Texas Association of Business
Non-Profit Associations |
Business & Commerce
316 W 12th Street, Austin, TX 78701-3681
Recent News About Texas Association of Business
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The Department of Labor, in a lawsuit brought by a group of trade associations in June, contends its conflicts of interest rule, despite the cost, better serves investors and aligns with other federal retirement laws. The department is asking a Texas federal court to rule in its favor.
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Last month, the National Association for Fixed Annuities, or NAFA, filed a lawsuit in the U.S. District Court for the District of Columbia. The DOJ, on behalf of the DOL and Perez, filed its own proposed order with the D.C. federal court last week, arguing the rule is necessary to “safeguard the retirement savings of millions of American consumers.”
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The new Persuader Advice Exemption Rule requires that employers and the consultants they hire file reports not only for direct persuader activities -- i.e. consultants talking to workers -- but also for indirect persuader activities -- consultants scripting what managers and supervisors say to workers.
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The DOL released its final rule in April. The rule, sometimes referred to as the conflicts of interest rule, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
