Legal

All in, the Department of Labors proposed fiduciary rule would mean between $2.4 billion and $5.7 billion in compliance costs for the financial services industry over 10 years.

The unanimous decision handed down by the Supreme Court in Tibble vs. Edison International has made clear plan sponsors have an ongoing fiduciary duty to monitor the investments in 401(k) plans.

The world hasnt changed, but it certainly just got more exciting, but not in the way you think.

In a unanimous decision, the Supreme Court has ruled in favor of participants in Edison Internationals 401(k) plan who claimed company fiduciaries violated their duty to monitor three retail-class mutual funds.

Bipartisan legislation has been introduced in both the House of Representatives and the Senate that would require annual estimates of how participants savings would translate into monthly income in retirement.

Sen. Lamar Alexander, R-Tennessee, chairman of the Health, Education, Labor and Pensions Committee, sent a letter co-signed by 35 other Republican Senators urging Labor Secretary Thomas Perez to extend the 75-day comment period on the agencys proposed fiduciary rule to 120 days.