Erika Collins’ Post

The Subcommittee on Capital Markets — which is part of the House Financial Services Committee — recently held a hearing that featured testimony from several individuals who discussed the U.S. Department of Labor’s proposed Fiduciary Rule, focusing on the implications for retirement savings and access. Among the witnesses who spoke at the hearing was Faegre Drinker’s Bradford Campbell, who addressed the DOL’s proposed regulatory package redefining fiduciary investment advice under the Employee Retirement Income Security Act — otherwise known as ERISA. #Fiduciary #DOL #ERISA #Retirement #Investment #FinancialServices

The Subcommittee on Capital Markets — which is part of the House Financial Services Committee — recently held a hearing that featured testimony from several individuals who discussed the U.S. Department of Labor’s proposed Fiduciary Rule, focusing on the implications for retirement savings and access. Among the witnesses who spoke at the hearing was my Faegre Drinker colleague Bradford Campbell, who addressed the DOL’s proposed regulatory package redefining fiduciary investment advice under the Employee Retirement Income Security Act — otherwise known as ERISA. #Fiduciary #DOL #ERISA #Retirement #Investment #FinancialServices

The Subcommittee on Capital Markets — which is part of the House Financial Services Committee — recently held a hearing that featured testimony from several individuals who discussed the U.S. Department of Labor’s proposed Fiduciary Rule, focusing on the implications for retirement savings and access. Among the witnesses who spoke at the hearing was my Faegre Drinker colleague Bradford Campbell, who addressed the DOL’s proposed regulatory package redefining fiduciary investment advice under the Employee Retirement Income Security Act — otherwise known as ERISA. #Fiduciary #DOL #ERISA #Retirement #Investment #FinancialServices

DOL Releases Much Anticipated New Fiduciary Rule The Department of Labor's Employee Benefits Security Administration has issued a final rule updating the regulation defining a fiduciary under the Employee Retirement Income Security Act (ERISA).   The final rule and related amendments to prohibited transaction exemptions (PTEs) detail when advice providers are acting in a fiduciary role under federal pension laws and explain the conditions they must follow to protect retirement investors. Investment advice fiduciaries must: · Give advice that is prudent and loyal. · Avoid misleading statements about conflicts of interest, fees, and investments. · Follow policies and procedures designed to ensure the advice given is in an investor's best interest. · Charge no more than is reasonable for their services. · Give investors basic information about any conflicts of interest. You can learn more about the DOL release here: https://lnkd.in/eMu_Kw6M   Stay tuned for more information on this important development. #dol #erisa #boutwellfay #employee #retirement #investors #fiduciary #gov #benefits #PTEs #pension #laws #rule

Expert urges employees to go beyond 401(k)s for retirement: 'Don’t leave money on the table' https://lnkd.in/gzPNV-6T Tax-deferred savings plans were very popular until recently. Now people are realizing that income taxes will be increasing in the future so Roth accounts and brokerage accounts are worth considering. In fact converting assets from Traditional IRAs to Roth IRAs is becoming more popular.

It's concerning to see the recent efforts by lawmakers to block the Labor Department's new retirement advice rule. This rule was put in place to enhance transparency and protect investors, which are fundamental conservative principles. By overturning this rule, we risk undermining the trust and confidence that individuals have in the financial advice they receive. Retirement planning is a critical aspect of financial stability, and regulations like these are meant to ensure that Americans can make informed decisions about their futures. It's essential to support policies that promote transparency, accountability, and the best interests of investors. #InvestorProtection #Transparency #FinancialStability

📢 IRS issues anticipated insights on SECURE Act 2.0 💼 Read the latest IRS Notice 2024-2 for key guidance on retirement plans, contribution limits, and more. #IRS #SECUREAct #benefitplans https://lnkd.in/g3ihMvix

The Department of Labor's Employee Benefits Security Administration has issued a final rule this week to protect workers' retirement savings by updating the regulation defining a fiduciary under the Employee Retirement Income Security Act (ERISA). The "Retirement Security Rule: Definition of an Investment Advice Fiduciary" affects how investors get advice on their job-based retirement accounts and other retirement savings plans and how trusted investment advice providers must act if they have a conflict of interest. The rule will take effective on Sep 23rd. Link here for detailed info about the new rule: https://ow.ly/v8U350RpsQV SHRM article here: DOL Finalizes Fiduciary Rule - https://ow.ly/uzwq50RpsQW #SHRMKC #FiduciaryRule #EmployeeBenefits #DOLFinalRule #SHRM #DualMemberBenefits

Thoughtful article, in my opinion, on the importance of including alternatives and on avoiding a pavlovian reaction to higher fees despite the extra cost being justified by improved investment outcomes.

On April 23, 2024, the U.S. Department of Labor released the Retirement Security Rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The Department also released final amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries, including PTE 2020-02, "Improving Investment Advice for Workers & Retirees." The rule and amendments to the PTEs generally take effect on September 23, 2024, although there is a one-year transition period after the effective date for certain conditions in the PTEs. Click here to view: https://lnkd.in/gCCb4qW3 #DOL #News #IA #BD #RRSCompliance #RIA #Examinations #RiskManagement #MarketingRule #ComplianceReviews