Department of Labor Proposes Guide - June 28, 2014

Filed under: Department of Labor

On March 12, 2014, the Department of Labor (DOL) requested comments on a proposed rule change that would require service providers to provide a guide to 401(k) plan sponsors regarding fee disclosures.  The public comments were due to the DOL on or before June 10, 2014.  The DOL proposes that the amendment to the existing …

American Taxpayer Relief Act of 2012 - March 7, 2013

In-Plan Conversions to Roth Accounts The American Taxpayer Relief Act of 2012 includes a provision that allows defined contribution retirement accounts not otherwise distributable to be converted within the plan to Roth accounts.  Previously, only amounts that were deemed distributable (such as when the participant attained age 59½) could be converted to in-plan Roth accounts. …

Qualified Charitable Distributions Reinstated - March 7, 2013

Beginning in 2006, the IRS permitted taxpayers who had attained age 70½ to make “IRA Charitable Rollovers” or Qualified Charitable Distributions (QCDs) directly to eligible charities (including colleges and universities) of up to $100,000 in total annually.  This legislation expired at the end of 2011.However, the American Taxpayer Relief Act of 2012 (ATRA) has reinstated …

SEC Announces National Examination Program Priorities for 2013 - March 6, 2013

On February 21, 2013, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2013 examination priorities for financial institutions.  The publication identifies the market-wide issues on which the SEC will be focused, and also the specific subjects of interest within the distinct areas of OCIE’s National Examination Program. For all SEC registrants, OCIE …

Department of Labor Agenda for 2013 - March 5, 2013

Filed under: Department of Labor

The Department of Labor (DOL) has published a lengthy regulatory agenda for 2013 that includes: 1.  An amendment under the Abandoned Plan Program that would expand the scope of individuals entitled to act as a “Qualified Termination Administrator”(QTA); the comment period for the proposal ended February 11, 2013. 2.  A Guide for 408(b)(2) disclosures; DOL …

SEC Requests Data to Facilitate Its Consideration of a Uniform Rule for Investment Advisers and Broker-Dealers That Provide Personalized Investment Advice - March 3, 2013

On March 1, 2013, the Securities and Exchange Commission issued a request for information to aid the agency in its consideration of revisions to the respective standards of care imposed on investment advisers and broker-dealers when they provide personalized investment advice.  In particular, the SEC staff seeks quantitative data and economic analysis pertaining to existing …