George Michael Gerstein

George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.

Fidelity faces another 401(k) suit for alleged excessive fees

Per a recent Pensions & Investments report, Fidelity is facing another 401(k) lawsuit for alleged excessive fees as record keeper.

NY’s Dinowitz cautiously optimistic his fiduciary disclosure bill can pass

Hurdles to greater DC plan adoption of ESG products

Peirce urges patience on the part of the states over Reg BI

Bill Mandia presents at National Conference of Insurance Legislators on fiduciary developments

As previewed by ThinkAdvisor, Bill Mandia presented this past weekend at the National Conference of Insurance Legislators Spring Meeting in Nashville. Accompanying Rep. Joe Fischer (KY) and Rep. Martin Carbaugh (IN), Bill discussed the federal and state approaches to the sale of annuities and other retirement savings products.

Illinois disclosure bill doesn’t seem to be going anywhere anytime soon

The Illinois Investment Advisor Disclosure Act, which was introduced last year without any text, has been designated session sine die. The proposed legislation was thought to possibly follow the approach sought by New York and New Jersey, namely, broker-dealers having to disclose to clients at the time of a recommendation that they are not held to a fiduciary standard.

CalPERS declines to divest from private prisons

Staff at the California Public Employees’ Retirement System (CalPERS) are apparently opposed to the divestment of private prisons, according to a recent report. The CalPERS Investment Committee is expected to follow suit. Legislation forced the issue, but in almost all cases it is subject to a determination by the plan fiduciary that following such legislation comports with its fiduciary duties, often enshrined at the constitutional level.

Reg BI (heavily) criticized at House hearing

George Michael Gerstein comments on possible blowback to Nevada fiduciary rule

Fund Fire interviewed me regarding industry concerns over the draft Nevada fiduciary proposal and its effect on broker-dealers and investment advisers. There are now murmurs of firms exiting, or rolling back services in, Nevada over the controversial regulation.

House Financial Services Committee Hearing on Reg BI

Today, the House Financial Services Committee held a hearing on SEC Regulation Best Interest. Here is the the Committee Memorandum.