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Fiduciary Risk for Plan Sponsors of $50 Million+ Retirement Plan(s)

Learn the best practices on controlling and identifying the Plan Sponsor Independent Fiduciary.

The Department of Labor has imposed an 18-month delay (from Jan. 1, 2018 to July 1, 2019) of the final applicability date of the limited portion of the fiduciary rule that is not yet in force. The delay extends the transition period the DOL established to allow firms extra time to prepare for specific requirements of the three major Prohibited Transaction Exemptions (PTEs) associated with the fiduciary rule: the Best Interest Contract Exemption (BICE), Principal Transaction Exemption, and PTE 84-24, which applies to advisory transactions involving insurance and annuity contracts and mutual fund shares. The transition period is the time between the rule's first applicability date (June 9, 2017) and the final applicability date, which is now proposed to be July 1, 2019. The delay also provides time for the DOL to prepare responses to questions President Trump directed it to address at the beginning of this year and to formulate proposed changes to the rule. It seems clear that the net effect of this review will be elimination of the contract requirement associated with BICE, and perhaps all of the rule requirements deferred during the transition period. Not impacted by the delay is that: the 'special' carve out at $50 million now makes the Plan Sponsor the de facto Independent Fiduciary.

Runtime: 94 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Plan Sponsor Fiduciary Liability and Business Risk for ERISA 401k Plans Larger Than $50 Million

  • Who Is the Plan Fiduciary at $50 Million?
  • Who Is an Investment Fiduciary Under the 'New' DOL Rule?
  • Controlling the Risk of Prohibited Transactions

Impartial Conduct Standards When Your Investment Adviser "Fiduciary" Is Now a "Selling Agent"

  • Best Interest Standard of Care
  • Defining and Defending Internal and External Reasonable Compensation for Services
  • Transparency, Disclosure and No Material Misleading Statements

Advisability and Risk of Capturing Rollovers

  • Can You Justify Simultaneously Being a "Deemed" Non - Fiduciary/Selling Agent and a Rollover Fiduciary
  • Is It Self - Dealing to Provide Lower Cost Internal Plan Services and Higher Cost External IRA Services?
  • Internal Plan Accumulation Is Not the Same as External IRA Management of Lifetime Income
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 8, 2018.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John Mulligan

John Mulligan

Mulligan Capital, Inc.

  • President of Mulligan Capital, Inc. since 1992
  • Practice emphasizes all aspects of IRA Rollover Wealth Management and Retirement Income - Best Practices
  • Conducts regular workshops for CLE, CPA CE and clients
  • Wrote “The Annuity Puzzle Exchange” transparency in ERISA and IRA lifetime income quotation
  • Membership information includes IWI (IMCA) and the Ed Slott IRA Master Elite advisory Group
  • M.A. degree in economics; CFP, CIMA, AIFA, RMA
  • Can be contacted at 503-352-4019, [email protected] or www.mulligancapital.com
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401794
Published 2018
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