401(k) Specialist Issue 1 - 2018 - 13

401(k) FIDUCIARY FILE
States Move Forward with Fiduciary Rule
FIRST, IT WAS government-run retirement plans, now it's
the fiduciary frenzy, as lawmakers in state capitals attempt to
fix what they see as failings by the Feds.
Governor Andrew Cuomo recently announced that New York
has proposed new consumer protections that would adopt a
" best interest " standard for those licensed to sell life insurance
and annuity products, including a requirement that any product
that best reflects the customer's interest " be offered ahead
of what is most profitable to the seller. "
The proposed regulation specifically mentions " recently delayed
federal regulations relating to retirement savings. "
" As Washington continues to ignore and roll back efforts to
protect Americans, New York will continue to use its role as a
strong regulator of the financial services and insurance industries
to fight for consumers and help ensure a level playing
field, " Cuomo said. " With these commonsense reforms we are
working to protect everyday New Yorkers and give them peace
of mind when purchasing these products. "
Former Fiduciary Foe Has Some Advice for Employers
ANYONE REMEMBER FORMER Trump labor secretary nominee Andy Puzder? He was
the Trump administration's sacrificial lamb during the cabinet confirmation process
who withdrew his name from consideration just one day before his oft-delayed hearings
were set to begin. The fast-food executive and regulation skeptic was accused by critics
for fostering an " unfriendly " environment for workers at the restaurants he ran.
He resurfaced in the pages of The Wall Street Journal to advise employers to inform workers
exactly why their paychecks are increasing, especially if they want it to continue.
" If you're an employer who increased wages or bonuses due to the Republican tax
cuts, it's time to tell your employees why, " Puzder wrote. " Also, let them know their takehome
pay is even larger because the federal government is taking less of their earnings.
These employees are benefiting from the business and individual tax cuts. Democrats-
and the media-told them they would benefit from neither. "
Employers must do their part, he concluded, " Otherwise employees may take their
pay increase and bonus and not give Republicans the credit they deserve. In that case,
tax cuts and economic growth could indeed be just short-term bonuses. "
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401(k) Specialist Issue 1 - 2018

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