Assistant Labor Secretary Phyllis Borzi, who has been championing an expanded definition of “fiduciary” in the retirement plan area, is reportedly waiting in the wings while Labor Secretary Thomas Perez hears from opponents of the plan. InvestmentNews has the story. Also, financial planning for same-sex couples still involves a lot of uncertainty post-DOMA. David Gordon, a former attorney who is now executive director of The Gordon Financial Group, talked with ThinkAdvisor about some of the biggest changes since the ruling and some of the challenges that still exist, such as health care coverage and Medicaid. One of his tips for advisors: Connect with experts in the field. A link to the story follows.
Borzi Taking A Back Seat On Fiduciary
By Mark Schoeff Jr.
The leading player in the Department of Labor’s effort to raise investment advice standards for retirement plans is patiently waiting on the sidelines while her boss talks to opponents of the measure. Labor Secretary Thomas Perez has been meeting with industry representatives to hear their qualms about the measure, which would expand the definition of “fiduciary” under federal retirement law to include more advisers, such as brokers who sell individual retirement accounts.
After DOMA, Financial Planning Still A Challenge For Same-Sex Couples
By Danielle Andrus
When Section 3 of the Defense of Marriage Act was ruled unconstitutional last year, gay and lesbian couples gained access to some federal benefits afforded married couples, but the ruling didn’t require states to recognize their unions. Now, state bans on same-sex marriage are dropping like flies, but the legal landscape for same-sex couples is still in flux. It can be especially challenging for married couples who move to a state that doesn’t recognize their union.