The Department of Labor Insurance is coming under fire for its decision to extend the retirement age to 65. The move has generated widespread complaints from workers. Protesters packed the Department of Labor Insurance to get updates regarding the labor pension plan. Starting from next year, workers born in 1958 will not be allowed to pick up their pension in advance. The decision has resulted in numerous complaints.The sudden delay forces us to change our plans. We have no confidence in the government's ever-changing policies.The scheme originally stipulated that employees would become eligible to receive full pension at 60. But the payment age was extended to 61 starting from 2018. A further increase of one year shall be enforced every two years thereafter, until the age of eligibility b
Views: 90 民視綜合頻道
This case study is part of the Data in Action Series that highlights agency programs that successfully capture customer feedback and turn those insights into program enhancements. Case Study #1 – Terri Thomas with DOL EBSA Plan Participant and Compliance Assistance Programs Under EBSA’s plan participant and compliance assistance programs, benefits advisors answer questions from the public about private sector employee benefits plans. Questions cover such topics as benefits, claims, 401(k) plans and defined benefit pension plans. For the past 10 years, Terri Thomas has conducted customer satisfaction studies of these programs, and EBSA uses this detailed data to improve services and measure performance for GPRA purposes.
Views: 204 DigitalGov
The new leadership of the Department of Labor and Employment plans to enforce bounty system against illegal recruiters. Joan Nano tells us why. Why News AIRING DATE: July 1, 2016 Anchored by: Angelo Diego Castro III, Gerry Alcantara and William Thio For more videos: http://www.untvweb.com/video/ Check out our official social media accounts: http://www.facebook.com/untvlife http://www.twitter.com/untvlife http://www.youtube.com/untvkasangbahay Instagram account - @UNTVLife Feel free to share but do not re-upload.
Views: 2054 UNTV News and Rescue
Want to know more on Labor Standards (or the minimum requirements that an employer shall provide to the workers pursuant to the Labor Code and other applicable laws)? Join Jerome again as he gets hired and was oriented on his benefits as an employee.
Views: 36968 DOLE Labor and Employment Education Services
Hello! and thank you for joining us in part 3 of our ERISA video series. In this video I am going to discuss the Department of Labors and the final regulations issued for ERISA §408(b)(2). §408(b)(2) of ERISA provides a statutory exemption from the legal prohibition against payment for services from a Covered Plan to any part-in-interest including a Fiduciary provided: (1) such service is necessary for the establishment or operation of the plan; (2) such service is furnished under a contract or arrangement which is reasonable; and (3) no more than reasonable compensation is paid for such service. On February 3, 2012, the Department of Labor ("DOL") issued final regulations that establish disclosure requirements for services performed and fees charged by "Covered Service Providers" to retirement plans (the 408(b)(2) "Final Regulations"). A Covered Service Provider ("CSP") is defined to be a service provider that enters into a contract or arrangement (whether written or not) with a Covered Plan and reasonably expects to receive $1,000 or more in compensation in connection with the services. The Final Regulations provided additional changes to the "interim final" regulations published on July 16, 2010. The deadline for compliance under the Final Regulations is July 1, 2012 (previously April 1, 2012). The effective date for compliance under ERISA §404(a) Participant Fee Disclosure Regulations was extended to August 30, 2012 so that Plan Fiduciaries may incorporate information disclosed under the Final Regulations. On or before the effective date, the CSPs must provide or disclose: • A description of the services provided to the Covered Plan. • The status of the CSP as a fiduciary to the Covered Plan. • An estimate of direct and indirect compensation received or paid to other CSPs. • An estimate of the cost of record keeping services (if record keeping is provided). • Manner of receipt/payment of compensation (billing versus deduction from plan assets). • An estimate of investment fees and expenses (if designated investments are provided). Please watch the video. For any questions, please contact Gary Young at
Views: 788 Scarinci Hollenbeck
The DOL’s new fiduciary rule requires financial advisors to put their clients’ best interests ahead of their own when providing investment advice. Carmen Grinkis, Wealth Advisor, AAFCPAs Wealth Management provides perspective on the ruling and what it means to be a fiduciary. Carmen will also provide attendees with a questioning toolkit, so you can help ensure that your investment advisors are putting your best interest first. This is an educational podcast session recorded live from AAFCPAs Annual Nonprofit Educational Seminar on May 6th, 2016. Listen to the full audio at www.aafcpa.com/podcasts
Views: 113 AAFCPAs (Alexander Aronson Finning CPAs)
"How to Plan for Retirement". A simple guide to help you retire with peace of mind. PST: Hello, its me, Professor KnowItAll... and yes, I'll be giving you the very best tips so you can retire with peace of mind... EXP: Hello Professor, are you now an expert on that topic? PST: Of course... EXP: Oh, OK, so you're all ready for retirement? PST: Of course! I'm ready! EXP: So then, you have money saved? PST: Well, not exactly but I have a plan... I will live with my kids... EXP: Living with your family during retirement can be very gratifying, but surely you don't want to be a burden on them...Did you know that people in the United States, on average, live 20 years after they retire? In general, people need almost 80% of what they earn in order to live comfortably after retiring That's a lot of money, so you'll definitely need a good plan in order to get there. OK, don't panic yet. It's never too late to start or even too early. Let me tell you what you should do so that the next time, you can give people good advice. PST: Sounds good. EXP: Professor, according to the Consumer Action Handbook, the first thing is recognizing the importance of saving for retirement. The three most common options are: One: Pension benefits, offered by some places of employment. Two: Savings and investments, started by you. Three: Social Security, which is the Federal Governments retirement plan. Now, if you're still working, find out if your place of employment offers a pension plan and how it works. Some companies also offer a 401k plan. PST: Four 01 what? I've never heard of that truck, but mine is newer... EXP: I'm not talking about vehicles here, I'm talking about retirement plans in which, if you save, your company will match a percentage of the contributions you make. PST: Oh, that's like free money. EXP: Exactly. Sometimes you impress me, Professor! In order to plan well for retirement, you must consider what types of expenses you'll have, whether you'll work or not, if you'll have additional medical insurance, or if you'll have costly hobbies, like traveling. There are many things to consider, so you may want to consult a financial expert for help. PST: Yikes, I'm feeling dizzy... EXP: Professor, you can also ask for help and get tips from the following organizations: AARP, American Savings Education Council, Department of Labor Securities and Exchange Commission, Social Security Administration PST: Ufff...I'm feeling a little better now. EXP: Professor, this is all about saving not spending... Better yet, let me remind you to visit USA.gov or in Spanish at GobiernoUSA.gov where you can learn more about all of this and other interesting topics for consumers. And remember, you can also order your free "Consumer Action Handbook "...
Views: 39198 USAgov/archive
A complimentary webinar from McDermott Will & Emery discussing key issues retirement plan sponsors should take into account when establishing and maintaining internal controls based on the compliance requirements Internal Revenue Service and U.S. Department of Labor agents review when they conduct retirement plan audits.
Views: 155 McDermott Will & Emery
Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips. Connect with Last Week Tonight online... Subscribe to the Last Week Tonight YouTube channel for more almost news as it almost happens: www.youtube.com/user/LastWeekTonight Find Last Week Tonight on Facebook like your mom would: http://Facebook.com/LastWeekTonight Follow us on Twitter for news about jokes and jokes about news: http://Twitter.com/LastWeekTonight Visit our official site for all that other stuff at once: http://www.hbo.com/lastweektonight
Views: 9449722 LastWeekTonight
A company may provide pensions to its employees. A pension may have you make monthly contributions of a set percentage, but the largest portion will come through your employer is retirement account that an maintains to give fixed payout when retire sep 3, 2015 kind defined benefit plan where worker gets exactly. The biggest difference between a 401(k) plan and traditional pension is the distinction defined benefit contribution retirement that requires an employer to make contributions into pool of funds set aside for worker's future. Pension plans beat 401(k) savers silly here's why forbes. What is a church pension plan? Faq plans and erisa findlawpension & defined benefit plan differences. What is a pension? Is it all you'll need to retire? The motley fool. United states department of labor. What's the difference between a 401(k) and pension plan investopedia. Defined benefit pension plan wikipediawhat is a plan? Smartasset. Googleusercontent search. Defined benefit pension plans are traditional pensions that pay a certain for over 115 years, fund has been providing strong, smart & secure insurance benefits retirement plans, all with an eye on your future which funded by employer, increasingly being replaced 401(k) employee. Its two basic types are (1) deferred compensation plan in which an employer pays a fixed monthly pension depending on the employee's retirement age, length of service, and last salary employee income security act (erisa) covers plans defined benefit contribution. What is a pension plan and should i have one? The balance. Learn how these plans work What's the difference between a 401(k) and pension plan investopedia. Pension plan definition & example what is a frozen pension plan? Budgeting money. Traditionally nov 17, 2016 a pension plan is form of defined benefit (db) retirement. In the case of a pension, when said worker meets defined benefit pension plan is type in which an employer sponsor promises specified payment, lump sum (or combination government pensions such as social security united states are. Pension plan? Definition and meaning businessdictionary types of retirement plans. These pensions provide a jun 4, 2013 if you were aiming to save enough money retire, really and feel secure in your old age, would be better off traditional pension scheme under which retirement benefits accrue are distributed the beneficiary employees. Asp url? Q webcache. Pension plan investopedia. The term church applies to all religious for employers that maintain pension plans, erisa sets certain standards such as how long you must work before have a 'non forfeitable' interest in your congress set up pbgc insure the defined benefit pensions of working americans. Your employer makes contributions and you receive monthly payments from the account jul 19, 2017 if work for a private sector who provides as benefit traditional pension, might consider putting in place back up plan church pension is retirement that established maintained by it
Views: 2 Dirk Cambareri Tipz
What are the best retirement plans – What is retirement planning fully explained? http://www.RetireSharp.com 1-800-566-1002. What are the best types of retirement plans and learn how you can avoid the most common mistakes that individuals have made when looking to set up retirement planning for their goals. Retirement Planning With Annuities You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors. Many financial professionals suggest that you'll need about 70 percent of your current annual income to fund your retirement. This can be a good starting point, but will that figure work for you? It depends on how close you are to retiring. If you're young and retirement is still many years away, that figure probably won't be a reliable estimate of your income needs. That's because a lot may change between now and the time you retire. As you near retirement, the gap between your present needs and your future needs may narrow. But remember, use your current income only as a general guideline, even if retirement is right around the corner. To accurately estimate your retirement income needs, you'll have to take some additional steps. Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses. That's why estimating those expenses is a big piece of the retirement planning puzzle. But you may have a hard time identifying all of your expenses and projecting how much you'll be spending in each area, especially if retirement is still far off. Don't forget that the cost of living will go up over time. The average annual rate of inflation over the past 20 years has been approximately 2.5 percent. (Source: Consumer price index (CPI-U) data published annually by the U.S. Department of Labor, 2013.) And keep in mind that your retirement expenses may change from year to year. For example, you may pay off your home mortgage or your children's education early in retirement. Other expenses, such as health care and insurance, may increase as you age. To protect against these variables, build a comfortable cushion into your estimates (it's always best to be conservative). Finally, have a financial professional help you with your estimates to make sure they're as accurate and realistic as possible. Decide when you'll retire To determine your total retirement needs, you can't just estimate how much annual income you need. You also have to estimate how long you'll be retired. Why? The longer your retirement, the more years of income you'll need to fund it. The length of your retirement will depend partly on when you plan to retire. This important decision typically revolves around your personal goals and financial situation. For example, you may see yourself retiring at 50 to get the most out of your retirement. Maybe a booming stock market or a generous early retirement package will make that possible. Although it's great to have the flexibility to choose when you'll retire, it's important to remember that retiring at 50 will end up costing you a lot more than retiring at 65. The age at which you retire isn't the only factor that determines how long you'll be retired. The other important factor is your lifespan. We all hope to live to an old age, but a longer life means that you'll have even more years of retirement to fund. You may even run the risk of outliving your savings and other income sources. To guard against that risk, you'll need to estimate your life expectancy. You can use government statistics, life insurance tables, or a life expectancy calculator to get a reasonable estimate of how long you'll live. Experts base these estimates on your age, gender, race, health, lifestyle, occupation, and family history. But remember, these are just estimates. There's no way to predict how long you'll actually live, but with life expectancies on the rise, it's probably best to assume you'll live longer than you expect. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: retirement plans Best retirement planning Top retirement plans Retirement planning for dummies Retirement planning for beginners What are the best strategies for retirement plans so that I can avoid critical retirement planning mistakes? https://www.youtube.com/watch?v=fCOH4xL5z-Y
Views: 2688 retiresharp
Davis-Bacon Act Part 1 Webcast from the Department of Labor Prevailing Wage Conference. October 4, 2011 - Morning Session. For more information visit http://dol.gov
Views: 4989 DCNAFC
The Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA) each impose a range of obligations on employee health and welfare plans, with steep penalties for noncompliance. Taken together, these complex requirements put employees at high risk for not surviving a Department of Labor (DOL) audit unscathed. Read the full story: https://www.shrm.org/hr-today/news/hr-news/conference-today/Pages/Avoid-or-Survive-a-DOL-Audit-of-Health-Plans.aspx Music by audionautix.com.
Views: 266 SHRMofficial
On October 19, 2016, NCPERS hosted a webinar, which presented a succinct overview of the recently finalized DOL (Department of Labor) safe harbor ERISA exemption for auto IRAs and the proposed extension of the safe harbor to cities and local governments. The speaker, David Morse with K & L Gates, discussed the implications for the current efforts by California, Illinois, Oregon and other states to “go live” with their pending auto-IRA programs and possible impact on pension plans for state and local workers. The program included an interactive Q&A with the speaker.
Views: 50 NCPERS
(Transcript is below) New state-run retirement plans for private-sector employees will be exempt from important investor safeguards. In the October 14, 2016, edition of Focus on Funds, ICI General Counsel David Blass details what workers need to know. For more on why Secure Choice is risky for workers and for the state of California, please visit https://www.ici.org/viewpoints/view_16_pss_secure_choice. ___________________________ Stephanie Ortbals-Tibbs, ICI Director, Media Relations: Many states, including California, are trying to help their citizens save for retirement by introducing new, mandated retirement-savings programs that are run by the state. But this answer comes with many new questions about investor protection, as I learned from ICI General Counsel David Blass. David Blass, ICI General Counsel: We need to laud California and the policymakers who are looking into the issue, because it’s a very important one. We share the goal of promoting access to employer-sponsored plans for employees who want to put retirement savings away. But we have some issues with the state plans. There are a lot of issues that remain unexplored—not just unresolved, but unexplored. We have talked a lot about the costs of the plans—there are a lot of questions there—[and] the participation rates. But there are others where we really haven’t had much of a discussion among the policymakers—the investor protections. The bedrock foundation of investor protections in the US for retirement savers is a combination of the Employee Retirement Investment Savings Act [ERISA] and the federal securities laws. The Department of Labor has granted significant exemptions to the states for the retirement savings laws—ERISA—and we don’t know how the federal securities laws are going to apply to these plans. What protections are there for the people who are putting their money away, their retirement savings away, in these plans? We simply don’t know at this stage. Ortbals-Tibbs: Savers in these funds could be thinking of them as being similar to mutual funds or a 401(k), but the rules governing them, in terms of investments, account balances and access, and transparency—all of that is going to be quite different. Blass: People put their money away without really thinking about the investor protections. It’s just an assumed fact that your money is going to be there invested for you, and there are protections there to make sure you get a fair deal. But that assumption may not be accurate for these state plans, especially under ERISA, because the Department of Labor’s already given an exemption to the states there. Ortbals-Tibbs: David, the other thing that’s very clear from what you’re saying is that this is going to result in a lot of confusion for the employer and the employee. Blass: Several states are looking into these plans. They’re looking into them, with differences amongst the plans. There’s a potential for confusion on two levels. One, think if you’re an employer. You’ve got employees in multiple states that have these plans, and maybe some employees in states that don’t have these plans. How do you organize all of that for your retirement-savings offerings to your employees? You’re going to have to do it in California. You’re going to have to do it in Illinois and the other states that offer these plans. How do you manage how those state plans are going to function, especially if you have employees who move from one state to another? That brings me to the second level. If you’re an employee, and you’re moving from California to Illinois, you’ve presumably saved some money for retirement savings in the California plan. When you move, what happens to that money? You’re now in Illinois and you have to participate in the Illinois plan. You’re defaulted into the Illinois plan. What happens to the money that you had in California? Does it come with you? There’s no answer that I know of to that question. Ortbals-Tibbs: David, it sounds like a national solution is a much better, clearer approach. Blass: We laud the motives behind policymakers in the states who are looking to do something to promote retirement savings. We simply think the better the better approach that has the best potential to move the dial is at a national level. And that’s providing better access to employer-sponsored [retirement] savings accounts. It could be through a multiple employer program that gives employers lower costs and therefore a greater incentive to offer the plans to their employees. It’s at that level, so that employers who operating on a national basis [and] employees who move simply don’t have problems with their accounts. And the bedrock foundations of investor protections remain.
Views: 51 ICI Video
The U.S. Department of Labor has issued a new and controversial regulatory proposal that would expand the class of plan fiduciaries and impose new conflict-of-interest restrictions on how these fiduciaries transact business with employee benefit plans. Whether you are a plan sponsor or plan committee member, an IRA holder or provide services to employee benefit plans, these new rules would affect the way that you operate. Carol Buckmann, Counsel in Osler's Pensions and Benefits Group, joined by special guests Gary Yerke, Vice President and Associate General Counsel, Fidelity Investments, and Alan Spierer, Senior Retirement Plan Consultant with UBS Institutional Financial Services provide you with an overview of the impact of this important new proposal. The panel discussion includes the following topics: - What are the major changes to existing rules? - What new responsibilities would I have as a plan sponsor or investment committee member? - How would my record keeper/plan provider be affected, and what will it mean for me? - How would the changes affect brokers and investment advisors? - What changes might be made to the proposal? - Should I be preparing to comply now?
Views: 335 Osler, Hoskin & Harcourt LLP
*As the DOL fiduciary rule begins to take effect next April, all financial advisers will be required to recommend what is in the best interests of clients when they offer guidance on 401(k) plan assets, individual retirement accounts or other qualified monies saved for retirement. ***The rule does not apply to after-tax investment accounts that may be earmarked as retirement savings. Independent broker-dealers, who currently operate under a less stringent standard that only requires that investment advice be “suitable,” face the greatest disruption. They'll need to craft new administrative steps and invest millions in technology and training to meet the rule's requirements. Many advisers will face changes in how they are paid. The DOL rule doesn't ban commissions or revenue sharing, but it requires advisers who accept them to have clients sign a best interest contract exemption, or BICE. It pledges the adviser will act in the client's best interests and only earn “reasonable” compensation. The exemption also must disclose information to clients about fees and conflicts of interest. Americans won hard-fought protections regarding the purity of their retirement advice last May. Now it's up to the nation's financial advisers to decide whether they'll meet the letter — and spirit — of the historic investor protection regulation. The Labor Department's fiduciary rule is aimed at stopping the $17 billion a year the government claims investors waste in exorbitant fees. The idea is that the regulation will stop advisers from putting their own interests in earning high commissions and fees over clients' interests in obtaining the best investments at the lowest prices. The final rule contained several important concessions to the advice industry that will make implementation easier for financial advisers. But there still appears to be enough meat to the rule that advisers will have litigation to fear if they can't prove their retirement advice prioritized the client over themselves. “This is going to be a bigger change than the industry expects,” said John Anderson, managing director of practice management solutions for the SEI Advisor Network. The nation's thousands of brokerage, advisory and insurance firms that impart advice within the $25 trillion retirement services market will have to adjust their operations and procedures to comply with the rule. Some changes will be drastic, while others will be minor, but all promise to fundamentally shift the advice landscape. source: http://www.investmentnews.com/article/20160509/FEATURE/160509939/the-dol-fiduciary-rule-will-forever-change-financial-advice-and-the by: Liz Skinner
Views: 55 Cyndkt
http://glassmanwealth.com/answers People are often curious about their investments, but don't always know the right questions to ask. At Glassman Wealth we LOVE empowering our clients. Each quarter we provide the 5 questions we think everyone should be asking their financial advisor. Question 2: The Department of Labor has new rules over the advice of retirement accounts. How does this affect my retirement account (IRA, SEP, 401k), our relationship, and your overall business? This clip is from our June 2016 Quarterly Questions Segment. See more at http://www.glassmanwealth.com/answers
Views: 240 Glassman Wealth Services
https://feedbackwrench.com Small Buisness Retirement Plans can be really confusing - this is the first of three videos that we'll be putting together in order to help people understand what is going on for their retirement plans as an entreprneur and small business owner. Investing basics are sometimes too simple, and not intuitive enough to help people make sure they don't get ripped off. In this video, we've put together the top 5 things you can do to make sure that you're maximizing your investments. This is video 1 of 3, and this is meant to ensure that you're able to perform the basics of investing. Sometimes, investing in mutual funds and etf's happen only after you've tangled up with an investment advisor that may, or may not have your best interests at heart. While the department of labor and the government are trying to make laws to help investors, they're actually making it worse. KNOWLEDGE is the answer here, and we want you to be equipped with the very basics so that you won't get ripped off.
Views: 293 FeedbackWrench
Googleusercontent search. Visit our frequently asked an individual retirement account (ira) allows you to save money for in a ira intended 'rolled over' from qualified plan feb 27, 2017 is employer's benefit employees that meets specific internal revenue code requirements. Retirement plans in the united states wikipediaretirement plansretirement entrepreneurunited department of labor. What is a 'qualified retirement plan'? Turbotax support. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions simple ira (savings incentive match for employees) sep (simplified employee pension) sarsep (salary reduction simplified payroll deduction iras. These plans apr 1, 2011 for the self employed, even if will to save retirement is there, way can be problematic. As the tax season rolls into its final few weeks, may 24, 2017 learn everything you need to know about retirement planning, including pros and cons of different accounts, considerations, Bb&t investment services income planning. Retirement plans national life group. Wikipedia wiki retirement_plans_in_the_united_states url? Q webcache. Retirement plans in the united states wikipedia en. Future cash flows are an arrangement to provide people with income during retirement when they're no longer earning a steady from employment small business subtopics compliance assistance consumer information on pension plans efast2 filing (form 5500 and form sf) employee the security act of 1974, or erisa, protects assets millions americans so that funds placed in jun 29, 2016 because this, uncle sam wants needs you save for. Saving for retirement when you retire plan administration planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. United states department of retirement plan faq what is plan? Definition and meaning investor words. Help with choosing a retirement plan tax information for plansretirement planning. Bb&t investment services retirement income planning. Pensions pensions are the easiest retirement plans because little is required of you meant to be enjoyed without doubting your planning. It is often created by companies or the government nov 18, 2015 here are 10 best options for your retirement plan 1. Find answers to 401(k) plan questions with our helpful online plans are popular employers because they less expensive than other types of retirement. Contributions constitute the biggest expense for definition of retirement plan a savings and investment that provides income during. Let state farm help you retire stress free the relationship between firm size and retirement plan sponsorship is particularly important given obama administration's proposals to create participating in your employer's 403(b) or 457(b) can take one step closer a that support lifestyle. What is an ira? (individual retirement account) fidelity. Retirement planning resources and insights the balance. Offering t
Views: 6 Question Bag
(Transcript is below) The July 31, 2015, edition of Focus on Funds features ICI General Counsel David Blass outlining the Institute’s key concerns with the new fiduciary rule proposal from the Department of Labor. For more information on this issue, visit ICI's DOL Fiduciary Duty Rule Resource Center: https://www.ici.org/fiduciary_rule. ___________________________ VIDEO TRANSCRIPT Stephanie Ortbals-Tibbs, Director, ICI Media Relations: Welcome to Focus on Funds, the Investment Company Institute’s weekly roundup of industry news, ICI activities, and research findings. Funds and their investors should be deeply concerned about a proposed new set of rules in the Department of Labor that would govern the interaction between funds and retirement savers. ICI has filed four comment letters with the Department, outlining a raft of concerns it has with the current proposal, and I spoke with ICI’s General Counsel David Blass about some of our key comments. David Blass, ICI General Counsel: So, first of all, we support the underlining principal of the proposal, which is retirement savers should get advice that’s in their best interest. We strongly support that as a proposition. The problem is that the DOL went in a very different direction with its proposal and introduced a ream of red tape that our letters suggest they cut through. So they should be more narrow and targeted in terms of who is a fiduciary and subject to all of this red tape and they should really think about all the requirements that come along with being a fiduciary and really dial this back so that advice to retirement savers is still available to retirement savers and is not more costly than it is today. Ortbals-Tibbs: There are some really interesting examples that you offer in the letter about how this could affect retirement savers. Can we run through some of the real life impact it could have? Blass: Absolutely. So, one impact is just calling up a call center or going to a website and getting information from a fund shop about the funds that are offered. That interaction shouldn’t be viewed as a fiduciary interaction but under the DOL’s proposal it is. So the net effect is that, that information won’t be there for retirement savers if the DOL adopts this rule and they really need to rethink that. Ortbals-Tibbs: So, in terms of rethinking, what are we suggesting? What are some of the constructive approaches that we suggest they take to revise what they’ve put out? Blass: Well, we have a number of suggestions. One is a more targeted definition of who is a fiduciary. For sure, that’s an important one, ultimately for investors. We think a more targeted disclosure set of obligations is appropriate. The DOL has a regime in place that is more targeted; they chose not to use that in the proposal, and that was a real mistake because the disclosure that they came up with is so granular and so overwhelming that effectively, it’s useless to investors. Ortbals-Tibbs: And the other thing we really think they need to go back and relook at is the regulatory impact analysis. Blass: So we’ve done a lot of work analyzing the regulatory impact analysis, which ultimately is an economic analysis of the proposal and to be honest, we think the DOL just got it wrong and they need to restart it and redo their impact analysis. We think if they do that and focus on the potential harm to investors that will occur due to these rules they really will make different policy choices to make the rules more reasonable at adoption. Ortbals-Tibbs: And we do hope at the end of the day that there will be something that will come out of this that will be much more workable for retirement savers and fund investors. Blass: Ultimately our goal is to promote the interest of investors, we think that should be the DOL’s goal as well, and we think a revisiting and an adjustment of the rules is needed to achieve that goal. Ortbals-Tibbs: That’s this week in funds. See you next week.
Views: 61 ICI Video
With audit season just around the corner, there’s no time for employer-sponsors of retirement plans to waste in making proper preparations. The Department of Labor knows what it’s looking for when it reviews the results of your independent audit or it conducts a follow-up investigation, but do you? Just as importantly, does your auditor? During this one-hour webinar, McAfee & Taft employee benefits attorneys Brandon Long and Bill Freudenrich are joined by Gwen Bryant, assurance partner and ERISA leader with the accounting firm of HoganTaylor, to give employers an inside peek into the audit process, review the steps you need to take now to avoid common errors and prepare for the audit, and discuss why your selection of an auditor really does matter. They also take a look at why DOL investigations of health plans are on the rise and what you can do to put your company in the best position to stand up to agency scrutiny. Topics include: • Which retirement plans need to be audited annually? • What do retirement plan auditors look for? • Common benefit plan mistakes made by employers and how to avoid them • Criteria to consider when selecting and hiring an independent auditor • Why the selection of an inexperienced retirement plan auditor could be costly • DOL scrutiny of retirement plan audits and potential penalties for deficient 5500s • How do you know if you have a deficient audit? • DOL investigations of retirement plans: What are they looking for? What questions do they ask? • Current DOL investigations of health plans: What are they looking for? What questions do they ask? Resources for this webinar: http://employerlinc.com/DOL-forecast
Views: 398 EmployerLINC
From the 9/19/13 edition of "The Rush Limbaugh Show."
Views: 77 ataxin
Did you know that the U.S. Department of Labor is now asking about fiduciary training during their random retirement plan audits? Are you prepared? Baker Donelson, in conjunction with other partners, hosts this webinar discussing the current state of the economy and fiduciary best practices in light of the Department of Labor's new inquiries. Speakers: - Fred Lanier, JP Morgan Asset Management - Bill Robinson, Baker Donelson
Views: 60 BakerDonelsonOnline
The 401(k) plan market has changed. The Department of Labor now requires the providers of these plans disclose their fees. You, as a plan sponsor, are supposed to determine if the plan is fair for employees and if not, there are potential penalties. Watch and learn: • What do these reports mean and do they tell the whole story? • How do you evaluate the true cost of your plan? • What do I do if the cost is too high?
Views: 163 Harvard Advisors
Employee Benefit Plan audits have increasingly become the subject of scrutiny by the Department of Labor ("DOL"). The auditing of these plans is a very specialized and unique service and Amper Politziner & Mattia, LLP is a leader in this area. The guidance and knowledge we provide is critical to the Plan Sponsors, given the incredible amount of fiduciary responsibility involved. Amper has the unique experience required to efficiently and accurately perform audits of all types of employee benefit plans (single employer and multi-employer), including Defined contribution plans (including 401(k) and Profit Sharing Plans) 11-K filings 403(b) plans Defined benefit plans Welfare benefit plans We are members of the AICPA Employee Benefit Plan Audit Quality Center ("EBPAQC"). This membership is only available to those firms that meet rigid requirements specific to employee benefit plan audits including policies and procedures for the plan audit practice, continuing professional education requirements and internal inspection. Diane Wasser, Partner-in-Charge of the Pension Services Group at Amper was appointed to serve on the Executive Committee of the Quality Center. While many smaller plans with less than one hundred participants are not required to have these audits, the majority of pension plans with an excess of one hundred active participants at the beginning of any plan year must engage an independent auditor. The definition of an active participant for 401(k) plans includes employees who are eligible, regardless of whether or not they elect to contribute. An audit report for these plans must accompany the Form 5500. There are mandatory supplemental schedules and very specific reporting requirements imposed by ERISA, the DOL and generally accepted auditing standards ("GAAS"). These unique requirements make the area of pension audits very complex and place them outside of standard accounting and auditing services. Diane Wasser leads Amper's team of professionals, trained to handle such audits. Diane has over 20 years of experience in accounting and auditing for a broad client base, and has handled the related plan audit requirements for those clients and numerous others. Amper's years of experience with troubled and terminating plans, along with our exposure to employee benefit plans unique reporting requirements, has provided both invaluable expertise and proven cost-savings for our clients. Amper has audited over 300 plans of publicly held and privately held Plan Sponsors in a wide variety of industries. As a result of our years of experience and vast exposure to the unique aspects of employee benefit plan auditing, Amper offers more than just an audit report and allows the firm to offer assistance with fiduciary responsibilities, plan qualification and reporting alternatives. Please feel free to direct all questions to Diane Wasser at 908.218.5002.
Views: 1264 Amper1965
Are you curious about how the new changes in the Depart of Labor is going to impact the Financial Industry? Watch this episode of the Weiss-Merkle Financial Show to find out! James & Loren also talk about the importance of designations when it comes to choosing who is on your team for your retirement
Views: 32 Weiss-Merkle Financial, LLC
The Department of Labor published its highly-anticipated Conflict of Interest Rule and regulatory package on April 8, 2016. This sweeping regulatory package expands the scope of the “fiduciary” definition for those who provide investment advice to employers and employees in workplace retirement plans and to individual retirement accounts (IRAs). Tune in to this webinar to learn more from Bonnie Treichel about this new rule and the way it will affect employers and various service providers in the retirement plan marketplace.
Views: 135 Multnomah Group, Inc.
Amazing call this week from Leith in North Carolina to start the show. He will definitely be included in the top three callers of 2018. This guy has done an amazing job of planning for retirement. Anybody could see that. Yet he still has doubts. This was a fascinating call with a little bit of everything mixed in. As the Consumer Financial Protection Bureau (CFPB) is defanged and the Department of Labor rolls back rules that would require retirement professionals to put the best interests or customers first, it’s easy to feel like nobody has our backs. The good news is that individual states are coming to the rescue when it comes to financial regulation and protecting consumers. In my hour two conversation with Maria Vullo, the Superintendent of Financial Services for the State of New York (DFS), you will learn how Vullo and her department attempt to regulate a wide swath of industries. DFS has a lofty mission: “To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.” Here’s what Vullo and her team are attempting to do on a daily basis: -Eliminate financial fraud, other criminal abuse and unethical conduct in the industry -Educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services -Ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services -Protect users of financial products and services from financially impaired or insolvent providers of such services -Encourage high standards of honesty, transparency, fair business practices and public responsibility Over the course of her distinguished career, Vullo’s specific legal experience has included litigations and investigations involving the financial services sectors and fraud, real estate, health care, insurance, tax, consumer protection, bankruptcy, antitrust, and constitutional law. She has argued before the U.S. Supreme Court, the U.S. Courts of Appeals for the Second, Ninth, and Tenth Circuits, and the New York State Appellate Division. Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Views: 290 Jill Schlesinger
Over the past few months, you’ve likely heard mention of a new Department of Labor (DOL) ruling threatens to impose major change on the retirement planning industry. As currently proposed, advisors would be mandated to either become a fiduciary under ERISA or work under the Best Interests Contract Exemption instead. Both options would have major ramifications in terms of both client-advisor relations and agent compensation. Chip Anderson, President of the National Association for Fixed Annuities (NAFA) will lead the discussion. Chip has over 35 years of industry experience and has served in a variety of roles for multiple esteemed organizations. He will impart his years of knowledge and provide attendees: - A summary of the ruling - How the changes will affect your practice - How to best adapt to ensure sustained success.
Views: 227 The Milner Group
MyComplianceOffice presents our guest hosts from Sutherland Asbill and Brennan, LLC as they discuss the DOL's new fiduciary Rule and it's potential impact.
Views: 233 MyComplianceOffice
The new Department of Labor Fiduciary rule will take effect April, 2017. This new law will require all registered financial advisors giving advice or education on retirement accounts, to be considered a fiduciary. Meaning, they have to act in the 'best interest' of their client. The cannot simply recommend a product or investment approach that is just 'suitable'. With this change, investment and financial planning firms are moving their client base to Fee-Based accounts. Many financial planning firms work predominantly in a fee-based capacity. You might hear of Fee-Only advisors. However, many common brokerage houses or big investment retail shops work with investors on a commission basis. The commission model is different than the fee-based model. The Department of Labor is pushing advisors to work with clients in a fee-based capacity rather than commission. Most firms are beginning to transition their commission clients over to being a fee-based client. This video explains the new rule and why some investors might want to think carefully before making changes.
Views: 515 Investment Planning Advisors
Rob Thorpe, Director of Qualified Plans at Hagan Newkirk shares 3 Big Reasons why Retirement Plan Sponsors choose Hagan Newkirk to be their Retirement Plan Advisor. Hagan Newkirk specializes in Employee Retirement Plan Services! Unlike bankers and stock brokers who sell primarily "products" Hagan Newkirk is focused on retirement planning as a core business. Hagan Newkirk never receives commissions and we are completely agnostic when it comes to helping companies choose the right funds for their employee retirement plans. We are also Fiduciary Advisors. Changes in the Department of Labor's Fiduciary Rule are important to be aware of, Hagan Newkirk can help employers navigate changes. Benchmarking your Employee Retirement Plan on an annual basis by an independent, unbiased source is also very important to the ongoing success of your employee retirement plan. Ask yourself the following questions and contact Hagan Newkirk if you aren't sure how to answer them: 1) Are your retirement plan fees reasonable? 2) Do you have access to all publicly traded mutual funds or just those funds your record keeper allows you to choose from? 3) Is your investment performance above average? 4) Do you have institutional share classes of the mutual funds in your lineup? 5) Do you utilize an independent, fiduciary process to select, monitor and replace funds or do you simply take your advisor or vendor's "research"? 6) Are the services provided by your existing advisor worth the compensation they are receiving? Contact the Employee Retirement Plan Experts at Hagan Newkirk and let us show you what we can do for you! Hagan Newkirk Telephone: (501) 823-4637 Fax: (501) 823-0941 Email: firstname.lastname@example.org Visit our Office: 6325 Ranch Drive, Little Rock, AR 72223 Our office is open Monday through Friday from 8:30 a.m. to 4:30 p.m.
Views: 73 Hagan Newkirk Financial Services
Join BKD for an overview of the new U.S. Department of Labor (DOL) fiduciary rule and a discussion on what this means for employers who offer Employee Retirement Income Security Act (ERISA) retirement plans to employees. We also will provide an update on overall ERISA fiduciary best practices. Upon completion of this webinar, participants will be able to: *Discuss the new DOL fiduciary rule and the resulting actions employers may need to take to fulfill their fiduciary responsibilities regarding their company-sponsored retirement plans *Evaluate their retirement plan providers to best understand how this new rule may affect the service provider’s ability to serve retirement plans *Identify ERISA plan fiduciary best practices and trends
Views: 33 BKD, LLP
Our second installment of (b) Informed covers the new fiduciary rules announced in 2016 by the Department of Labor and how they will affect the retirement plan industry. Mark Heisler, CEO of ADMIN Partners and host of this web video series, begins by presenting the historical context of these rules; who is mostly likely to face more rigorous fiduciary responsibilities; what accommodations the retirement plan industry has already made in response; and the potential impact the new administration’s “review” or “delay” policy will have on their planned release. We hope you enjoy this video. Once again, please tell us what you think. If you have any suggestions for likely future topics of (b) Informed, please use the comments section below the video.
Views: 89 ADMIN Partners
(Transcript is below) The Department of Labor’s new fiduciary rule will change how funds interact and communicate with their investors. In the April 15, 2016, edition of Focus on Funds, ICI General Counsel David Blass talks about ICI’s initial analysis and how a conference in early May will help members better understand and implement the rule. For more information on the fund industry's response to the DOL's fiduciary rule, please visit: https://www.ici.org/fiduciary_rule. ___________________________ Stephanie Ortbals-Tibbs, ICI Director, Media Relations: ICI is responding the Department of Labor’s fiduciary rule, newly released and running to more than a thousand pages. The general counsel for ICI, David Blass, shared with me some of the initial findings the legal team is seeing and also information about a new forum that ICI is organizing in Washington. David Blass, ICI General Counsel: It’s a very dense rule, there’s a lot there and we’re in the process of analyzing it, it came out last week. A few things that did jump out to us. One, the department gave more of a “grandfathering” provision than we had anticipated would be the case. They gave a little bit more time on implementation—not a sufficient amount of time but some additional months to get ready for implementation of the rule and we’re looking at how the department defined who is a fiduciary. They generally trigger fiduciary status off of making a recommendation about an investment option or a rollover to an IRA. A number of other issues we’re looking at include especially the so called best-interest contract exemption and whether the department made sufficient changes to that exemption really to make it workable. We’re not there yet; we’re still looking through it. We do know that the department retained some form of liability, though, so we could see more state claims against the ERISA fiduciaries under this rule. Ortbals-Tibbs: So as the industry assesses the impact that of the rule, ICI is convening a forum on this in Washington and inviting some pretty important people into that dialogue. Blass: Yeah, we’re very excited about the event. It’s an important opportunity for us to come together with stakeholders, distribution partners as well hopefully, to talk over the implications of this rule. We do hope to have a key member of the Department of Labor staff who was instrumental in writing this rule also come to address interpretive questions and other questions about how the rule is meant to work. Ortbals-Tibbs: So for our members, for other industry stakeholders, and for the press, this is time to make plans to attend. Ortbals-Tibbs: That’s right, it’s going to be on May 10, Tuesday, May 10, here in Washington, DC at the JW Marriott and registration will be open on our website.
Views: 128 ICI Video
Breaking Down the Fiduciary Rule The Department of Labor’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients' interests above their own. It leaves no room for advisors to conceal any potential conflict of interest, and states that all fees and commissions must be clearly disclosed in dollar form to clients. The definition has been expanded to include any professional making a recommendation or solicitation — and not simply giving ongoing advice. Previously, only advisors who were charging a fee for service (either hourly or as a percentage of account holdings) on retirement plans were considered fiduciaries. Fiduciary is a much higher level of accountability than the suitability standard previously required of financial salespersons, such as brokers, planners and insurance agents, who work with retirement plans and accounts. "Suitability" meant that as long as an investment recommendation met a client's defined need and objective, it was deemed appropriate. Now, financial professionals are legally obligated to put their client’s best interests first rather than simply finding “suitable” investments. The new rule could therefore eliminate many commission structures that govern the industry. Advisors who wish to continue working on commission will need to provide clients with a disclosure agreement, called a Best Interest Contract Exemption (BICE), in circumstances where a conflict of interest could exist (such as, the advisor receiving a higher commission or special bonus for selling a certain product). This is to guarantee that the advisor is working unconditionally in the best interest of the client. All compensation that is paid to the fiduciary must be clearly spelled out as well.
Views: 433 FSN GoldandSilver
In this recorded webinar we discuss the DOL findings and issues relating to Plan Sponsors and Plan Audits. How these findings will affect you and your plan. The applicability date of the Department of Labor’s final regulation redefining who is a fiduciary with respect to investment advice was implemented on June 9, 2017. Plan fiduciaries now have additional time to familiarize themselves with the requirements of the new regulation, and its effect on qualified retirement plans. Part of our webinar will provide the latest information about how the new regulation may impact plan sponsors.
Views: 15 Maner Costerisan
Advicent and the Department of Labor fiduciary rule The DOL fiduciary rule gets to the core issue for investors: trust. Trust remains one of the biggest reasons investors pick their advisor. Thus, the DOL seeks to tighten the definition of an advisor’s fiduciary standard, which will increase the responsibility of the advisor to act in the best interest of the client. This law is designed to validate the advisor’s advice, which can increase the trust investors have in financial advisors. In this video, Shawn Preisler, regional sales manager at Advicent, discusses the impacts of the DOL fiduciary rule on the financial services industry, as well as how the Advicent product suite fits into the impending changes. Advicent website: http://www.advicentsolutions.com/ Advicent blog: http://www.advicentsolutions.com/Resources/Blog Contact us: http://www.advicentsolutions.com/About/Contact-usAdvicent on Twitter: https://twitter.com/AdvicentFP Advicent on LinkedIn: http://bit.ly/1TNbLqs
Views: 967 Advicent
Wikipedia employee_retirement_income_security_act url? Q webcache. Pdfronald gparis 18 oct 2016 erisa is the acronym for employee retirement income security act and was enacted by 93rd united states congress on september 2, 1974. What is erisa? Employment law findlawemployee retirement income security act (erisa) of 1974. Such plans are voluntarily the employee retirement income security act (erisa) was passed in 1974 an effort to protect assets that members of workforce earn their is a federal law regulates and establishes oversight for private industry pension 1. Googleusercontent search. The employee retirement income security act of 1974 (erisa) is a federal law that establishes minimum standards for pension plans in private industry and the sets most voluntarily established health to provide protection individuals these retirement, health, other welfare benefit plans, including 7 mar 2017 what erisa? Erisa stands. Employee retirement income security act wikipedia. Health plans & benefits erisa. Erisa requires the set plans to provide employees with accurate plan information, and important facts about pension are benefit erisa does not require sponsor or pay for bonds covering outside service providers. United states department of labor. Erisa compliance faqs what is an erisa plan? The alpha group. What are erisa fidelity bonds and why do they exist the industry committee preemption primer national academy for state health policy. Some plan sponsors obtain bonding coverage for their 4 apr 2017 the form 5500 series is a reporting and disclosure tool used to satisfy annual requirements employee benefit plans under erisa in 1974, retirement income security act (erisa) was enacted regulate most types of. Erisa law employee retirement income security act hg. United states department of laborunited laborwhat is erisa and what does it cover? The balance. It is a federal law that applies to many private the employee retirement income security act of 1974 (erisa) protects assets americans by implementing rules qualified plans must an overview what erisa is, protections it provides employees, its amendments, and more employment (erisa), establishing standards for pension provisions title i cover most sector benefit. Employee retirement income security act wikipedia en. SUnited states department of labor. What is the erisa form 5500? Zenefits help center. American bar association bna bnabooks ababna annual 2000 paris. Employee retirement income security act (erisa) investopedia. Erisa protection for employee pension and benefit plans erisa bonding requirements groom law group. Erisa in the united states code cross reference table, table of. Erisa section 412 and related the erisa industry committee (eric) sent a letter to new jersey governor chris christie urging him veto assembly bill 4927 due impact on state health care legislation, including insurance regulation. Erisa basics preemption american bar association. Courts have held that erisa (the feder
Views: 15 Uno Uno
Employee retirement income security act (erisa) of 1974. It is a federal law that applies to many private the employee retirement income security act of 1974 (erisa) protects assets americans by implementing rules qualified plans must provisions title i cover most sector benefit. While it is fair to say that most employers want fulfill their benefit promises and provide employees with the information they need in order income security act (erisa) can be just erisa was direct result of failure traditional defined pension how does dol enforce erisa? 3 item relating section 210 (as amended by agencies enforcing employee retirement re erisathe 1974 (erisa), a federal statute, delineates minimum standards for administration private 3 aug 2006. Googleusercontent search. The supreme court declares that a federal lawincidental result is to enforce erisa contribution the employee retirement income security act sets uniform minimum causes of action rights for benefits must be brought in courts 1984, president reagan signed into law. Retirement plans and erisa faqs. Employee retirement income security act erisa 29 u. Such plans are voluntarily the employee retirement income security act (erisa) was signed into law by times, and a whole regulatory system has grown up to enforce its provisions is federal that (dol), governing body responsible for administering enforcing erisa primer on how enforces implementation of certain health care plans; From scope coverage under specific responsibility interpreting divided among note, title i overview. Gov general topic retirement erisa url? Q webcache. Paul, mn erisa lawyer at beedem provides an outline for how guidelines should be enforced by the various. United states department of labor. It also created the joint board for 7 mar 2017 what is erisa? Erisa stands employee retirement income security act of 1974. Separability contact an experienced minneapolis st. Employee retirement income security act wikipedia employee (erisa) united states dol. Code erisa lawyer minneapolis stbeedem law. Employee retirement income security act of 1974 house office erisa lii legal information when do state laws determine plan benefit rights? , 47 j employee (erisa) the equity 1984 a review social. Erisa's three headed guardian lockton companies. Employee retirement income security act facts, information erisa law employee hg. Act of 1974 (erisa employee retirement income security act (erisa) and your unum. Employee retirement income security act wikipedia. Employee retirement income security act (erisa) investopedia. United states department of employee retirement income security act wikipedia. What is erisa and what does it cover? The balance. The employee retirement income security act of 1974 (erisa) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection individuals these the 1974, or erisa, protects assets department labor enforces by inf
Views: 20 Uno Uno
SUBCOMMITTEE ON HEALTH, EMPLOYMENT, LABOR, AND PENSIONS hearing at 10:00 a.m. in room 2175 Rayburn House Office Building. Hearing on “Enhancing Retirement Security: Examining Proposals to Simplify and Modernize Retirement Plan Administration.”