Category Archives: Fiduciary updates

The Fifth Circuit Court of Appeals Overturns the Department of Labor’s Fiduciary Rule

The Department of Labor’s (DOL) fiduciary rule passed in 2016, but has met with numerous obstacles and delays throughout its implementation. On March 15, the Fifth Circuit Court of Appeals overturned it completely, ruling that it represents overreach by the Department of Labor. The decision, which reversed an earlier district court ruling in favor of the regulation, states that the DOL exceeded its statutory authority in issuing the rule. The new ruling suggests that oversight of this issue should fall under the purview of the U.S. Securities and Exchange Commission (SEC). Read more »

Arnerich Massena Publishes New White Paper – Retirement Plan Best Practices: Plan Monitoring

Arnerich Massena is pleased to announce the publication of a new white paper, Retirement Plan Best Practices: Plan Monitoring. This paper is the fourth of a five-part series outlining retirement plan best practices; the series began with Plan Governance, Plan Design, and Investment Menu Construction, and will conclude by covering participant education. Plan Monitoring examines best practices for a retirement plan sponsor in maintaining and monitoring their plan over time. Read more »

What is Financial Wellness and Why is it Important?

The 2017 Retirement Confidence Survey found that 3 in 10 workers worry about their personal finances while at work.1 What does this mean for employers, and what can you do about it? Research into financial wellness is beginning to show just how much of a toll financial anxiety can take on workers. Financial wellness is more than just a trendy term; it points to a very real problem, but there are solutions. Read more »

Department of Labor’s Fiduciary Rule Officially Delayed for 18 Months

At Arnerich Massena, we are proud that we have always been ahead of the curve on this issue. We’ve expressly acknowledged our fiduciary status and have offered independent, unbiased advice to retirement plans since our inception. Regardless of the outcome of the rule’s delay, we will continue to embrace our fiduciary status and work in the best interest of Arnerich Massena clients and our clients’ retirement plan participants.

On Monday, the Department of Labor (DOL) announced an additional 18-month extension for several key provisions of its fiduciary rule. Full implementation of this rule has been delayed several times since it was adopted in 2016. Read more »

Arnerich Massena Publishes New White Paper – Retirement Plan Best Practices: Investment Menu Construction

Arnerich Massena is pleased to announce the publication of a new white paper, Retirement Plan Best Practices: Investment Menu Construction. This paper is the third of a five-part series outlining retirement plan best practices; the series began with plan governance and plan design, and will also cover plan monitoring and participant education. In Investment Menu Construction, we look at how to build a retirement plan investment menu that will result in improved long-term participant outcomes. Read more »

Defined contribution retirement plan maximum contribution limit goes up for 2018

After two years of leaving contribution limits unchanged, the IRS has announced that contribution limits for 2018 will be raised from $18,000 to $18,500. Catch-up contributions for those age 50 and up will remain the same at $6,000. The limits to IRA annual contributions and IRA catch-up contributions will stay unchanged, at $5,500 and $1,000 respectively. Read more »

Arnerich Massena Senior Consultant Ryan Cunningham Moderates a Panel at the Pensions & Investments DC West Coast Conference

“Helping DC plan executives distill the key metrics, current priorities, and innovative solutions in order to best succeed, Pensions & Investment’s 2017 West Coast Defined Contribution conference is the industry-leading event that shows what plan sponsors are focusing on today,” states the P&I West Coast Defined Contribution conference agenda. Read more »

Legislative Updates: Third Quarter 2017

Tax Reform Efforts Persist

As noted in the second quarter legislative update, President Trump continues to press Congress to join together and pass tax reform. However, delays, distractions, and complications have considerably reduced any potential changes this year. We have seen other legislation take priority over tax reform to address the debt limit; fund the government; provide funds for disaster relief, and also to reauthorize the Federal Aviation Administration. Additionally, the U.S. budget deficit is proving to be a major obstacle to tax reform and could ultimately derail a tax reform plan. The GOP had hoped to use a budget reconciliation bill to move tax reform; however, this process is not likely to be successful, as sixty votes would be needed in the Senate to pass a tax reform package, which would require buy-in from some democrats. Read more »

Department of Labor Submits a Proposal to Delay the Transition Period and Applicability of the Fiduciary Rule

At Arnerich Massena, we are proud that we have always been ahead of the curve on this issue, acknowledging fiduciary status since our inception and offering independent, unbiased advice to retirement plans. Regardless of the outcome of the rule’s delay, we will continue to acknowledge our fiduciary status and work in the best interest of Arnerich Massena clients and clients’ retirement plan participants.

The Department of Labor’s (DOL) fiduciary rule has met with several delays since it was finalized in 2016. While some of its basic provisions went into effect on June 9, 2017, the remainder looks like it may be delayed once again. On August 9, the DOL gave notice that it submitted a proposed extension for review. The proposal requests an 18-month extension of the applicability dates for several aspects of the regulation, including the core portions of the best interest contract exemption and prohibited transaction exemption. Read more »