PLANADVISER - July/August 2020 - 6
trends
The news that drives the retirement
plan adviser industry
New Fiduciary Rule Ahead
The main theme
of the DOL's new
rule proposal is
in alignment with
other regulators-
the SEC and FINRA
in particular-but
the agency is
not surrendering
its jurisdiction
over tax-qualified
retirement plans
IN EARLY JULY, the text of a proposed
Department of Labor (DOL) conflict of
interest regulation emerged from the
Office of Management and Budget (OMB).
Financial services industry advocates
and analysts had been closely watching
the OMB for this development, which they
call the " new fiduciary rule. " As anticipated
by industry analysts, the rule as
proposed is closely related to the Regulation
Best Interest (Reg BI) rulemaking
package now being enforced by the Securities
and Exchange Commission (SEC). (See
" Investment Advice Revisited, " page 39.)
The proposed rule includes two main
elements. First, the DOL confirms it will
continue to enforce the " five-part
test "
it has historically used to determine
who is an investment advice fiduciary as
defined and policed under the Employee
Retirement Income Security Act (ERISA).
Second, it provides a prohibited transaction
exemption for fiduciaries that meet
the regulatory requirements of Reg BI.
Consistent With Reg BI
The early consensus among industry
analysts and commentators is that the
new fiduciary proposal, along with Reg
BI, will be much more flexible in terms
of permitting different compensation
models. But this flexibility is not limitless,
attorneys warn, and it seems clear that
both the DOL and the SEC feel tamping
down on conflicts of interest across the
financial services industry remains an
important and pressing goal.
Commenting on the proposal, American
Council of Life Insurers (ACLI) President
and CEO Susan Neely says she is
pleased to see the alignment with Reg BI.
" Retirement savers will now enjoy
6 | planadviser.com July-August 2020 Art by Andrea D'Aquino
http://www.planadviser.com
PLANADVISER - July/August 2020
Table of Contents for the Digital Edition of PLANADVISER - July/August 2020
Investing Against COVID-19
2020 PLANADVISER Recordkeeper Services Survey
Three Who Lead the Way
Prospecting in Turbulent Times
Retirement Savings Optimization
DOL Gives Private-Equity Guidance
Investment Advice Revisited
PLANADVISER - July/August 2020 - C1
PLANADVISER - July/August 2020 - FC1
PLANADVISER - July/August 2020 - FC2
PLANADVISER - July/August 2020 - C2
PLANADVISER - July/August 2020 - 1
PLANADVISER - July/August 2020 - 2
PLANADVISER - July/August 2020 - 3
PLANADVISER - July/August 2020 - 4
PLANADVISER - July/August 2020 - 5
PLANADVISER - July/August 2020 - 6
PLANADVISER - July/August 2020 - 7
PLANADVISER - July/August 2020 - 8
PLANADVISER - July/August 2020 - 9
PLANADVISER - July/August 2020 - 10
PLANADVISER - July/August 2020 - 11
PLANADVISER - July/August 2020 - Investing Against COVID-19
PLANADVISER - July/August 2020 - 13
PLANADVISER - July/August 2020 - 14
PLANADVISER - July/August 2020 - 15
PLANADVISER - July/August 2020 - 2020 PLANADVISER Recordkeeper Services Survey
PLANADVISER - July/August 2020 - 17
PLANADVISER - July/August 2020 - 18
PLANADVISER - July/August 2020 - 19
PLANADVISER - July/August 2020 - 20
PLANADVISER - July/August 2020 - 21
PLANADVISER - July/August 2020 - 22
PLANADVISER - July/August 2020 - 23
PLANADVISER - July/August 2020 - 24
PLANADVISER - July/August 2020 - 25
PLANADVISER - July/August 2020 - 26
PLANADVISER - July/August 2020 - 27
PLANADVISER - July/August 2020 - Three Who Lead the Way
PLANADVISER - July/August 2020 - 29
PLANADVISER - July/August 2020 - 30
PLANADVISER - July/August 2020 - Prospecting in Turbulent Times
PLANADVISER - July/August 2020 - 32
PLANADVISER - July/August 2020 - 33
PLANADVISER - July/August 2020 - Retirement Savings Optimization
PLANADVISER - July/August 2020 - 35
PLANADVISER - July/August 2020 - 36
PLANADVISER - July/August 2020 - 37
PLANADVISER - July/August 2020 - DOL Gives Private-Equity Guidance
PLANADVISER - July/August 2020 - Investment Advice Revisited
PLANADVISER - July/August 2020 - 40
PLANADVISER - July/August 2020 - C3
PLANADVISER - July/August 2020 - C4
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