AimPoint Pension
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Compass
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Regional Vice President of Sales The Retirement Plan Company
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Loan & Distribution Specialist AimPoint Pension
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Bates & Company, Inc.
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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2 Matching News Items |
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Federal District Court Sheds Light on ERISA's Fiduciary Exception to Attorney-Client Privilege
Carlton Fields, via JDSupra Oct. 15, 2019
"The court explained that when the interests of the ERISA plan fiduciary and the plan beneficiaries have diverged sufficiently such that the fiduciary seeking legal advice is no longer acting directly in the interests of the beneficiaries, but in its own interests to defend against plan beneficiaries, then the attorney-client privilege remains intact. The court noted, however, that the mere prospect of potential litigation over a claim decision is insufficient to defeat the fiduciary exception because denying benefits to a beneficiary -- and any related pre-decisional legal advice -- is as much a part of the administration of a plan as conferring benefits to a beneficiary." [Duncan v. Minnesota Life Insurance Co., No. 17-0025 (S.D. Ohio Jul. 10, 2019)]
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SEC Probes Retirement Advice
Carlton Fields, via JDSupra May 4, 2016
"The SEC has been sending lengthy sweep examination letters to many registered investment advisers (RIAs) and broker-dealers, requesting a broad variety of information regarding retirement plan advice. A form of the letter made public by the SEC includes 75 questions requesting information on advisory client accounts, fees, conflicts of interest, and supervision and compliance controls.... 25 questions pertain to products or services that are 'qualified default investment alternatives' (QDIAs) under [DOL] rules[.]"
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