References in periodicals archive ?
recommendations to employers and other plan fiduciaries on plan design changes intended to increase plan participation and contribution rates constitute fiduciary investment advice under the fiduciary rule.
Concerns regarding litigation over excessive 401(k) plan fees and conflicts of interest dominate the current thinking of plan fiduciaries.
The basic function of the fiduciary concept is known: fiduciaries are obliged to abnegate all self-interest, as well as those of third parties, and focus solely on the best interests of their beneficiaries.
IB 16-01 rescinds the prior proxy voting guidance because, in the DOL's view, IB 08-2 may have discouraged ERISA plan fiduciaries from voting proxies and engaging in other prudent exercises of shareholder rights.
The DOL's new fiduciary rule is intended to broaden the scope of retirement advisors who are deemed to be fiduciaries under ERISA and the Internal Revenue Code (the "Code"), and it is also designed to address the potential conflicts of interest that arise when they are advising their retirement clients.
The rule impacts those who are fiduciaries to employee benefit plans under the Employee Retirement Income Security Act and retirement plans (including an individual retirement account) under the Internal Revenue Code.
From this legal backdrop, the SEC does mandate that advisers are fiduciaries, and provides this guidance: "As an investment adviser, you are a fiduciary to your advisory clients.
to analogize private-law fiduciaries with public-law actors.
The Department of Labor (DOL) in Field Assistance Bulletin (FAB) 2004-03 said that "reasonable efforts" to remedy a fiduciary breach may include notifying other plan fiduciaries or the DOL.
More than 8 in 10 (83 percent) of survey respondents who identify as fiduciaries completely or partly disagree with the statement, "Fiduciary oversight is applied consistently throughout my organization.
Given that fiduciary mandates of this sort involve fiduciaries serving the interests of persons, we shall refer to them as fiduciary service mandates.
The Fiduciary Program then monitors these fiduciaries to ensure the veteran's funds are properly expended.