The Incredible Shrinking Labor Department

Over the past 12 months, the Department of Labor (DOL) has lost 4.7 percent of its workforce to attrition and retirements, according to data released by the Office of Personnel Management (OPM), as detailed by Bloomberg News. The DOL’s Employee Benefits Security Administration (EBSA) has been hit even harder, with a 9 percent reduction in […]

Read the rest of this entry »
GoTo top Top

DOL to Launch Surveys to Gauge Americans’ Retirement Planning

The Department of Labor (DOL) has filed an information request with the Office of Management and Budget (OMB) titled “On the Road to Retirement Surveys” to “gather data about how people make planning and financial decisions before and during retirement, especially with regard to the information that they receive and how they respond to it.” The […]

Read the rest of this entry »
GoTo top Top

DOL to Honor Gap of Enforcement of Fiduciary Rule

On Friday, March 10, the Department of Labor (DOL) issued guidance on enforcement of its Fiduciary Rule, which was set to be implemented on April 10 but for which the agency has proposed a 60-day delay. In its guidance, the department says it basically won’t enforce the rule from April 10 through the proposed 60-day delay […]

Read the rest of this entry »
GoTo top Top

DOL Proposes Delay in Fiduciary Rule to June 9, Pending Public Comments

The Department of Labor (DOL) has announced a proposed extension of the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10 to June 9, 2017. The announcement follows a presidential memorandum issued on Feb. 3, 2017, which directed the department to examine the fiduciary rule to […]

Read the rest of this entry »
GoTo top Top

EBSA Rule Seeks to Clear Way for Municipal Retirement Plans

Saying that increasing access to retirement savings opportunities is the surest way to help more of America’s workers secure their financial futures, the Employee Benefits Security Administration (EBSA) has announced a final rule to assist large cities and other political subdivisions that establish payroll deduction individual retirement account savings programs for workers who do not have access […]

Read the rest of this entry »
GoTo top Top

Final Rule Issued to Facilitate State-Run IRA Programs.

The Employee Benefits Security Administration (EBSA) has made public a final rule that assists states in creating IRA programs for workers who do not have access to workplace savings arrangements. At the same time, in response to public comments, the department is making public a proposed rule that could facilitate a limited number of cities and other local […]

Read the rest of this entry »
GoTo top Top

ERISA Advisory Council Meeting for Three Days

The Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council, is meeting at the Department of Labor’s headquarters today through Thursday, to hear testimony from invited witnesses and to receive an update from the Employee Benefits Security Administration (EBSA). The council has scheduled the EBSA update tentatively for the […]

Read the rest of this entry »
GoTo top Top

Much-Anticipated Fiduciary Rule Unveiled by DOL

For many in the financial services industry, dread became reality yesterday when the Department of Labor (DOL) introduced its much-discussed, much-anticipated fiduciary rule for agents who market retirement plans, setting the standard of service at “best interest” of the client rather than “suitable” for the client. The rule makes all retirement investment advisers into fiduciaries, […]

Read the rest of this entry »
GoTo top Top