by MainStay Investments, focused on fiduciary
compliance and regulatory reforms. |
|
| Fiduciary Compliance and Regulatory Reforms |
| Understanding Fiduciary Responsibilities |
| Offering a retirement savings opportunity in the
workplace is good for employees–and it can be good for business. Recent
studies indicate that many workers today are not saving enough for retirement.Read more > |
| Fiduciary Rule Could Have Unintended Consequences |
| In 2010, the Department of Labor proposed a new
definition of fiduciary. But, it retracted that proposal based on retirement
industry concerns, and has recently reissued what it now calls a proposed
conflicted investment advice rule. CEO of the American Retirement Association
Brian Graff, during the American Society of Pension Professionals and
Actuaries’ (ASPPA’s) first-ever virtual conference, said the proposed rule is
very broad in whom it captures as an Employee Retirement Income Security Act
(ERISA) fiduciary, and he contended the proposal creates a significant
challenge for conversations with participants about what to do with their
money.Read more > |
| GOP Senators Demand More Time for Fiduciary Feedback |
| Sen. Lamar Alexander (R-Tennessee), chairman of
the Senate’s Health, Education, Labor and Pensions Committee, led a group of 36
Senate Republicans requesting the Department of Labor (DOL) extend the comment
period for its proposed rule on the fiduciary definition. Other groups have
already expressed dissatisfaction with the 75-day timeline for comments; the
Republican senators’ letter is urging the DOL to extend it to 120 days.Read more > |
