US Labor Secretary R. Alexander Acosta says he has "found no principled legal basis" to delay the effective date of his department's fiduciary rule beyond June 9. "Respect for the rule of law leads us to the conclusion that this date cannot be postponed," he said.
The Labor Department's fiduciary rule would be preserved via a court battle if the White House tries to repeal it, former Assistant Labor Secretary Phyllis Borzi said at an industry event. "Courts are reluctant to overturn a rule that has already [met] rigorous standards," she said.
The US scored 81 out of 100 points in a study of health care access and quality that was published in The Lancet, well below countries such as Australia and Norway. "America's ranking is an embarrassment, especially considering the US spends more than $9,000 per person on health care annually, more than any other country," said Dr. Christopher Murray, a senior author of the study.
Using behavioral-finance concepts can help encourage retirement-plan participants to take advantage of an auto-escalation feature, writes Ken Waineo of The Standard. This includes framing retirement as attainable, touting the employer match and focusing on income projections rather than account balances.
Interest-rate increases could add to the popularity of bonds and other fixed-income investments, PIMCO says in a report. The report suggests that investors should consider focusing on multi-sector bonds.
The budget proposal President Donald Trump submitted to Congress doesn't call for any reductions in Medicare or the retirement benefits provided by Social Security. However, his plan does call for cuts to benefits paid by Social Security Disability Insurance and would eliminate cost-of-living adjustments paid under the federal government's retirement system.
Implementing a California bill that would create a single-payer health care system in the state would cost $400 billion annually, according to a legislative analysis released by the Senate Appropriations Committee. The state would need all public funds allotted for health care, including Affordable Care Act subsidies, to cover about half of the projected costs, while the rest would require a 15% payroll tax, according to the analysis.
Independent advisers improved assets under management only modestly last year because of concerns about regulatory changes and robo-advisers, writes Orion Advisor Services CEO Eric Clarke. He outlines potential strategies for impressing clients and for increasing referrals through digital infrastructure.
Fiduciary rule, federal tax, health reform on agenda at NAIFA's Congressional Conference, May 23-24
Nearly 700 NAIFA members will meet with their senators and representatives on May 24. Fiduciary advice as defined by the Labor Department and the Securities and Exchange Commission, as well as tax and health care reform, will be among the priorities NAIFA members will discuss with lawmakers during meetings on Capitol Hill. Read more at the NAIFA Blog.