Nicholas Pension Consultants
Compensation Strategies Group, Ltd.
Atlantic Pension Services Inc
ERISA Services, Inc.
Creative Pension Consultants, Inc.
The Retirement Plan Company (TRPC)/an ABG firm
Nova 401(k) Associates
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|Proposed Fiduciary Definition Would Impact Investment Adviser Practices|
Faegre Baker Daniels LLP
May 12, 2015
"The broader definition of investment advice fiduciaries, combined with the exclusion of communications to IRA owners from the carve-outs for seller transactions, platform providers and selection and monitoring assistance, would sweep more relationships with IRA owners into exposure to prohibited transaction excise taxes. The proposed amendments to current prohibited transaction exemptions would drive advisers to IRA owners toward reliance on the new proposed Best Interest Contract Exemption, which makes investment advisers agree to the same fiduciary standards as apply under ERISA and gives IRA owners enforceable rights ... Thus, under the proposed DOL scheme, what is not required by statute will be imposed by contract."
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