Inside the Beltway

Webinar

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Overview

Natixis and Faegre Drinker are co-sponsoring this 48th session of Inside the Beltway, which Fred Reish and Bradford Campbell will lead.

On April 25, the DOL published its final fiduciary regulation and exemptions in the Federal Register. The fiduciary regulation will be effective on September 23, 2024. Parts of PTE 2020-02 and 84-24 will also be effective on that date, while other parts will be effective a year later. Therefore, we are reserving the full hour for a discussion of the final rules.

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For more details on this webinar series, including all upcoming sessions, please visit the event website.

Questions?

Contact LaQuita Cassell or call +1 317 237 1359.

Please listen to any of the session recordings below.

Inside the Beltway Audiocast Recordings:

To listen to Fred and Brad's Inside the Beltway audiocast series, please click on a recording below:

Beltway – February 22, 2024
Beltway – November 9, 2023
- An update on the DOL’s fiduciary proposals at the Office of Management and Budget.
- A court’s decision on the DOL’s ESG regulation and the American Airlines lawsuit on ESG investments.
- The Ninth Circuit Court of Appeal’s decision in the AT&T case on whether prohibited transactions are per se actionable.
- The Robinhood decision in the Massachusetts Supreme Court.
- SEC v. Cutter Financial Group, and recommendations of annuities by investment advisers.
Beltway – August 10, 2023
- The lawsuits in Florida and Texas challenging the Department of Labor’s (DOL) “re-interpretation” of fiduciary status for rollover recommendations.
- Compliance with the DOL’s re-interpretation and PTE 2020-02 in light of the Florida court decision, as well as the likelihood of the DOL proposing a new regulatory definition of fiduciary status for rollover recommendations.
- The litigation challenging the DOL’s ESG regulation and the President’s veto of a Congressional challenge to the regulation.
- SEC and FINRA guidance and examination issues for Reg BI, focusing on the Care and Mitigation Obligations.
Beltway – May 11, 2023
- The lawsuits in Florida and Texas challenging the Department of Labor’s (DOL) “re-interpretation” of fiduciary status for rollover recommendations.
- Compliance with the DOL’s re-interpretation and PTE 2020-02 in light of the Florida court decision, as well as the likelihood of the DOL proposing a new regulatory definition of fiduciary status for rollover recommendations.
- The litigation challenging the DOL’s ESG regulation and the President’s veto of a Congressional challenge to the regulation.
- SEC and FINRA guidance and examination issues for Reg BI, focusing on the Care and Mitigation Obligations.
Beltway – February 16, 2023
- The new provision that requires that new 401(k) and private sector 403(b) plans be automatically enrolled and increased.
- The new and complex provision for “side car” savings accounts.
- The opportunity to provide for Roth matching contributions and the requirement for Roth catch-up contributions.
- The expansion of PEPs to permit 403(b) plans.
- The ability to match student loan repayments.
Beltway – November 17, 2022
- What the Congressional election results mean for the chances of retirement legislation during the “Lame Duck” session (SECURE Act 2.0, Rise and Shine and EARN) and next year.
- What the confirmation of Lisa Gomez as the Assistant Secretary of Labor for the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) might mean for key EBSA regulations and guidance.
- What’s going on with the DOL’s regulatory work on a new fiduciary regulation and the final ESG regulation, as well as other guidance.
- Where things stand on lawsuits against the DOL’s expanded interpretation of fiduciary advice and its CAR on cryptocurrency investments.
- What the spate of recent lawsuits related to the BlackRock target date funds means for plan advisors and fiduciaries.
Beltway – August 18, 2022
- Fred Reish and Brad Campbell will share their thoughts on the movement of retirement plan legislation through Congress: SECURE, EARN and RISE & SHINE.
- Brad and Fred will also discuss the DOL’s regulatory agenda and the possible new fiduciary regulation and Prohibited Transaction Exemptions, including 84-24.
- They will then discuss the status of compliance with PTE 2020-02 and the self-correction procedures for fixing 2020-02 failures.
- Sandy Grannum will then cover key issues related to FINRA’s 2022 examination priorities.
Beltway – May 19, 2022
- Fred Reish and Brad Campbell will share their thoughts on the movement of the SECURE Act 2.0 through Congress.
- Brad and Fred will also describe and comment on recent DOL guidance on plan investments in cryptocurrencies and private equity.
- They will then turn to the Supreme Court decision in Hughes v. Northwestern University and discuss its impact on plan fiduciaries and advisors.
- David Porteous will then cover the SEC’s 2022 Examination Priorities.
Beltway – February 17, 2022
- Fred Reish and Brad Campbell will share their predictions for activities in Congress and at the DOL.
- Sandy Grannum will discuss FINRA examinations and guidance.
- Jim Lundy will cover SEC examinations and guidance.
Beltway – November 18, 2021
- The Senate confirmation process for the Employee Benefits Security Administration (EBSA) nominee, Ms. Lisa Gomez
- The possible retirement plan changes of the Budget Reconciliation package
- The Department of Labor’s proposed new environmental, social and governance (ESG) and proxy voting rule, currently open for comment
- The 2021 new interpretation of the 1975 Fiduciary Rule and the need to implement PTE 2020-02 or PTE 84-24 before December 20, 2021
- The proposed new Fiduciary Rule to replace the 1975 rule scheduled for December
- The final rule on the lifetime income illustration mandate for participants
- Evolving Securities and Exchange Commission (SEC) enforcement and examination priorities
Beltway – August 19, 2021
- An update on the DOL’s new “fiduciary rule” PTE 2020-02
- The DOL’s Regulatory Agenda and fiduciary rule 4.0 proposal next December
- An update on the DOL’s position on ESG investing and proxy voting
- The lifetime income illustration mandate for participants: What’s next?
- Financial wellness and participant data: The Shell Oil case
Beltway – May 27, 2021
- An update on the SECURE Act 2.0
- The DOL’s new fiduciary “rule”—FAQs, Questions for Advisors, and more guidance
- The DOL’s nonenforcement policy for the Pecuniary Factors regulation
- Participant data and the Shell Oil decision
- Appointments and confirmations at the SEC, and what they mean for advisers
Beltway – February 18, 2021
- The Biden legislative platform
- The SECURE Act 2.0 proposal
- The so-called ESG regulation
- The fiduciary advice interpretation and exemption
- The possibility of a new fiduciary regulation
Beltway – November 5, 2020
- What does the election outcome mean for retirement plans and investment advice in 2021?
- What could the new Congress realistically consider as legislation affecting retirement plans, conflicts of interest and investment advice?
- What will the DOL likely focus on for regulation and investigation?
- What will the SEC likely focus on in terms of guidance, examination and enforcement?
- What issues will FINRA likely focus on for guidance and examination?
Beltway – July 30, 2020
- The DOL’s proposed exemption for fiduciary investment advice and its expanded fiduciary definition for rollovers
- The DOL’s proposed regulation on use of ESG factors to select plan investments
- The DOL’s guidance on private equity allocations in participant directed plans
- Update on IRS guidance for retirement provisions in the CARES Act
- The DOL’s RFI on Pooled Employer Plans (PEPs) and next steps
Beltway – April 30, 2020
- The CARES Act: Relief for participants
- CARES Act and other questions from clients
- The SEC’s Alert on Form CRS
- The SEC’s Alert on Reg BI
Beltway – January 30, 2020

In a good example of why lawyers should not answer questions from imperfect memory, we need to correct an answer we provided on the call. The Pooled Employer Plan (PEP) provisions in the SECURE Act do not take effect until plan years beginning after December 31, 2020. We apologize for any confusion.
- Highlights of SECURE Act and Preliminary Thoughts.
- Update on New DOL Fiduciary Rule.
- SEC Enforcement Activity on 403(b) and 457(b) Plans.
- Broker-dealer Preparation for Reg BI and FINRA’s Readiness Test.
Beltway – October 24, 2019
- Report on lawsuits filed to vacate Reg BI.
- Update on the SECURE Act.
- Discussion of two recent complaints filed by the SEC on disclosure of payments to dual registrants.
- Parts and Pieces: One of the Reg BI provisions that concerns broker-dealers.
- Update on the possibility of a new DOL fiduciary regulation.
Beltway – July 25, 2019
- Thoughts on Regulation Best Interest and Related SEC Guidance.
- Lessons Learned from the Vanderbilt and Anthem Settlements.
- Update on the SECURE Act.
- Developments on State Fiduciary and Best Interest Rules.
Beltway – April 11, 2019
- Status of SEC Rulemaking.
- Update on State Fiduciary Laws and Regulations.
- SEC and FINRA Focus on Individual Variable Annuities.
- SEC Share Class Selection Disclosure Initiative: Lessons Learned from the First Settlements.
Beltway – January 24, 2019
- Update on legislative developments affecting retirement plans.
- DOL investigations concerning missing participants.
- Developments in 401(k) student loan repayment programs.
- SEC enforcement investigations of RIAs who receive 12b-1 fees and revenue sharing.
- Elder abuse: a continued focus of regulation and arbitration.
Beltway – October 18, 2018
- DOL investigations of RIAs and broker-dealers.
- Lessons learned from the SEC’s SCSD Initiative.
- Review of FINRA disciplinary matters concerning brokers’ actions with regard to customer IRAs.
- A discussion of Tax Reform 2.0 and RESA—the Retirement Enhancement and Savings Act.
- The president’s executive order on improving retirement plans.
Beltway – July 24, 2018
- An update on the legal and practical implications of the Fifth Circuit fiduciary rule decision.
- The DOL/IRS non-enforcement policy and what it means to advisors.
- Practical experience with the SEC’s Share Class Selection Disclosure Initiative.
- The SEC’s proposed “Interpretation” of the standard of care for RIAs and why it matters now.
- The status of the New York proposal for a new standard of care for sales of insurance and annuities.
Beltway – April 19, 2018
- Discussions from the April 18 SEC meeting.
- Issues from a securities law perspective.
- Potential impact on fiduciary and prohibited transaction issues for plans and IRAs.
Beltway – January 30, 2018
- Confirmation of the new DOL Assistant Secretary for the EBSA and what that means for changes to the fiduciary rule.
- Confirmation of the new SEC Commissioners and what that means for a securities law fiduciary rule.
- Experience with the new fiduciary rule and what problems we are seeing.
- Status of SEC Examination Priorities for 2018.
- Update on state fiduciary developments.
Beltway – October 12, 2017
- The likelihood of a final rule extending the applicability date of the most important fiduciary exemptions to July 1, 2019.
- What’s next with the DOL and SEC for revising the fiduciary rule and the exemptions?
- The current focus of SEC examinations under the ReTIRE Initiative.
- The likely fiduciary claims against broker-dealers in FINRA arbitrations
Beltway – July 20, 2017
- The fiduciary regulation and the transition exemptions applied on June 9. Which recommendations are the most impacted?
- What’s next ... with the DOL? With the SEC?
- When will the transition end? On December 31, as scheduled, or later?
- What will be the most likely fiduciary breach claims under the transition rules?
Beltway – April 25, 2017
- Update on Secretary of Labor and DOL Appointees
- Update on the fiduciary rule
- Impact of the Congressional proposals for tax treatment of retirement plans
- Impact on retirement plans of other Trump administration priorities
- SEC ReTIRE Initiative
Beltway – January 26, 2017
- Update on the fiduciary rule
- Update on the special Financial Institution status for IMOs and the sale of fixed indexed annuities
- Impact of the Congressional proposals for retirement plans
- Impact on retirement plans of other priorities of the Trump Administration
Beltway – October 13, 2016
- Litigation against the fiduciary rule
- Challenges in capturing rollovers
- The DOL process for financial institutions for fixed indexed annuities
- Lessons learned from advising clients about compliance with the fiduciary rule and the exemptions
Beltway – July 28, 2016
- DOL’s final fiduciary regulation and the 84-24 and BIC exemptions
- Compliance with the best interest standard of care and with the conditions of the exemptions, certain products and practices
Beltway – April 28, 2016
- DOL’s final fiduciary regulation and the 84-24 and BIC exemptions and their impact on advice to plans and IRAs, including recommendations to take distributions from plans or IRAs
Beltway – March 10, 2016
- Update on the DOL’s fiduciary proposal, including the fiduciary definition, and the 84-24 and BIC exemptions
- How broker-dealers are adapting to the anticipated final rule
- Impact of final rule on plan distributions and rollovers
- SEC’s examinations of retirement issues
Beltway – December 10, 2015
- Update on the DOL’s fiduciary proposal, including the fiduciary definition, and the 84-24 and BIC exemptions
- The Administration's rollout of myIRA
- The DOL’s guidance on ETIs (economically targeted investments)
- The Intel lawsuit and custom target date funds
- Aftermath of the Tibble decision
Beltway – September 10, 2015
- An update on the fiduciary proposal: comment letters and possible changes
- DOL guidance on lifetime retirement income and income projections
- The President’s directive to the DOL about state-sponsored plans
Beltway – June 16, 2015
- An overview of the fiduciary proposal
- What the proposal means for registered investment advisers
- What the proposal means for broker-dealers
- How the proposal impacts distributions and rollovers
- Where the proposal will have the greatest impact
Beltway – March 31, 2015
- The White House budget proposals related to retirement plans, including the proposal regarding state-sponsored retirement plans for individuals
- The Supreme Court’s acceptance of Tibble v. Edison International
- The focus on share classes and revenue sharing
- The White House memo on the fiduciary proposal
Beltway – December 4, 2014
- The implication of the election results on legislation and administrative guidance
- The Supreme Court’s acceptance of the case of Tibble v. Edison International
- The guidance issued on guaranteed benefits and target date funds by Treasury and the DOL
- Money market fund rules
- The GAO Report on managed accounts
- Proprietary funds in plans and recent litigation
Beltway – September 18, 2014
- What the mid-term election could mean for retirement plans
- The case of Fifth Third Bancorp v. Dudenhoffer
- What anticipated SEC and DOL guidance on TDFs can mean
- The increased focus on IRA rollovers—why and where are we going?
- Service providers as 3(16) administrator fiduciaries, and recent litigation on the meaning of 3(16)
- Proprietary funds in plans and recent litigation
Beltway – June 5, 2014
- The ING settlement
- Recently released GAO report on tax incentives for plans
- The risks comprehensive tax reform pose
- Status of DOL RFI regulation on brokerage windows
- How IRS rev ruling 2014-9 simplifies rollover processes
- Pending regulation amendments on TDFs for QDIA and 404a-5 disclosures and the anticipated consequences; and
- DOL Investigations of Fiduciary Service Providers
- Guest speaker Ted Becker spoke about a recent ESOP case he settled with the DOL
Beltway – March 20, 2014
- FINRA guidance on distributions and rollovers
- What the President’s new budget proposal tells us about DOL Investigations, IRS audits and agency enforcement priorities
- DOL’s proposed 408b-2 summary disclosure requirements;
- The President’s retirement proposals in the new budget
- Changes in the likely publication dates on the TDF disclosure rule, brokerage window RFI, and other pending regulations
- The Sixth Circuit decision on lawyers’ advice
- Big picture policy discussion: Why are critics calling the 401(k) plan a benefit for the wealthy?
Beltway – December 5, 2013
- End of the year review of what happened, and what it means
- Budget negotiations and impact on plans
- DOL proposal for 408(b)(2) guide
- DOL Target date fund disclosure final regulation
- Update on the fiduciary advice proposal
- Update on projections of retirement income
- The latest developments in retirement plan litigation
- Other recent developments
Beltway – September 12, 2013
- Status of the fiduciary advice proposal
- Focus on distributions and rollovers
- DOL proposed guide on 408(b)(2) summary requirements
- DOL's focus on abandoned plans
- DOL's expansive definition of compensation and the ING settlement
- Comments received to the DOL proposed lifetime income projections
- Lessons from recent court decisions
Beltway – May 21, 2013
- The President’s budget, and how it addresses the DOL staff levels, the IRS Individual Retirement Account (IRA) enforcement, and the proposal to cap IRA benefits at $3 million
- Perez nomination and how the fiduciary rule timing might be affected
- Lifetime Income PRE rule
- GAO report on IRA rollovers
- DOL’s expansive definition of compensation and the ING settlement
- DOL’s focus on abandoned plans
- Leimkuehler and Santomenno cases
Beltway – February 26, 2013
- DOL’s regulatory agenda and its impact on retirement plans and service providers
- Latest on the tax reform debate and its treatment of retirement plans
- Fiscal cliff change regarding the in-plan Roth conversion
Beltway – November 15, 2012
- Post-election insights
- Assessing the impact of the Presidential and Congressional elections on retirement plans and service providers
Beltway – August 16, 2012
- What to do with DOL’s controversial guidance on brokerage accounts in 401(k) plans
- Final preparations for participant disclosure
- Review of DOL’s anticipated 408(b)(2) supplemental guidance
- The future of DOL’s fiduciary advice regulation