UPDATE: Since this article was posted, District Judge Crabtree in the Kansas case followed the lead of Judge Lynn on February 17, granting summary judgment for the Department of Labor and denying a cross motion by plaintiff Market Synergy Group, which sought to block the rule.
Just days after Donald Trump took steps to derail a rule meant to protect retirement investments, a federal court decision has bolstered hopes for its survival.
The regulation, known as the fiduciary rule, was adopted by the Department of Labor (DOL) last April and took effect in June 2016. Compliance was to start on April 10 of this year, with some aspects of the rule not set to kick in until 2018.
The rule requires financial advisers to act in the best interest of the clients who pay them for their professional advice and prohibits them from recommending or selling inferior or more costly investments that will garner them higher commissions.
Continue reading RULE PROTECTING RETIREMENT INVESTMENTS SURVIVES COURT CHALLENGES.
An attempt to pass a law that would require equal pay for women in New Jersey was thwarted on January 23 when it became apparent that sponsors did not have the votes to override Governor Chris Christie’s veto of the same bill last May.
The effort came three days after the Trump inauguration, two days after millions of women marched against him and the same day that Trump re-instated the Reagan-era global gag rule – the prohibition on U.S. funding for international organizations that provide information about abortion, even if none of the American dollars go to pay for abortions.
The New Jersey legislation, S-992, would be a state version of the federal Lilly Ledbetter Fair Pay Act, the first legislation signed into law by President Barack Obama, on January 29, 2009, about a week after he took office.
Continue reading ATTEMPT TO OVERRIDE EQUAL PAY LAW VETO THWARTED FOR NOW
Despite the human and fiscal harm that would result from repeal, Republicans have pronounced it a priority and on January 4, the Senate took an initial step toward that goal, approving a budget resolution that would clear the way for such legislation. The House is expected to follow suit next week.
In its last frenzied voting session before the end-of-year break, the New Jersey Legislature passed a resolution that calls on Congress not to repeal the Affordable Care Act, or ACA, also commonly referred to as Obamacare. The complete text of Assembly Concurrent Resolution 222 can be found here.
Continue reading NJ LEGISLATURE CALLS ON CONGRESS TO PRESERVE THE AFFORDABLE CARE ACT