New DOL Fiduciary Rule: Impact on Retirement Plan Sponsors, Plan Advisers and Service Providers

Duration: 120 Minutes
The Department of Labor (DOL) finalized its regulation redefining and broadening the meaning of fiduciary investment advice rendered to retirement plans and IRAs. The regulatory package also includes new and revised class exemptions necessitated by the scope of the revised fiduciary definition. The DOL considers these changes necessary to make the fiduciary concept relevant to changes in the retirement plan marketplace over the last 40 years.
DOL Fiduciary Rule
Instructor: Marcia S. Wagner
Product ID: 501818
The final regulation is widely viewed as the most comprehensive revision of rules affecting the retirement industry since the enactment of ERISA and will affect substantially all advisers, even if they do not have plan clients, because of the regulation's reach to IRA assets. Advisers who have nothing to do with plan assets, but who have high net worth clients with IRA money, will be profoundly impacted by this change. The new rule will also impose significant compliance costs on broker-dealers and insurance agencies that may need to qualify under the rule's so-called BIC exemption. These are only a few of the reasons many people are referring to the finalized regulation as a game changer.

Objectives of the Presentation
  • Learn the effective dates of the rule's various provisions
  • Unpacking the new definition of investment advice and its exclusions
  • Understanding the exemptions from the rule, including the best interest contract exemption
  • Learning the rule's Impact on plan sponsor procurement
  • Identifying the affect of the rule on fee structures and compliance
  • Identifying opportunities created by the new rule
  • Learning strategies to make the new rule work to your advantage
  • Compliance planning strategies
Why Should you Attend
The Department of Labor's (DOL) new fiduciary rule, published Apr. 8, 2016, may be the biggest regulatory change in the financial services business since the mid-1970s. This new rule expands the definition of 'investment advice,' resulting in a number of entities being deemed fiduciaries that did not previously have that designation. Under the rule, essentially any recommendation made to a retirement plan or its participants to take a particular course of action is considered fiduciary advice. In addition, recommendations to take a rollover from a plan and guidance on how to invest rollover assets as well as the selection of investment managers and investment account arrangements are considered fiduciary advice under the new rule. There are also several exclusions from the rule's definition of fiduciary. A provider that satisfies the conditions of an exclusion will not be deemed a fiduciary, even when providing investment-related recommendations to retirement clients. The rule's crucial best interest contract (BIC) exemption allows fiduciary advisers to continue receiving variable compensation, subject to certain conflict of interest constraints. Retirement plan sponsors now must understand how their providers are affected by the new rules, lest their compensation be a prohibited transaction for which the plan sponsor could be jointly liable. Plan sponsors now must understand how their providers are affected by the new rules and inquire whether and how the plan's fee structure and amount might be affected as well as their contractual relationship and may be required to reevaluate the reasonableness of fees charged. Benefits counsel must understand the impact of the new rule on retirement plan sponsors, advisers and service providers in order to advise their clients on compliance and implementation best practices. A broad range of advisors and broker-dealers who work with retirement related accounts are also affected by the new rule. The comprehensive revision of rules affecting the retirement industry will affect substantially all advisers, even if they do not have plan clients, because of the regulation's reach to IRA assets. Advisers who have nothing to do with plan assets, but who have high net worth clients with IRA money, will be profoundly impacted by this change. The new rule will also impose significant compliance costs on broker-dealers and insurance agencies that may need to qualify under the rule's so-called BIC.

Who will Benefit
  • Retirement plan sponsors
  • Benefits counsel
  • Registered Investment Advisors
  • Broker-Dealers
  • Any advisor who works with retirement plan assets
$300
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Instructor Profile:
MARCIA S. WAGNER is a specialist in pension and employee benefits law and is the principal of The Wagner Law Group, one of the nation's largest boutique law firms, specializing in ERISA, employee benefits and executive compensation, which she founded 20 years ago. A summa cum laude and Phi Beta Kappa graduate of Cornell University and a graduate of Harvard Law School, she has practiced law for over twenty-nine years. Ms. Wagner is recognized as an expert in a variety of employee benefits issues and executive compensation matters, including qualified and non-qualified retirement plans, fiduciary issues, all forms of deferred compensation and welfare benefit arrangements. Ms. Wagner was appointed to the IRS Tax Exempt & Government Entities Advisory Committee and ended her three-year term as the Chair of its Employee Plans subcommittee, and received the IRS' Commissioner's Award.

Ms. Wagner has also been inducted as a Fellow of the American College of Employee Benefits Counsel. For the past eight years, 401k Wire has listed Ms. Wagner as one of its 100 Most Influential Persons in the 401(k) industry and she has received the Top Women of Law Award in Massachusetts and is listed among the Top 25 Attorneys in New England. Ms. Wagner has written hundreds of articles and 15 books. Ms. Wagner is widely quoted in business publications such as The Wall Street Journal, Financial Times, Pension & Investments, and more, as well as being a frequent guest on FOX, CNN, Bloomberg, NBC and other televised media outlets.
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