The Labor Department will follow criteria set out by President Donald Trump's order instructing it to review its fiduciary rule, R. Alexander Acosta, Trump's nominee to be labor secretary, told a Senate committee. That order "really regulates and determines the Department of Labor's approach to the fiduciary rule," Acosta said.
A proposed delay of the Labor Department's fiduciary rule doesn't eliminate fiduciary duty, lawyer Fred Reish writes, saying all of this attention on fiduciary status could result in the old rule's government of common practices. Reish examines how fiduciary status could apply to annuities.
A bipartisan bill has been introduced in the Senate to simplify small businesses' offering of employee retirement plans. The bill would ease administration, cut costs and avoid duplication of effort by letting businesses file a single Form 5500 with the Labor and Treasury departments.
The Department of Education has scrapped an order of the Obama administration preventing debt collectors from charging high fees to borrowers who default on loans under the Federal Family Education Loan Program. An additional 16% can be added to outstanding principal and interest in the event of default.
Expectation that the Trump administration would act quickly on tax reform appears to have been sidelined by debate on replacement of the Affordable Care Act. But the House might present tax legislation before summer recess because much of the research groundwork has been laid, lawyer Sandra Swirski writes.
Low or irregular income and lack of access to a tax-advantaged savings plan are creating difficulties for many workers in the "gig economy" to save for retirement. Experts acknowledge that these workers' income can be unpredictable, but they recommend striving to put part of each paycheck toward retirement savings.
People aiming for early retirement must follow an aggressive savings plan to account for a shorter time span for investment. Katie Brewer reviews five steps, including a frank assessment of someone's financial situation.
Financial security is the top retirement concern of people ages 30 to 59, according to a survey by the West Health Institute, but respondents 60 and older are more concerned about aspects of aging, including memory loss and loss of independence. These findings are in line with similar studies, says Michael Hurd, director of the RAND Center for the Study of Aging.
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