Category Archives: Fiduciary updates

Rollover Relief – Savers can Now Receive a Waiver to Extend the 60-day Deadline

Until now, retirement savers normally had just 60 days to roll over their 401(k) or IRA accounts before the account becomes taxable. Generally, this is plenty of time to effect a rollover, but occasionally hiccups happen – anything from a post office delay to a family illness – and the resulting tax burden, including a 10% penalty tax for account holders younger than 59 ½, can be devastating to a retirement nest egg. Read more »

Excessive Fee Lawsuits in Higher Education Retirement Plans

Just as we blogged about the growth of excessive fee lawsuits in retirement plans, the news reveals that Yale, MIT, and NYU are all now the subjects of lawsuits alleging that their defined contribution plans charged employees excessive fees. On Tuesday, August 9, all three universities were sued by participants for breach of fiduciary duty, claiming that the plans used higher-cost retail mutual funds rather than other, lower-cost share classes. Read more »

Are Retirement Plan Fee Lawsuits on the Rise?

gavelReviewing and benchmarking your retirement plan’s fees is not a waste of time. When new fee disclosure legislation came out a few years ago, there was a flurry of interest in plan fees, and many participants stood up and took notice for the first time. The attention paid to fees has now begun to yield its foreseeable result: fee lawsuits. Read more »

Legislative Updates: Second Quarter 2016



In early April, the DOL released final rules regarding fiduciary standards to address conflicts of interest. In addition, the DOL issued a revised Best Interest Contract Exemption (BICE) and the final amendments to existing exemptions under ERISA’s prohibited transaction rules. The new rule expands the types of activities that trigger fiduciary status. Read more »

Final Fiduciary Rule Released

After six years of working on how to embed protections for American retirement savers, the Department of Labor (DOL) has finally issued its long-awaited final fiduciary rule. Extensive public feedback from earlier drafts of the rule (nearly 400,000 comments and four days of public hearings) delayed its passage as they worked out some of the kinks and details. The new rule amends the definition of a fiduciary with the intent to reduce conflicts of interest by those who provide retirement investment advice. Last year, the Obama administration estimated that imposing a new fiduciary standard would save investors close to $40 billion over the next ten years. This rule may be the most significant update to retirement advice regulations since the passage of the Employee Retirement Income Security Act (ERISA) in 1975. Read more »

National Retirement Planning Week® is April 11 -15!

Proactive retirement planning is the key to financial freedom and a secure retirement. The National Retirement Planning Coalition, a group of education, consumer advocacy, and financial services organizations that joined together to increase retirement planning awareness, has announced that April 11-15 2016 is National Retirement Planning Week®! Whether you are a retirement plan sponsor or a plan participant, this is a great time to get organized. Below are some ideas for how to observe National Retirement Planning Week®: Read more »