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The U.S. Department of Labor (DOL) confirmed that neither it nor the Internal Revenue Service (IRS) would punish prohibited transaction exemption (PTE) violations by investment advice professionals who are fiduciaries working in good faith to comply with impartial conduct standards.
With the new U.S. Department of Labor (DOL) fiduciary rule in effect, and the phased implementation and extended transition period set, it is reasonable to imagine that all members of the retirement plans community have been refreshing their understanding of the fiduciary duties tied to plan administration.
Forty years ago, very few U.S. employees were personally affected by what happened on Wall Street. Six in 10 Americans were covered by a pension that they could count on regardless of the stock market. Today less than 2 in 10 workers in the private sector have a pension and most workers only option is […]