DOL - Documents Referenced
- 1969 - LC - SEC v. National Securities, Inc., 393 U.S. 453 (1969)
- 2007 06 - GAO - Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges, gao-07-703 - Government Accountability Office - 67p
- 2021 11 (Revised from 2020 07 - 62p) - NBER - Conflicting Interests And The Effect Of Fiduciary Duty — Evidence From Variable Annuities, Working Paper 27577, by Mark L. Egan, Shan Ge and Johnny Tang - 107p
- 2023 1031 - VIDEO - President Biden Remarks on Protecting Retirement Security - [VIDEO-CSPAN-20:22]
- President Biden announced the Labor Department’s new retirement security rule proposal, which aims to eliminate loopholes and “junk fees” and require financial advisers to have a fiduciary duty to their client when giving retirement advice. “When you pay someone for retirement advice, they must give you advice that’s in your best interest, not whether it gives them the best pay day,” said President Biden. He delivered remarks from the White House and was joined by acting Labor Secretary Julie Su and AARP CEO Jo Ann Jenkins. close
- 2024 0108 - Letter - GOV (Wagner, etc) to GOV (Acting Secretary Su and Assistant Secretary Gomez) = re: RIN: 1210-AC02 - 8p
- We write to express our concerns about the Department of Labor’s (DOL) proposed “Retirement
Security” (RIN: 1210-AC02)1 rule...
- 2024 01 - Oxford Economics - Economic Analysis of the DOL's Proposed Retirement Security Rule ("Fiduciary Rule"} - 38p
- 2024 0408 - Letter - GOV (Maxine Waters, etc. - Committee on Financial Services) to DOL, OMB, OIRA - Re: Comments on Retirement Security Rule: Definition of an Investment Advice Fiduciary (RIN 1210-AC02) - 12p
- Loophole #1: The investment advice fiduciary definition under ERISA only applies to advice given on a “regular basis,” which does not include one-time advice—as consequential as they may be—such as advice regarding 401(k) roll-overs into annuities or other complex products.23
- 23 - 2024 0102 - AARP - Re: Proposed Retirement Security Rule: Definition of an Investment Advice Fiduciary; [RIN1210-AC02] - 11p
- Different laws provide some coverage for certain types of annuities. For example, fixed indexed annuities are not subject to the protections of federal securities laws under Reg BI while variable annuities are.30 Likewise, the National Association of Insurance Commissioners (“NAIC”)’s model annuity rules—which govern the sale of fixed annuities at the state level— impose a lower standard than ERISA’s fiduciary best interest standard.31