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Wednesday, April 6, 2016

That Big Revised Retirement Reg Arrives

News summary by MFWire's editors

That retirement savings advice rule that your 401(k) and broker-dealer colleagues keep talking about is finally here.

Thomas Perez
Department Of Labor
Secretary Of Labor
Later this morning the Federal Register will publish the Department of Labor's (DoL's) revised fiduciary regulation, and Secretary of Labor Thomas Perez and members of Congress will gather at a Washington, D.C. think tank to unveil the latest proposal, pitched as the DoL's "conflict of interest rulemaking."

For fundsters and their affiliates, one notable revision is a DoL clarification that a variety of forms of communication, including education, will not fall under advice and thus not trigger fiduciary status for those doing the educating.

Most fundsters may not dig deep into this rule, but it's expected to have broad effects on financial advisors and their B-Ds when working with IRAs and employer-sponsored retirement plans (like 401(k)s). The DoL has released a fact sheet, an FAQ page, and a multi-page chart detailing what they've revised since the last version a year ago. And the White House has released its own fact sheet on the revised reg.

Our sister publication, 401kWire, continues to cover the DoL's efforts in this area. And the revised reg is being covered by a host of other outlets, including: Bloomberg, CNBC, Financial Planning, InvestmentNews, MarketWatch, Money, the New York Times, Pensions & Investments, RIABiz, the Wall Street Journal (from several different angles), and the Washington Post

Edited by: Neil Anderson, Managing Editor


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