Senior Retirement Plan Administrator Envoy Financial
|
Regional Vice President of Sales The Retirement Plan Company
|
BPAS
|
Manager - Defined Contribution Plans M2B Retirement Consulting LLC
|
Retirement Plan Analyst - Defined Contribution Plans M2B Retirement Consulting LLC
|
MAP Retirement USA, LLC
|
Senior Retirement Plan Analyst - Defined Contribution Plans M2B Retirement Consulting LLC
|
Employee Benefits Account Manager U.S. Retirement & Benefits Partners
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
DOL Reproposed Rules Governing the Definition of 'Fiduciary,' Part 2: The 'Best Interest Contract' Exemption
Mintz Levin [Guidance Overview] May 19, 2015 "[The Best Interest Contract (BIC)] exemption does not apply to advisers who advise on the selection on a menu of investment options.... The exemption exposes advisers and financial institutions to class action claims based on required warranties, which may involve an unacceptable level of risk.... The BIC exemption does not bar arbitration provisions as potential plaintiffs might have hoped, but it does ensure access to the courts for class actions. In the case of ERISA-covered retirement plans, this will likely mean access to federal court with limits on remedies.... The adviser must acknowledge, and will be subject to, fiduciary status. Accordingly, the adviser will be subject to ERISA-like standards, but remedies will not be limited in the case of IRAs." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |