During our 22nd session of Inside the Beltway, Fred Reish, Brad Campbell, Sandy Grannum and Jim Lundy discussed:

  • The likelihood of a final rule extending the applicability date of the most important fiduciary exemptions to July 1, 2019.
  • What’s next with the DOL and SEC for revising the fiduciary rule and the exemptions?
  • The current focus of SEC examinations under the ReTIRE Initiative.
  • The likely fiduciary claims against broker-dealers in FINRA arbitrations. 

Please listen to any of the session recordings below.

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Inside the Beltway Audiocast Recordings:

To listen to Fred and Brad's Inside the Beltway audiocast series, please click on a recording below:

  1. Beltway –October 12, 2017
    • The likelihood of a final rule extending the applicability date of the most important fiduciary exemptions to July 1, 2019.
    • What’s next with the DOL and SEC for revising the fiduciary rule and the exemptions?
    • The current focus of SEC examinations under the ReTIRE Initiative.
    • The likely fiduciary claims against broker-dealers in FINRA arbitrations
  2. Beltway – July 20, 2017
    • The fiduciary regulation and the transition exemptions applied on June 9. Which recommendations are the most impacted?
    • What’s next ... with the DOL? With the SEC?
    • When will the transition end? On December 31, as scheduled, or later?
    • What will be the most likely fiduciary breach claims under the transition rules?
  3. Beltway – April 25, 2017
    • Update on Secretary of Labor and DOL Appointees
    • Update on the fiduciary rule
    • Impact of the Congressional proposals for tax treatment of retirement plans
    • Impact on retirement plans of other Trump administration priorities
    • SEC ReTIRE Initiative
  4. Beltway – January 26, 2017
    • Update on the fiduciary rule
    • Update on the special Financial Institution status for IMOs and the sale of fixed indexed annuities
    • Impact of the Congressional proposals for retirement plans
    • Impact on retirement plans of other priorities of the Trump Administration
  5. Beltway – October 13, 2016
    • Litigation against the fiduciary rule
    • Challenges in capturing rollovers
    • The DOL process for financial institutions for fixed indexed annuities
    • Lessons learned from advising clients about compliance with the fiduciary rule and the exemptions
  6. Beltway – July 28, 2016
    • DOL’s final fiduciary regulation and the 84-24 and BIC exemptions
    • Compliance with the best interest standard of care and  with the conditions of the exemptions, certain products and practices
  7. Beltway – April 28, 2016
    • DOL’s final fiduciary regulation and the 84-24 and BIC exemptions and their impact on advice to plans and IRAs, including recommendations to take distributions from plans or IRAs
  8. Beltway – March 10, 2016
    • Update on the DOL’s fiduciary proposal, including the fiduciary definition, and the 84-24 and BIC exemptions
    • How broker-dealers are adapting to the anticipated final rule
    • Impact of final rule on plan distributions and rollovers
    • SEC’s examinations of retirement issues
  9. Beltway – December 10, 2015
    • Update on the DOL's fiduciary proposal, including the fiduciary definition, and the 84-24 and BIC exemptions
    • The Administration's rollout of myIRA
    • The DOL's guidance on ETIs (economically targeted investments)
    • The Intel lawsuit and custom target date funds
    • Aftermath of the Tibble decision
  10. Beltway – September 10, 2015
    • An update on the fiduciary proposal: comment letters and possible changes
    • DOL guidance on lifetime retirement income and income projections
    • The President’s directive to the DOL about state-sponsored plans
  11. Beltway – June 16, 2015
    • An overview of the fiduciary proposal
    • What the proposal means for registered investment advisers
    • What the proposal means for broker-dealers
    • How the proposal impacts distributions and rollovers
    • Where the proposal will have the greatest impact
  12. Beltway – March 31, 2015
    • The White House budget proposals related to retirement plans, including the proposal regarding state-sponsored retirement plans for individuals
    • The Supreme Court’s acceptance of Tibble v. Edison International
    • The focus on share classes and revenue sharing
    • The White House memo on the fiduciary proposal
  13. Beltway – December 4, 2014
    • The implication of the election results on legislation and administrative guidance
    • The Supreme Court’s acceptance of the case of Tibble v. Edison International
    • The guidance issued on guaranteed benefits and target date funds by Treasury and the DOL
    • Money market fund rules
    • The GAO Report on managed accounts
    • Proprietary funds in plans and recent litigation
  14. Beltway – September 18, 2014
    • What the mid-term election could mean for retirement plans
    • The case of Fifth Third Bancorp v. Dudenhoffer
    • What anticipated SEC and DOL guidance on TDFs can mean
    • The increased focus on IRA rollovers—why and where are we going?
    • Service providers as 3(16) administrator fiduciaries, and recent litigation on the meaning of 3(16)
    • Proprietary funds in plans and recent litigation
  15. Beltway – June 5, 2014
    • The ING settlement
    • Recently released GAO report on tax incentives for plans
    • The risks comprehensive tax reform pose
    • Status of DOL RFI regulation on brokerage windows
    • How IRS rev ruling 2014-9 simplifies rollover processes
    • Pending regulation amendments on TDFs for QDIA and 404a-5 disclosures and the anticipated consequences; and
    • DOL Investigations of Fiduciary Service Providers
    • Guest speaker Ted Becker spoke about a recent ESOP case he settled with the DOL
  16. Beltway – March 20, 2014
    • FINRA guidance on distributions and rollovers
    • What the President’s new budget proposal tells us about DOL Investigations, IRS audits and agency enforcement priorities
    • DOL’s proposed 408b-2 summary disclosure requirements;
    • The President’s retirement proposals in the new budget
    • Changes in the likely publication dates on the TDF disclosure rule, brokerage window RFI, and other pending regulations
    • The Sixth Circuit decision on lawyers' advice
    • Big picture policy discussion: Why are critics calling the 401(k) plan a benefit for the wealthy?
  17. Beltway – December 5, 2013
    • End of the year review of what happened, and what it means
    • Budget negotiations and impact on plans
    • DOL proposal for 408(b)(2) guide
    • DOL Target date fund disclosure final regulation
    • Update on the fiduciary advice proposal
    • Update on projections of retirement income
    • The latest developments in retirement plan litigation
    • Other recent developments
  18. Beltway – September 12, 2013
    • Status of the fiduciary advice proposal
    • Focus on distributions and rollovers
    • DOL proposed guide on 408(b)(2) summary requirements
    • DOL's focus on abandoned plans
    • DOL's expansive definition of compensation and the ING settlement 
    • Comments received to the DOL proposed lifetime income projections
    • Lessons from recent court decisions
  19. Beltway – May 21, 2013
    • The President's budget, and how it addresses the DOL staff levels, the IRS Individual Retirement Account (IRA) enforcement, and the proposal to cap IRA benefits at $3 million
    • Perez nomination and how the fiduciary rule timing might be affected
    • Lifetime Income PRE rule
    • GAO report on IRA rollovers
    • DOL's expansive definition of compensation and the ING settlement
    • DOL's focus on abandoned plans
    • Leimkuehler and Santomenno cases
  20. Beltway – February 26, 2013
    • DOL’s regulatory agenda and its impact on retirement plans and service providers
    • Latest on the tax reform debate and its treatment of retirement plans
    • Fiscal cliff change regarding the in-plan Roth conversion
  21. Beltway – November 15, 2012
    • Post-election insights
    • Assessing the impact of the Presidential and Congressional elections on retirement plans and service providers
  22. Beltway – August 16, 2012
    • What to do with DOL's controversial guidance on brokerage accounts in 401(k) plans
    • Final preparations for participant disclosure
    • Review of DOL's anticipated 408(b)(2) supplemental guidance
    • The future of DOL's fiduciary advice regulation
  23. Beltway – November 15, 2012
    • Post-election insights
    • Assessing the impact of the Presidential and Congressional elections on retirement plans and service providers

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Questions? Please contact Liz.Jutila dbr.com.

Source: Drinker Biddle Audiocast