On March 12, Judge Jeremy D. Kernodle in the US DistrictCourt for the Eastern District of Texas approved a motion to vacate the Retirement Security Rule. What does that mean for retirement security?

The motion to vacate – essentially waving a judicial wand tomake it as though the regulation never existed – was unopposed by the Department of Labor.

But what does that mean for retirement plan advisors – andretirement plan advice? Is the 5-part rule still in force? Whatabout PTE 2020-02? And what about rollovers?

Nevin (Adams) and Fred (Reish) discuss and debate the “new”fiduciary landscape.

Episode Resources

RIP Fiduciary Rule: Judge Officially Strikes Down DOL Regulation

Trump Administration Moves to Drop Defense of Fiduciary Rule

Breaking! Department of Labor Releases Final Investment Advice Fiduciary Rule

Fact Sheet: Retirement Security Rule and Amendments to Class Prohibited Transaction Exemptions for Investment Advice Fiduciaries | U.S. Department of Labor

On February 3, Nevin (Adams) and Fred (Reish) met with a very special group of third-party administrators. Recorded live at the SoFi Center (home of TGL, Tomorrow’s Golf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event.

In Part 1, we covered:

3(16)

Pooled Employer Plans (PEPs)

But in Part 2, we pivot to:

Crytpocurrency

Artificial Intelligence

Episode Resources:

Cybersecurity | U.S. Department of Labor

Tips for Hiring a Service Provider with Strong Cybersecurity Practices | U.S. Department of Labor

Settlement Struck in Consulting Actuarial Firm Data Hack

Court (Again) Rebuffs Amended Data Breach Suit

U.S. Department of Labor. “Artificial Intelligence and Worker Well-being: Principles for Developers and Employers.” Accessed August 13, 2024. In Web Archive, archived August 13, 2024. https://web.archive.org/web/20240813173652/https:/www.dol.gov/general/ai-principles

Compass: Navigating AI in Retirement Plan Administration

Top 10 Questions for Plan Committees - October Compass 10 Things [Vertical]

Data and Security: The Current Frontier https://www.napa-net.org/news/2021/6/data-and-security-current-frontier/

On February 3, Nevin (Adams) and Fred (Reish) met with avery special group of third-party administrators at an event sponsored by Definiti.

Recorded live at the SoFi Center (home of TGL, Tomorrow’sGolf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event.

We’re talking things like:

3(16)

Pooled Employer Plans (PEPs)

Cryptocurrency

Artificial Intelligence

Episode Resources:

Things I Worry About (26): Pooled Employer Plans and DOL RFI (7) - Fred Reish

Understanding MEPs, PEPs, and PPPs: Key Insights and Resources

How PEPs Have Flourished Since Their Creation

Talking Points: A PEP-spective on Fiduciary Reviews

Winter Issue of Plan Consultant Is Now Online!

More Advisors Turning to 3(16) Fiduciary Outsourcing

Can Employers Outsource Administrative Fiduciary Responsibility?