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- Title
Everything You Wanted to Know About BICE but Were Afraid to Ask.
- Authors
Goldstein, Brian P.; O'Neil, Dan; Weafer, Kenneth C.
- Abstract
The best-interest contract exemption (BICE)--formally known as Prohibited Transaction Exemption (PTE) 2016- 01--is part of a large regulatory package with quickly approaching deadlines for compliance. Issued by the U.S. Department of Labor (DOL), BICE is designed to (among other things) protect retirement investors from costly or conflicted investment advice. Under the rule, service providers that give investment advice to participants and plan sponsors now will have to follow the fiduciary standard of conduct under the Employee Retirement Income Security Act (ERISA). BICE rules are important to plan sponsors and something they need to start considering in their interactions with plan vendors. This article is designed to heighten awareness in order to assist plan sponsors, as employee benefit plan sponsors or fiduciaries, in fulfilling their duties.
- Subjects
PROHIBITED transactions (Employee benefits); RETIREMENT planning; INVESTMENTS; EMPLOYEE Retirement Income Security Act of 1974; RETIREMENT income
- Publication
Benefits Quarterly, 2017, Vol 33, Issue 3, p44
- ISSN
8756-1263
- Publication type
Article