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Insights

Regulation Best Interest (Reg BI)

On June 5, 2019, the SEC adopted Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934. Reg BI establishes a "best interest" standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts. As part of the rulemaking package, the SEC also adopted new rules and forms to require broker-dealers and investment advisers to provide a brief relationship summary, Form Customer Relationship Summary (CRS) to retail investors.

Coronavirus Aid, Relief, and Economic Security (CARES) Act FAQ

On March 27, 2020, the President signed a $2 trillion relief package entitled the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is intended to provide "emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic." This frequently asked questions (FAQ) is intended to address CARES Act provisions related to individual financial assistance to help individuals withstand the harsh impact of COVID-19. IMPORTANT: Before considering or acting on any of the information included in this FAQ, individuals are advised to seek qualified counsel from their legal, tax and/or financial advisors. If I am experiencing a dire financial need as a result of the COVID-19 pandemic, is there a way for me to access funds in my retirement accounts? Potentially, yes. As it relates to your employer-sponsored retirement plan, there may be two provisions available to "qualified individuals": Coronavirus-related distribution (CRD): IF you are a

The Secure Act Highlights

The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) was signed into law as part of a government funding package on December 20, 2019, with overwhelming bipartisan support. The SECURE Act is the most comprehensive retirement savings package to become law since the Pension Protection Act of 2006. The SECURE Act is wide-ranging, spanning nearly 40 provisions. The Act seeks to improve access to employer-sponsored retirement savings plans, increase savings levels within plans, streamline administration of plans, and provide for a wider range of options for generating retirement income, such as annuities. Changes to IRAs and retirement plan Increase the mandatory RMD age: Required minimum distributions (RMDs) will begin in the year after an individual turns 72, up from the current 70½. Effective in 2020 for those who attain age 70½ in 2020 or later. Remove the age limit for traditional IRA contributions: Non-rollover contributions to traditional IRAs are permitted after