One-of-a-kind "Fiduciary Management Program" designed for advisers to help plan sponsors clearly define, execute, and document investment selection and monitoring
Byline: Sara Hansard WASHINGTON - Two fiduciary organizations support a controversial new regulation that exempts fee-based brokers from registering as investment advisers in some circumstances. In early April, a spinoff group of the Soc ...
Byline: Vineeta Anand WASHINGTON - The Labor Department's pension office is drafting rules that will require service providers to offer more complete information about compensation arrangements and fees to employers. In turn, employers will be r Byline: Vineeta Anand ...
Byline: Vineeta Anand WASHINGTON - Companies facing class-action lawsuits over steep drops in stock prices are rushing to hire outside fiduciaries to manage their 401k plans' company stock investment options. Among them are Sprint Corp., Qwest Byline: Vineeta Anand ...
These are tough times for ERISA fiduciaries. The halcyon days of comfortable returns and simple asset allocations are long gone, replaced with a need for more oversight than ever before. Changing demographics, accounting issues and anemic financial market returns present problems for private and public plans alike. Yet ERISA fiduciaries...
Wall Street might be wise to give up and simply admit that brokers are fiduciaries and should be registered as investment adviser reps. This issue heated up again when the Financial Planning Association sued the SEC in July over the so-called "Merrill Ly Wall Street might be wise to give...
Fiduciary liability insurance is an insurance product which provides protection to those responsible for the governance, management and administration of pension and benefit plans. Attitudes regarding fiduciary liability insurance vary widely. If surveyed about it, a pension or benefit fiduciary would likely express This article provides background on fiduciary liability...
The governance of company-sponsored 401k plans has become an area of concern and consternation among those who work with such plans. Many companies and executives are questioning the best structure and means to manage their fiduciary responsibilities, while acting in plan participants' best interests and mitigating their own personal liability...
In 2004, independent investment research company Morningstar Inc introduced a Fiduciary Grade system to complement its ratings service of mutual funds by factoring in areas of mutual fund governance and operations. The fiduciary grades have no influence on its star ratings - they are two separate tools for appraising a...
Are retirement plan fiduciaries safe if they are well intentioned? Regrettably, no. Amidst intensified scrutiny of retirement plan governance, there are pitfalls and liability risks even for the most well intentioned fiduciaries. Enron and WorldCom headlines have created a mistaken but understandable impression that only blatant or intentional fraud can...
WASHINGTON, Feb. 12 /U.S. Newswire/ -- Secretary of Labor Elaine L. Chao today announced that an independent fiduciary will be appointed to replace Enron Corporation's Administrative Committees, whose members currently serve as fiduciary of the company's WASHINGTON, Feb. 12 /U.S. Newswire/ -- Secretary of Labor Elaine L. Chao today announced...
DES MOINES, Iowa -- The Principal Financial GroupR, the nation's 401k leader and total retirement solutions innovator, has released a new, easy-to-use fiduciary guide to help employers and their advisors understand the complex rules governing qualified retirement plans. In recognition of the 30th anniversary of those rules, the Employee Retirement...
The federal district courts have applied a laser-like focus to the questions of who is an ERISA fiduciary and why corporate officials may or may not enjoy fiduciary status. The federal law regulating retirement plans, the Employee Retirement Income Security Act of 1974 ("ERISA") states fiduciary status can be acquired...
The HR Human Resource professionals who run benefit plans for their employers don't always know all there is to know about those plans. In fact, experts note, some officials at smaller firms aren't even aware that they are fiduciaries-the legal term for the people who control benefit plans. The truth...
In Field Assistance Bulletin (FAB1) 2003-3, released May 19, 2003, the U.S. Department of Labor provided new broad and flexible guidance that describes how fiduciaries might allocate a defined contribution plan’s (e.g., a 401k plan) expenses. In general, FAB 2003-3 clarifies that fiduciaries of these plans normally have considerable latitude...
From the executive summary: ‘The CEO of a major business organization provides a unique opportunity to understand the Department of Labor’s positions on Employee Retirement Income Security Act’s ERISA requirements for 401k fiduciaries. ERISA requires fiduciaries to act prudently in all aspects of the fiduciary duties. Fiduciaries should be in...
Fiduciary income tax issues related to closely held businesses can be very complex and are often uncertain. This article attempts to define and clarify some of these issues. In planning for the owner of a closely held business, the document drafter must consider the effects of the estate plan on...
Byline: Doug Halonen WASHINGTON - A Labor Department advisory letter gives the government's blessing to private pension funds' use of liability-driven investments. The letter to JPMorgan Chase Bank, New York, released last week, said pension fu Byline: Doug Halonen ...
From the executive summary: ‘The first thing companies must do to minimize fiduciary risk is identify everyone who has legally defined fiduciary responsibilities, or who is performing the functions of a fiduciary without knowing it. A fiduciary is a functional role that is not based on job title, so a...
This paper examines the suitability for trustees and other investment fiduciaries of the class of investments known variously as "socially responsible", "ethical", "screened", "social" or "sustainable" investments, in the context of the legal duties imposed on fiduciaries to invest the fund entrusted to them in a prudent manner. The paper...
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