The retirement plan industry has been waiting for an updated “definition of fiduciary” regulation from the Department of Labor since 2010. On April 14, 2015, we got it — and at first glance, it’s a game-changer.
The Department of Labor's April 2015 "conflict of interest" proposal is a package of proposed rules and ERISA prohibited transaction exemptions aimed at curbing perceived abuses by advisors. It's an ambitious proposal with potentially wide-ranging consequences for you and your business.
In this four-part white paper series, Pete Swisher of Pentegra Retirement Services tells you everything you need to know about the rules, and how they may impact you.
Game Changer, Part I: A Look at the DOL's Conflict of Interest Proposal discusses the updated regulation defining “fiduciary,” the basic structure of the proposal and some of its implications.
Game Changer, Part II: The Four Fiduciary Standards of Care focuses on the three standards of care applicable today to interactions between financial advisors and their clients, and how the DOL’s conflict-of-interest proposal stands to add a fourth.
Parts III and IV will be released in the coming weeks, and we'll post them here. Part III will zero in on the "best interest contract" ERISA prohibited transaction exemption that is the centerpiece of the DOL’s strategy for bringing ERISA-style fiduciary accountability to the IRA marketplace. Part IV will discuss the relative merits of the DOL’s proposal as put forth by various interested parties — including the White House and the DOL.