Definition of the Term Fiduciary; Conflict of Interest Rule - Retirement Investment Advice; Best Interest Contract Exemption; etc.

Activity

National Federation of Independent Business filed 4 comments on this docket between Jul 9, 2015 and Jun 17, 2017. 3 other organizations filed here. The comment window closed 3389d ago.

What National Federation of Independent Business filed (4)

Abstract

This document contains a proposed regulation defining who is a ‘‘fiduciary’’ of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) as a result of giving investment advice to a plan or its participants or beneficiaries. The proposal also applies to the definition of a ‘‘fiduciary’’ of a plan (including an individual retirement account (IRA)) under section 4975 of the Internal Revenue Code of 1986 (Code). If adopted, the proposal would treat persons who provide investment advice or recommendations to an employee benefit plan, plan fiduciary, plan participant or beneficiary, IRA, or IRA owner as fiduciaries under ERISA and the Code in a wider array of advice relationships than the existing ERISA and Code regulations, which would be replaced. The proposed rule, and related exemptions, would increase consumer protection for plan sponsors, fiduciaries, participants, beneficiaries and IRA owners. This document also withdraws a prior proposed regulation published in 2010 (2010 Proposal) concerning this same subject matter. In connection with this proposal, elsewhere in this issue of the Federal Register, the Department is proposing new exemptions and amendments to existing exemptions from the prohibited transaction rules applicable to fiduciaries under ERISA and the Code that would allow certain broker-dealers, insurance agents and others that act as investment advice fiduciaries to continue to receive a variety of common forms of compensation that otherwise would be prohibited as conflicts of interest.

• National Federation of Independent BusinessTHIS ORG

  4 filings · confidence 97%
• American Bankers Associationtrade assoc.

  10 filings · confidence 97%
• Credit Union National Associationtrade assoc.

  3 filings · confidence 97%
• Arizona Farm Bureau Federationtrade assoc.

  1 filing · confidence 97%