Regulatory Compliance

Regulatory Compliance covers compliance with ethical codes of conduct as well as those promulgated by FINRA and the SEC. Much of the interaction a plan advisor has with plan sponsors and participants is governed by ERISA and agencies like the Department of Labor. But as registered reps or investment advisory reps, their conduct and activity are also regulated by FINRA and the SEC. In turn, broker dealers and registered investment advisors must also adhere to the rules relating to retirement plans, as well as their representatives’ interaction with the investing public. 

Regulatory Compliance

Regulatory Compliance

By NAPA Net Staff11/8/2012 • 1 Comments

Michael Davis will be leaving his position as Deputy Assistant Secretary of the Employee Benefits Security Administration (EBSA) at the Department of Labor for a position in the private sector, he told NAPA Nov. 7. There is no word yet about his replacement. Davis assisted DOL Assistant Secretary Phyllis Borzi in directing the policy, regulatory, enforcement and public assistance functions of the office responsible for administering the Employee Retirement Income Security Act (ERISA) and several health benefit laws. READ MORE

By NAPA Net Staff11/7/2012 • 0 Comments

The ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. In this installment of a weekly feature on NAPA Net, California's state-sponsored retirement plan for private-sector employees is described. READ MORE

By NAPA Net Staff10/31/2012 • 0 Comments

Despite the weight of anecdotal evidence suggesting that the DOL’s fee disclosure regulations are not achieving at least one of their main goals — educating participants — the rules are here to stay, so everyone concerned must pay attention to them. That message was conveyed by ASPPA’s General Counsel Craig Hoffman at the organization’s annual conference Oct. 30. READ MORE

By NAPA Net Staff10/19/2012 • 0 Comments

The Internal Revenue Service announced on Oct. 19 the annual cost-of-living adjustments affecting dollar limitations and thresholds for pension plans and other retirement-related items (i.e., IRAs, SIMPLE plans, etc.) for the 2013 tax year. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Increases in the IRS annual limits on contributions and changes in the definitions of key employees and HCEs always represent a good opportunity to touch base with your clients. READ MORE

By NAPA Net Staff10/15/2012 • 1 Comments

According to a recent study by Alliance Bernstein, only 63% of all plan sponsors consider themselves to be plan fiduciaries. The cases summarized below highlight the DOL’s commitment to a rigorous enforcement of the law and underscore the need for competent guidance on ERISA compliance. While proactive retirement plan advisors are leveraging new challenges to create opportunities (e.g., educating plan sponsors on requirements, assisting with the implementation and maintenance of policies and procedures, supporting document retention and compliance reporting, etc.), many financial professionals lack the experience or commitment to assist in this regard. Because most plan sponsors rely upon their financial advisor for guidance, he/she may be interviewed as part of the DOL’s investigation. READ MORE

By NAPA Net Staff10/9/2012 • 0 Comments

You may want to put one or both of these upcoming disclosure-related webcasts on your calendar: "What Plan Committees Must Do with 408(b)(2) Disclosures," featuring Fred Reish and Bruce Ashton of Drinker Biddle; and "404a-5 Revisited – Opportunities for Advisors", from NAPA. The Drinker Biddle webcast, coming up this Thursday, Oct. 11, is free to all. The NAPA webcast, set for Oct. 16, is free for NAPA members. READ MORE

By NAPA Net Staff10/8/2012 • 0 Comments

Plan sponsors are required by the IRS and/or the DOL to provide notices to eligible employees and plan participants at specific times of the year related to the status of the plan or the participants’ accounts. A list from by Baden Retirement Plan Services (an Ascensus company) provides a quick reference — not a complete list — of notices that a plan sponsor should provide to participants. READ MORE

By NAPA Net Staff10/8/2012 • 0 Comments

At the annual National Association of Government Defined Contribution Administrators (NAGDC) conference in San Diego, Phyllis Borzi, head of DOL’s Employee Benefits Security Administration, opined that public plans should follow private plan disclosure rules even though she has no jurisdiction over them. Borzi cautioned administrators about people trying to separate plans from their money and the difference between lifetime income and annuities — all while mourning the demise of (and attack on) DB plans. READ MORE

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