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Litigation Involving 401(k) Plans

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Litigation against 401(k) plans have been increasing since last year.  Typically lawsuits have been aimed at large plans, but now a much smaller 401(k) plan is being scrutinized.  A recent lawsuit against Damberg et al. v. LaMettry’s Collison Inc. et al. is focused on excessive fees being charged to participants.  This lawsuit may set a …

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Succession Planning Simplified

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Simple, turn-key succession plan that gets you value and stops the procrastination If you qualify, Beacon Hill will provide a succession plan that will satisfy regulators, protect your clients, and will provide you or your heirs with a fair value for your life’s work. Simple- We take care of all the documentation. This will be …

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How Will New Overtime Rules Affect You?

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Thanks to the Fair Labor Standards Act of 1938 (FLSA), salaried workers are guaranteed overtime pay at time and a half for any hours they work beyond the standard 40-hour workweek, with exceptions to the rule based on both the duties involved and salary level. Exemptions exist for executives, professionals, administrative employees, outside consultants, and a few …

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Why the Suitability Standard Isn’t Suited for You

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You need to be sure that any financial advice you get is given with your best interest in mind. The best way to do so is to hire a fee-only adviser who operates in a fiduciary capacity. The Department of Labor has recently stepped in to mandate that all advisers to retirement assets hold themselves …

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Senate passes resolution to block DOL fiduciary rule

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On May 24th, the U.S. Senate voted to pass S.J. Resolution 33, which would rescind the Department of Labor’s recently finalized fiduciary rule. The resolution passed by a 56 to 41 margin, with three Democrats — Sens. Donnelly, IN, Heitkamp, ND, and Tester, MT — joining Republicans in support of blocking the DOL’s implementation of …

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