Earlier this summer an administrative law judge at the Department of
Labor ruled for a truck driver who was fired when he refused to violate federal safety rules limiting driver hours.
I've wanted to talk about the «fiduciary standard» and the new Department of
Labor rules for months, but haven't been able to articulate my feelings in an entertaining way.
Not exact matches
Such Constitutional protections have ensured that federal programs such as Medicare, the Veteran Administration's TRICARE system (which provides benefits
for active duty members of the military and their families), and the Emergency Medical Treatment and Active
Labor Act (EMTALA) apply the same
rules to everyone they cover.
President Donald Trump's plan to review the
Labor Department's fiduciary
rule may be good news
for Wall Street, but not
for hard - working Americans saving
for retirement.
The latest U.S. proposal
for updating NAFTA's automotive
rules would carry a four - year phase - in to meet a higher, 75 percent regional value threshold as well as new
labor content
rules requiring substantial work at hourly wages of at least $ 16.
As U.S. Representative Sean Duffy put it, «the hundreds of new
rules will require an estimated 2,260,631
labor hours just
for compliance.»
The final updated
rules for overtime have been released by the Department of
Labor and are set to take effect in December: That means a lot of employees who were previously exempt will suddenly qualify
for overtime pay.
While franchisees have traditionally been seen as independent, a
ruling by the National
Labor Relations Board in 2015 said corporate parent companies are responsible for their franchisees» labor pract
Labor Relations Board in 2015 said corporate parent companies are responsible
for their franchisees»
labor pract
labor practices.
Even though any
ruling would
for now be restricted to McDonald's, other franchisers might decide to change their business models and end franchising over worries about even the potential of
labor issues.
In the same
ruling, Berlin denied the agency's initial request
for the contact data
for 21,000 Google employees on Friday, saying the
Labor Department's demand was too broad and could violate workers» privacy.
Last year, the figure was 333,000, of which 184,000 came from the E.U. Even if you accept, as most do, that immigration has expanded the tax base and kept the price of both food and services down, the influx —
for which there is no end in sight — is changing the face of the country too fast
for the population to stomach, and the E.U.'s
rules on free movement of
labor are an easy target.
While trashing your employer on social media may sound like a recipe
for disaster, a national
labor agency has just
ruled that it is not necessarily a fireable offense.
Paychex president and CEO Martin Mucci said some caution is seeping into
labor markets ahead of the presidential election and as business owners juggle new health - care and minimum - wage regulations and prepare
for the launch of overtime
rules in December.
In addition, Mulally negotiated a landmark
labor agreement with the United Auto Workers in 2009 that eased onerous work
rules and introduced a 50 percent lower wage
for new factory hires.
These risks and uncertainties include competition and other economic conditions including fragmentation of the media landscape and competition from other media alternatives; changes in advertising demand, circulation levels and audience shares; the Company's ability to develop and grow its online businesses; the Company's reliance on revenue from printing and distributing third - party publications; changes in newsprint prices; macroeconomic trends and conditions; the Company's ability to adapt to technological changes; the Company's ability to realize benefits or synergies from acquisitions or divestitures or to operate its businesses effectively following acquisitions or divestitures; the Company's success in implementing expense mitigation efforts; the Company's reliance on third - party vendors
for various services; adverse results from litigation, governmental investigations or tax - related proceedings or audits; the Company's ability to attract and retain employees; the Company's ability to satisfy pension and other postretirement employee benefit obligations; changes in accounting standards; the effect of
labor strikes, lockouts and
labor negotiations; regulatory and judicial
rulings; the Company's indebtedness and ability to comply with debt covenants applicable to its debt facilities; the Company's ability to satisfy future capital and liquidity requirements; the Company's ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; and other events beyond the Company's control that may result in unexpected adverse operating results.
The latest proposal
for updating NAFTA's automotive
rules from the United States would carry a four - year phase - in to meet a higher, 75 percent regional value threshold as well as new
labor rules.
The US
Labor Department has released its final fiduciary
rules for retirement advice.
Americans
for Annuity Protection are among those fixed annuity defenders who are fighting
for fair treatment of fixed products in the Department of
Labor fiduciary
rule.
The five lawsuits to block the Department of
Labor's fiduciary
rule continued to move forward in July in separate venues, but the Department of Justice strongly defended the
rule in a Washington, D.C., federal district court challenging the suit filed by the National Association
for Fixed Annuities, or NAFA.
WASHINGTON, April 30 The latest U.S. proposal
for updating NAFTA's automotive
rules would carry a four - year phase - in to meet a higher, 75 percent regional value threshold as well as new
labor content
rules requiring substantial work at hourly wages of at least $ 16.
Given the severe impact to annuity consumers - higher costs
for advice and shortage of annuity advisors to provide education and recommendations - that will result if the Department of
Labor's
Rule is issued as proposed, a clearer understanding of the IRA consumer is warranted.
A San Francisco - based driver
for smartphone - based ride - hailing service Uber is an employee, not a contractor, according to a
ruling by the California
Labor Commission.
New Department of
Labor fiduciary
rules that went into effect June 9 require only «reasonable compensation»
for sales of products into retirement accounts.
The new Department of
Labor fiduciary
rules could have implications
for cyber-security systems if they are not strong enough.
Americans
for Annuity Protection gets dozens of calls a month from advisors and agents asking what force is pushing the Department of
Labor's Fiduciary
Rule.
Meanwhile, Timothy Hauser, COO
for DOL's Employee Benefits Security Administration, stated at a mid-July IMCA conference in Washington that DOL plans to «push out» Q&A guidance «fairly shortly» to address questions about compliance with
Labor's fiduciary
rule.
There is precedent
for killing the Department of
Labor's fiduciary
rule based on its lack of adequate studies.
«Every
rule we take, people threaten us with litigation,»
Labor Secretary Thomas Perez told reporters on the sidelines of the event to announce release of the final
rule at the Center
for American Progress in Washington.
However, despite continued pushback from the broker - dealer and insurance industries on the controversial rulemaking — and delays — Saxon told ThinkAdvisor that he doesn't believe that Phyllis Borzi, assistant secretary of
labor for DOL's Employee Benefits Security Administration, the main architect of the fiduciary
rule, «is ever going to give up» on making sure the fiduciary redraft sees the light of day.
A White House official said the document, titled «Draft Conflict of Interest
Rule For Retirement Savings,» shouldn't be seen as a new turn in the
Labor Department's rulemaking.
Finally, the Department of
Labor fiduciary
rule is on life support and that is good news
for annuity sellers.
In a
ruling that fuels a long - simmering debate over some of Silicon Valley's fastest - growing technology companies and the work they are creating, the California
Labor Commissioner's Office said that a driver
for the ride - hailing service Uber should be classified as an employee, not an independent contractor.
On July 8, the public got its first view into how the U.S. Department of
Labor will defend its fiduciary
rule when it filed a cross motion
for summary judgment, asking the U.S. District Court
for the District of Columbia to dismiss a law suit brought by the National Association
for Fixed Annuities.
Phyllis Borzi, assistant secretary of
Labor for DOL's Employee Benefits Security Administration, agreed in comments to reporters that DOL is «confident that we have put together a
rule that will survive legal challenges.»
Phyllis Borzi, assistant secretary of
Labor for DOL's Employee Benefits Security Administration, said in a recent interview that DOL has been getting feedback on areas in the
rule that need tweaking.
Most of the coverage of the SEC's recent proposal to replace the Department of
Labor's Fiduciary
Rule has focused on the different standards
for brokers vs. advisors and the shortcomings of a disclosure - based approach to regulation.
Drew Carrington, head of Institutional Defined Contribution at Franklin Templeton Investments along with Michael Doshier, head of retirement marketing, examine the status of The Retirement Enhancement and Savings Act (RESA) and what it might mean
for both plan sponsors and participants, and recap the latest court
rulings impacting the Department of
Labor's Fiduciary
Rule.
Although TPP is often seen as another in a line of treaties aimed at liberalizing trade further, a more important goal may have been to «raise the bar» on trade, and to set up a body of
rules, including on environmental and
labor issues, with which to create pressure
for countries like China to comply.
Recent developments, including ongoing investigations into bribery and corruption at the Company's subsidiaries in Mexico, China, Brazil, and India; new revelations of accounting fraud at the Company's China operations; a recent
ruling by a National
Labor Relations Board Administrative Law Judge against the Company
for its illegal discipline of employees; and, the NLRB decision to authorize a nationwide complaint against the Company
for violations of the National
Labor Relations Act, highlight the need
for enhanced oversight of Wal - Mart's corporate culture and behavior.
Americans
for Annuity Protection (AAP) strongly supports the U.S. Department of
Labor proposal to delay the DOL Fiduciary
Rule applicability date of April 10.
For example, the Department of
Labor delayed the full implementation of the fiduciary
rule, which would have required anyone who handles retirement assets or gives financial advice to retirement savers to work in their clients» best interest and to provide disclosure of conflicts, when they exist.
Donald Falk and my colleague Eugene Volokh have done a backgrounder
for WLF on
Labor Department's Fiduciary
Rule Tests First Amendment Limits
(Corrects to delete reference in 10th paragraph and footnote to U.S. Senator Orrin Hatch's position on
Labor Department plans to craft fiduciary
rules for individual retirement accounts.)
The Department of
Labor fiduciary
rule and the interest - rate environment delivered a one - two punch to annuity sales last year, pushing them down
for the third consecutive year.
Lawyers representing the National Association
for Fixed Annuities told a U.S. District judge Thursday that individual insurance agents would be forced to become registered investment advisors under the Department of
Labor's fiduciary
rule and that the current distribution system
for fixed indexed annuities would have to be reworked.
The Department of
Labor's fiduciary standard
rule for advisors who serve up retirement - plan advice is here, all right.
Borzi, assistant secretary of
Labor for DOL's Employee Benefits Security Administration, stated at the meeting that DOL spent hours trying to ensure the
rule struck the right balance between what constitutes education and what constitutes advice.
DEATH WATCH FOR OBAMA»S FIDUCIARY RULE — An appeals court teamed up with President Donald Trump's Labor Department to deal a huge blow to the Obama - era fiduciary rule, which would have required brokers to put their customers» best interest ahead of their own compensation considerati
RULE — An appeals court teamed up with President Donald Trump's
Labor Department to deal a huge blow to the Obama - era fiduciary
rule, which would have required brokers to put their customers» best interest ahead of their own compensation considerati
rule, which would have required brokers to put their customers» best interest ahead of their own compensation considerations.
David R. Kotok, Chairman & Chief Investment Officer
for Cumberland Advisors, sits down with Asset TV to discuss the Department of
Labor's potential
rules change to fiduciary responsibilities and how it would affect the disclosure of «pay to play» fees.
Advisers need to examine their practices
for IRA rollovers in the new fiduciary environment created by the Department of
Labor's conflict - of - interest
rule.