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State Auto-IRAs and Federal Law: 'We've Already Stepped on That Rake'
Business of BenefitsLink to more items from this source
Mar. 15, 2015
"The ERISA issues related to state-auto-IRAs are ... similar to 403(b) plans: how do you establish a payroll-based auto-IRA without causing the arrangement to be governed by ERISA? Like 403(b)s, there is a regulatory safe harbor to prevent the application of ERISA. But, like 403(b)s, the safe harbor was not exactly designed with thee current state of affairs in mind.... Unlike participant investments in 401(k) plans which enjoy extensive securities law exemptions, providing investments and investment advice to individual related to their IRA investments enjoy no such exemptions. Attention needs to be paid to such matters within the SEC's and FINRAs purview, such as suitability, pooling of assets, the nature of asset allocation models, and other like-regulated matters."

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