The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and
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SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
The Department of Labor proposed a 60-day delay of the applicability date of the Fiduciary Duty Rule.
The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, by virtue of giving investment advice to a plan, its participants or its beneficiaries.
The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, or a plan under Section 4975 of the Internal Revenue Code, by virtue of giving investment advice to a plan, its participants or its beneficiaries. The fiduciary definition final rule, Best Interest Contract Exemption, certain principal transactions exemption, certain prohibited transactions exemptions, and amendments to certain class exemptions were published in the Federal Register.