Bradford Campbell, a partner with the law firm Faegre, Drinker, Biddle & Reath, testified today on behalf of NAIFA and several other industry organizations at the U.S. Department of Labor’s Administrative Hearing on the Proposed Class Exemption Regulation “Improving Investment Advice for Workers & Retirees.”
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Industry Groups Testify at Hearing on DOL Proposal
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Fiduciary
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New DOL Rule Provides Important Guidance on How to Illustrate Monthly Lifetime Income
The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) issued an interim final rule providing the important information employers need to comply with the new requirement that they give retirement plan participants annual illustrations of the monthly lifetime income they would receive from their retirement plan account balances.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Sales & Marketing
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NAIFA Sees DOL Proposal as a Step in the Right Direction, But Offers Improvements
NAIFA President Cammie Scott submitted a comment letter on behalf of NAIFA that generally supports the Department of Labor’s proposed class exemption for investment advice fiduciaries under ERISA and the Internal Revenue Code and makes several suggestions to improve the proposal.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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DOL Proposes New Rule to Replace Fiduciary Rule NAIFA Helped Defeat
The U.S. Department of Labor has proposed a new rule to govern the standard of care for producers providing consumers with retirement guidance and products. NAIFA was a part of the lawsuit, along with the American Council of Life Insurers and other groups, that resulted in the DOL’s original fiduciary rule being struck down by the Fifth Circuit Court of Appeals in 2018. The new proposal would create a “best interest” prohibited transaction exemption (PTE) for ERISA- and Internal Revenue Code-covered investment advice fiduciaries.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation Fiduciary
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NAIFA's Mayeux Commends DOL on Rule Allowing E-Delivery of Retirement Plan Documents
The U.S Department of Labor has finalized a rule permitting electronic delivery of required retirement plan disclosures and documents to plan participants.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Sales & Marketing
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Department of Labor Releases Information on COBRA Implementation
Recent estimates suggest that the COVID-19 pandemic has cost more than 9 million Americans employer-provided health insurance, with projections indicating that those numbers will continue to rise. These individuals are generally granted the option to elect continued health coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
Topics: Health Care COVID-19 Federal Advocacy COBRA DOL
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DOL Explains Paid Sick Leave and Expanded FMLA Under the Families First Coronavirus Response Act and Seeks Your Input
On March 24, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
