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This article discusses the DOL’s November 2023 proposed fiduciary rule amendments, including proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, and their impact on SEC-registered investment advisers.
The IAA has signed on to a letter requesting that the Treasury Department provide transition relief so that retirement plan participants will not lose the ability to make catch-up contributions.
The IAA has signed on to a letter requesting that Congress to provide transition relief so that retirement plan participants will not lose the ability to make catch-up contributions.
The IAA supported the proposed safe harbor for the use of electronic disclosure, particularly the “notice and access” approach, and encouraged the Department of Labor to apply the safe harbor to documents furnished upon request and allow for consolidated delivery of documents.
The Department of Labor (DOL) has issued a proposal to update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). The updated definition of an investment advice fiduciary would apply when a financial service provider gives investment advice for a fee to retirement plan participants, IRA owners and others.
One of the core responsibilities of defined contribution plan fiduciaries is selecting the investment options that will be available to participants in the plan. This paper summarizes the principles governing the exercise of that responsibility in 50 years of law, regulation, regulatory guidance, and court decisions.
The IAA responded to a Department of Labor proposal to amend the QPAM Exemption. While we support the DOL’s efforts to protect the interests of Plans and Plan participants, we are concerned that the potential impacts of the proposal would extend beyond these objectives and would have negative consequences that may not be in the best interest of Plans and their participants.
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