On May 22, 2019, the Internal Revenue Service issued Revenue Procedure 2019-25, announcing the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs), as determined under the Internal Revenue Code § 223. Here is a comparison of the HSA calendar year 2019 and 2020 annual limits.
In its thirst to maintain and grow assets under administration in an increasingly competitive and dwindling fee environment, a recordkeeper must find a balance between the services it offers and the overall (direct and indirect) revenue generated in support of such...
This class action lawsuit shines a light onto the revenue sharing (or possible self-dealing and prohibited transactions) relationship between a recordkeeper and a managed account provider. Although it is premature to suggest who will prevail in this suit, it is fair...
On June 30, 2016, a class action complaint was filed by Steve Wadman, et al (Plaintiffs), against American Century (Defendants). On January 23, 2019, Chief Judge Greg Kays, issued a finding of facts and conclusion of law and dismissed all counts in favor of...
On November 1, 2018, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement related items for Tax Year 2019.
On May 14, 2018, the Internal Revenue Service issued Revenue Procedure 2018-30 , announcing the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs), as determined under the Internal Revenue Code § 223.
In response to the 5th Circuit Appeal’s Court decision, Mabel Capolongo, Director of Enforcement Regional Directors at the DOL today issued “FIELD ASSISTANCE BULLETIN NO. 2018-02” which states…
We have provided here the Dallas District Court order and the 5th Circuit Court Appeal decision.
Philip Chao quoted in InvestmentNews article “Do specialized retirement plan advisers even need a broker-dealer?”
Philip Chao quoted in InvestmentNews Article “401(k) Managed Account Push Rife with Conflicts of Interest”.
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption.
The Trump administration wants to give a shot in the arm to annuities in 401(k) plans by encouraging rules to make it more palatable for plan sponsors to offer such products.
The DOL issued its Conflict of Interest FAQs during this seemingly never ending process of applying the new fiduciary law.
Here we discuss the House passed Financial CHOICE Act as it aims to dismantle a number of Dodd Frank provisions.
Here is the link to the DOL’s complete bulletin regarding the temporary enforcement policy.
The Fiduciary Rule will go into partial effect on June 9th without further delay.
This is the link to an article in which Philip Chao is quoted regarding Fidelity’s approach to the new Fiduciary Rule.
On May 04, 2017, the IRS announced the 2018 inflation-adjusted amounts for Health Savings Accounts. The following is a comparison of the 2017 and 2018 limits.
As expected, the DoL has issued the 60-day extension to the application of the Fiduciary Rule just in time before the new rule’s April 10th application date. This writing offers a pre-release copy of the extension.
Chief Judge Barbara Lynn of the Northern District of Texas granted motion for summary judgment in favor of the Fiduciary Rule and BICE.