DOL Fiduciary: An Overview
An overview of the DOL's re-proposal of a rule that would more broadly define the circumstances under which a person is considered to be a "fiduciary" by reason of giving investment advice under the Employee Retirement Income Security Act (ERISA).
DOL Fiduciary: Fact Sheet
Concerns remain that the DOL's re-proposal of a 2010 rule has many of the same negative and unintended consequences as the original. DOL claims that the rule has been improved and will preserve access to education as well as remain business-model neutral. Unfortunately, DOL's claims do not hold up.
A Closer Look: The Facts on DOL's Flawed Fiduciary Proposal
Numerous studies have challenged DOL's sweeping generalizations and extrapolations, finding that their proposed retirement regulation will have the ultimate effect of limiting choice and access to financial education while raising the cost of saving for retirement.
- The Fiduciary Standard Debate: A Chronology to Date
A brief chronology of the fiduciary standard debate, from 1974 to present.
- The Fiduciary Standard Debate: SIFMA-Commissioned Reports
A brief summary of SIFMA-commissioned reports from Morgan Lewis, NERA and Oliver Wyman.
- Morgan Lewis White Paper: Department of Labor Retirement Initiative Fails to Consider Current Regulatory Regime, Which Comprehensively Protects Investors, Including IRA Investors, and Preserves Investor Choice (March 2015)
A study by Morgan Lewis on the current regulatory regime for retirement accounts. See also: SIFMA Press Release.
- NERA Study: Review of the White House Report Titled The Effects of Conflicted Investment Advice on Retirement Savings (March 2015)
A study by National Economic Research Associates (NERA) on the White House Report, The Effects of Conflicted Investment Advice on Retirement Savings. See also: SIFMA Press Release.
- Flip Book: DOL Rule Could Cause U.S. Retirement Investors to Face Burdens
The U.S. Department of Labor is poised to reintroduce a rule that would limit access to retirement investment guidance for many Americans. In 2013, the United Kingdom issued a comparable investment information rule with predictable results. We don't always get a second chance, but when we do, we shouldn't make the same mistake twice.
- Oliver Wyman Study: Standard of Care Harmonization - Impact Assessment for the SEC (October 2010)
A study by Oliver Wyman for the U.S. Securities and Exchange Commission (SEC) on the impact of the harmonization of a fiduciary standard of care. The study finds that wholesale adoption of the Investment Advisers Act of 1940 for all brokerage activity is likely to have a negative impact on consumers, (particularly smaller investors) across each of the following dimensions: choice, product access and affordability of advisory services.
Retirement & Savings Review
Monthly Newsletter. Coverage of legislative and regulatory developments on savings and retirement issues.
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- U.S. Chamber of Commerce: Using PTEs to Define a Fiduciary Under ERISA – Threading the Needs with a Piece of Rope – February 19, 2015
- Debevoise & Plimpton: Memorandum Concerning Expected Department of Labor Conflict of Interest Rule – February 17, 2015
- Investment Company Institute (ICI): Letter to Secretary Perez, U.S. Department of Labor – December 10, 2014
- Congressional Hispanic Caucus: Letter to Department of Labor Secretary Perez on Fiduciary Rule (March 11, 2014)
- Members of Congress (New Dem Coalition): Letter to SEC Mary Jo White on Fiduciary (February 5, 2014)
- Members of Congress (New Dem Coalition): Letter to Department of Labor Secretary Perez on DOL Fiduciary (January 13, 2014)
- U.S. Department of Labor (DOL): Employee Benefits Security Administration (EBSA)
- U.S. Department of Labor (DOL): DOL Intent to Re-Propose Definition of Fiduciary Regulation
- Employee Benefits Security Administration (EBSA): DOL Definition of Fiduciary
- U.S. House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions: Hearing on July 26, 2011, "Redefining 'Fiduciary': Assessing the Impact of the Labor Department's Proposal on Workers and Retirees"