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Fiduciary

ERISA at 40

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The landmark legislation that promised security in retirement has fallen far short of its expectations

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Speakers Tell Council DOL Guidance Needed To Boost Savers’ Lifetime Income Options

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A combination of guidance and online tools from the DOL on lifetime income would help retirement plan participants make good decisions about their retirement funds and investments, a speaker told the ERISA Advisory Council.

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Practitioners Say QLAC Rules Widen Choices, But Plans May Be Reluctant to Offer Them

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Recent final rules on qualifying longevity annuity contracts (QLACs)—which can help retirees ensure they have a stream of regular income through their advanced years—received praise from retirement insiders, but the new guidance doesn't guarantee that the products will be embraced, practitioners told Bloomberg BNA in a series of interviews.

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Retirees Suffer as 401(k) Rollover Boom Enriches Brokers

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Kathleen Tarr says AT&T Inc. employees looked to her as “their de facto 401(k) expert.” Visiting their homes and offices, she advised them on their retirement plans as they called up balances on computer screens. Actually, Tarr worked for Royal Alliance Associates, a brokerage firm owned by insurer American International Group Inc. (AIG).

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The United States, on the verge of a retirement crisis

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"For retirement, the answer is 4-0-1-k," proclaimed Tyler Mathisen, then editor of Money magazine in 1996. "I feel sure that someday, like a financial Little-Engine-That-Could, it will pull me over the million-dollar mountain all by itself." For this sentiment, and others like it, Mathisen was soon rewarded with an on-air position at financial news network CNBC, where he remains to this day.

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Brokers Fight Rule to Favor Best Interests of Customers

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David O’Brien, a certified financial planner, has tried to repair the retirement portfolios of several victims over the years. There was the high school science teacher who didn’t realize she had been sold a variable annuity, where layers of incomprehensible fees devoured nearly 2.5 percent of her retirement savings each year.

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How to Fix the 401(k): Five Suggestions for Giving Workers a More-Secure Retirement

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The 401(k) is in need of a tuneup. Originally designed to supplement pension plans, 401(k)s have become the primary retirement-savings vehicle for many employees.

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House Democrats Seek Dialogue With DOL On Conflict-of-Interest Rule Re-Proposal

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Thirty House Democrats have requested to have a "dialogue" with Secretary of Labor Thomas E. Perez about the agency’s re-proposal of the rules expanding the definition of fiduciary before the rules are submitted to the Office of Management and Budget.

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Fiduciary Rules, Lifetime Income Illustrations, Disclosures Top Practitioners’ DOL Concerns

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The Department of Labor’s re-proposed fiduciary rule is likely to stir up a great deal of practitioner interest in 2014, along with the department’s projects on disclosures and lifetime income illustrations, practitioners told Bloomberg BNA.

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Timing of Fiduciary Rule for Retirement Plans Questioned

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If you have a 401(k) or other retirement plan, you may be waiting even longer before new government standards are imposed that require your financial adviser to act in your best interest.

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