Sentences with phrase «erisa fiduciary definition»
«The ERISA fiduciary definition goes back to 1974, when there were no 401 (k) plans and IRAs were still small,» said Kevin Keller, CEO of the Certified Financial Planner Board of Standards.
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Saxon said during his remarks at the IRI event that in his conversations with DOL officials, he's stressed that if the fiduciary redraft — which the DOL has now pushed to a January 2015 release date — expands the definition of fiduciary under ERISA, then the department «has to make the [rule's] exemptions workable.»
As expected, President Barack Obama on Wednesday vetoed resolutions passed by the House and Senate to kill the Department of Labor's rule amending the definition of fiduciary under ERISA.
The Labor Department first proposed an expanded fiduciary definition under the Employee Retirement Income Security Act, or ERISA, in 2010, but withdrew the proposal the following year amid broad criticism that it would impose onerous restrictions on the industry that would cause financial professionals to abandon the retirement space, leaving low and moderate - income Americans in the lurch.
The complaint points out the two main differences between CITs and mutual funds, one of which is that, while ERISA explicitly excludes mutual fund managers from the definition of a fiduciary to the extent they are managing assets of a plan covered by ERISA, the trustees (and any sub-advisers they employ) of CITs are ERISA fiduciaries, according to Department of Labor (DOL) Advisory Opinion 2005 - 09A.
The Department of Labor (DOL) fiduciary rule expanded the «investment advice fiduciary» definition under the Employee Retirement Income Security Act of 1974 (ERISA), but was vacated by a Federal...