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April 3, 2018

CWF's IRA/HSA Guidance - EBSA/DOL As of April 3, 2018 Has Not Issued Any Response or Guidance To Court Ruling Vacating the Fiduciary Rule

The DOL has not yet issued any guidance in response to the Fifth Circuit Court's ruling in Chamber of Commerce of the USA, et al v. U.S. Department of Labor.

Even though there is substantial uncertainty as to the impact of this case, this case should be cheered in the sense that this court found many sales of investments to an IRA or pension plan do not and should not rise to the level of being a fiduciary act.

Hopefully, the EBSA/DOL will soon issue guidance. The DOL could commence the process of formally repealing the Fiduciary regulation.

Better yet, Congress should act.

There should be a goal of simplifying IRAs. Congress, the DOL and the IRS should expressly address the subject of when an individual is to be held responsible for their IRA investment decisions and when another person or party is to be held responsible. Internal revenue code section 404(c) defines when a 401(k) participant is to be held responsible for his or her investment decisions. There should be a similar approach for IRA investment decisions, including self directed investment decisions.

We will try to keep you informed.


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