Sentences with phrase «fiduciary definition»

The memo is in support of a proposed fiduciary definition for professionals selling retirement investments to 401 (k) beneficiaries under the Employee Retirement Income Security Act.

In this way, the Fiduciary Rule (i.e., the new fiduciary definition itself) will become applicable after the 60 - day delay, and the BIC Exemption and the Principal Transactions Exemption will be available as of that date but these exemptions will only require fiduciaries to adhere to the Impartial Conduct Standards for covered transactions until January 1, 2018, when the remaining conditions will apply unless revised or withdrawn.

«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.

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.

In short, the complaint says, DOL «is instituting a deliberately unworkable fiduciary definition, with full knowledge that financial services firms and insurance institutions will have no choice but to seek an exemption from it.

Raymond James representatives say the firm supports SIFMA's efforts to «raise industry and Congressional awareness of the potentially negative impacts» of the DOL's proposed change in the retirement account fiduciary definition.

Fred Reish answers your questions about the Department of Labor's new fiduciary definition and the requirements for conflicts of interest.

In enacting ERISA's fiduciary definition, Congress drew upon principles of trust law and the law governing investment advisers and broker - dealers that must be considered in interpreting the statute today.

Raymond James Financial CEO Paul Reilly has made it his personal mission to oppose a fiduciary definition proposed by the Department of Labor, and he wants Raymond James advisors to join him.

Bartz in representing NAFA maintained that DOL's «new» fiduciary definition is «overbroad» and that DOL «threw» fixed indexed annuities into the fiduciary rule's best interest contract exemption «at the last minute.»

FORT LAUDERDALE, Fla. — A leaked White House memo supporting a fiduciary definition for brokers selling retirement investments proposed by the Department of Labor was «pretty shocking,» according to former SEC chairwoman Mary Schapiro.