The Department of Labor (DOL) has released its much anticipated proposal to further delay full compliance with the fiduciary rule. The DOL is proposing to delay full implementation of the best interest contract (BIC) exemption and other prohibited transaction exemptions from January 1, 2018, to July 1, 2019. Prior to this proposal, a transition period has been in place that began June 9, 2017, and was scheduled to end January 1, 2018. It requires compliance with some—but not all—of the provisions of the final rule. With the transition period now extended, investment fiduciaries are required to only meet the regulations’ Impartial Conduct Standards, which require that they receive only reasonable compensation, make no misleading statements, and act in their clients’ best interest. This is significant news for credit unions, as the DOL has previously clarified that IRAs—along with Archer medical savings accounts (MSAs), health savings accounts (HSAs), and Coverdell education savings accounts (ESAs)—are included in the scope of the final rule. It also represents the latest delay to a rule that has been nearly seven years in the making.The DOL first issued proposed regulations in October 2010, but withdrew them in 2011 in the face of heated opposition from the industry and members of Congress, only to re-propose them in 2015. After holding four days of public hearings on the proposed regulations, hearing from more than 70 witnesses, and receiving thousands of comment letters, the DOL issued the final rule in April 2016. The final rule was effective June 7, 2016, 60 days after it was published in the Federal Register. But the implementation date was extended so that brokers and advisers were not governed by the conduct and disclosure rules until April 10, 2017. A transition period for compliance with the BIC exemption was put in place from that date until January 1, 2018, if certain conditions were met. Full compliance with the exemption was required as of January 1, 2018.Donald Trump’s victory in the 2016 presidential election raised the hopes of the rule’s opponents that the rule would either be repealed or watered-down. That has not happened. Instead, the DOL in March announced a 60-day delay of the fiduciary rule implementation date from April 10, 2017, to June 9, 2017.The DOL also announced in Field Assistance Bulletin (FAB) 2017-02 that during the initial compliance phase of the rule, enforcement policy would focus on good faith efforts to comply rather than strict adherence to the rule. While the rule’s Impartial Conduct Standards will apply during the initial compliance phase from June 9, 2017, through January 1, 2018, which is now extended, the DOL made clear in FAB 2017-02 that it “…will not pursue claims against fiduciaries who are working diligently and in good faith to comply with the fiduciary rule and exemptions, or treat those fiduciaries as being in violation of the fiduciary rule and exemptions.”The DOL also announced in FAB 2017-03 that it will not enforce the rule’s prohibition on investment advice contracts requiring clients to waive their right to participate in class-action lawsuits resulting from fiduciary breaches. The final fiduciary rule prohibits certain arbitration provisions in investment advice contracts and clauses that require participants to waive their right to participate in class-action lawsuits.Critics of the DOL’s fiduciary rule—including the Investment Company Institute and the U.S. Chamber of Commerce—urged the DOL to delay full implementation of the final rule. The credit union trade associations have also expressed concerns with the DOL’s fiduciary rule. In a comment letter earlier this year, the National Association of Federal Credit Unions (NAFCU) urged the DOL to revoke the rule or exempt credit unions from it. NAFCU wrote that the rule’s complex requirements would discourage investment recommendations and restrict consumer choice. The Credit Union National Association (CUNA) has publicly stated that it supports the underlying intent of the fiduciary rule to protect investors, but is concerned that the new requirements could curtail credit unions and credit union service organizations from offering members retirement and investment products that would benefit them. CUNA submitted a comment letter in late June requesting that the DOL clarify that credit unions are exempt from the fiduciary rule.In releasing its proposal to delay full compliance with the fiduciary rule, the DOL noted that the purpose of the delay is “to give the Department of Labor the time necessary to consider possible changes and alternatives…” to the previously issued guidance. The DOL is accepting public comment during a 15-day comment period that ends September 15, 2017. While procrastinators and opponents of the rule may be pleased with the delay, many are left wondering how to proceed. Major financial firms have spent millions of dollars to comply with the rule. And many firms have overhauled their entire business model to move away from commission-based retirement accounts, and built marketing campaigns to demonstrate that they are acting in their clients’ best interest. If the rule is repealed, would these firms reverse course and go back to commission-based retirement accounts? If the rule is substantially changed, what will it cost to come into compliance with the changed rule? Credit unions would be well-advised to carefully monitor the evolving timelines for compliance with the DOL’s fiduciary rule and any changes to the final rule in order to ensure compliance. 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dennis Zuehlke Dennis is Compliance Manager for Ascensus. Mr. Zuehlke provides clients with technical support on tax-advantaged accounts (including individual retirement accounts, health savings accounts, simplified employee pension plans, and Coverdell education … Web: www.ascensus.com Details
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Playwright Lyle Kessler’s dark drama, “Orphans,” which has broken box office records around the world, opened at Huntington’s Conklin Barn to a sold-out house on Aug. 20.Directed with finesse by Jim Bonney, the play explores the primal fear of abandonment and its power over our behavior. Two brothers, Treat (Aaron Dalla Villa) and Phillip (Jay William Thomas), have been dealt a cruel blow by fate. Orphaned as young children by their father’s desertion and the death of their mother, they live hand-to-mouth in a rundown North Philly row house.Older brother Treat, interpreting the role of a father, supports the pair through petty thievery. To ward off any further abandonment, Treat has instilled Phillip with an intense fear of going outside and limits his access to any kind of knowledge that might empower him. A shut-in who spends most of his time watching The Price is Right, Phillip’s world has eclipsed into a few tiny rooms yet he harbors secrets that would make Treat angry. Hidden under the sofa are books and a painful remnant from the past—one of his mother’s shoes.The dynamics unexpectedly shift when Treat brings home Harold (Sean King), an inebriated businessman. Although Treat ties Harold up when he goes out to gather information about his ‘kidnap’ victim, Harold easily eludes these restraints and begins to assume the upper hand, both physically and psychologically.It turns out that Harold himself grew up in a Chicago orphanage. A man with a shady past whose enemies have followed him to Philly, the idea of hiding out while taking these two young men under his wing appeals to him. Harold wants to give these new age “dead end kids” the father figure he never had. Despite his best intentions, will it be easy to usurp the paternal role from Treat?Harold patiently encourages Phillip to slowly abandon his timeworn routines, delight in new discoveries and venture out into the world. At the same time, he is training Treat to be his emissary in a world in which he no longer feels safe. Treat has never known trust and does not do well when it comes to following rules and handling responsibility. When he feels that this interloper is trespassing on his relationship with his brother, a power struggle ensues.Audiences will find that the role of Harold, who has unexpectedly found his calling, provides King with the perfect vehicle for doing what he does best: turning the tables to his advantage and waxing nostalgic. His touching soliloquy about his days as an orphan paperboy in Chicago paints an eloquent picture which brings the audience to that windy night that cost his friend his life. It’s a stand-out.Dalla Villa shines as Treat, the older brother who has been jaded by life, having borne the weight of protector and breadwinner for far too long. Beneath the easy charm and cocky confidence of a streetwise con artist is a seething anger that threatens to boil over at any minute. And erupt it does. Dalla Villa deftly juggles these disparate emotions while maintaining the intensity that the role calls for throughout his performance.Thomas excels as the otherworldly Phillip, the wide-eyed innocent man-child who delights in Harold’s simple gift of a map of North Philadelphia and views the nightly illumination of the streetlamps as miraculous. He envisions beauty in simple things that Treat can no longer see. Phillip personifies hope.The ending wields an unexpected blow. What audiences come away with is that none of us are so different from these orphans. Love or any form of emotional attachment is inevitably coupled with risk and the pain of loss. What makes Bonney and King’s production of ‘Orphans’ so extraordinarily moving is that it touches those vulnerable places in the heart that reside in all of us.The Conklin Barn is located at 2 High Street off New York Ave. in Huntington. The show runs through Sept. 5. Tickets are $25 and can be purchased at brownpapertickets.com. On Sept. 4, theatergoers can meet the playwright, Lyle Kessler, who will engage in a Q&A session after the performance.
Five British nationals including a child have been diagnosed with the new coronavirus at a French mountain village, and health officials said they were checking who else might have been exposed, including at local schools.In total, 11 people, including the five who tested positive, have been hospitalized in southeastern France and were being examined, the French health ministry said on Saturday, adding that none were in serious condition.The group of Britons included holidaymakers and a family currently residing in the Alpine village and ski resort, Les Contamines-Montjoie. They shared neighboring apartments in a chalet and temporarily hosted a British man believed to have contracted the virus at a business congress in Singapore before his short visit to France in late January, the ministry added.Two schools would be shut next week for checks, regional health official Jean-Yves Grall said, after it emerged that the nine-year-old who tested positive had attended lessons and French classes in different establishments.Two other children were also part of the group of 11 now in hospital in the cities of Lyon, Saint-Etienne and Grenoble, and they had been schooled in the area too, according to Etienne Jacquet, mayor of Les Contamines-Montjoie.Some parents in the village, nestled in the mountains close to the Mont Blanc peak and the Swiss city of Geneva, said on Saturday they had received little information so far and were being cautious. “Our children were meant to go to a concert tonight, we took the decision not to take them to not expose other people,” said Beatrice Louvier, adding that her 10-year-old daughter was in the same classroom as one of the three British children.The cases coincide with one of the busiest periods of the ski season for area resorts, as schools in the Paris region begin mid-term holidays. British schools are also on half-term break later this month.Health officials said they were trying to determine who had come into prolonged and close contact with the British group.Several tourists who had just arrived in Les Contamines-Montjoui brushed off the risks and said they would see through their holidays.”The percentage chance of getting infected is not really high,” said Frenchman Stanislas Des Courtis, who was visiting with his two teenage sons. “The ski area is big, and there are not so many places where (people) can gather here all together.”But local resident Catherine Davout, who helps manage flat rentals in the area, said she had already had several cancellations.The new cases emerged after authorities began to retrace the travels of a British man who has been confirmed by Britain to have contracted the virus, French health officials said.They had formed “a cluster, a grouping around one original case”, according to Health Minister Agnes Buzyn, who identified the person as a Briton who had returned from Singapore and stayed in France between Jan. 24 and 28.The French government said Singaporean authorities were looking into a business congress that took place in a hotel there on Jan. 20-23 and was attended by 94 foreigners, including the British man at the center of the Alpine cases.As of Saturday, Singapore had 40 cases of the virus.Of the 11 total cases in France, earlier ones include an 80-year-old Chinese man in a serious condition, while the others have shown signs of improvement, according to medical officials.The epidemic began in Wuhan in China and the vast majority of cases have been in China. Topics :
Prior to the implementation of the PSBB, more than 80 checkpoints to monitor people’s movements have been established in the three regions – 13 in Surabaya, 24 in Sidoarjo and 45 in Gresik. Luki said checkpoints were not set up to stop people from going to work. “We will not make the people’s economic activities stop running. Shops, hypermarkets and traditional markets will stay open. We just want people to adhere to physical distancing rules,” he said. He said that a 4,300-strong joint team of police, military and public order agency (Satpol PP) personnel would be deployed to ensure people’s adherence to the PSBB order. The COVID-19 task forces in Surabaya, East Java and its satellite regencies Sidoarjo and Gresik are set to impose a curfew during the large-scale social restrictions (PSBB) as part of efforts to stem the spread of COVID-19 in the three regions, which will be effective for 14 days from Tuesday until May 11.East Java police chief Insp. Gen. Luki Hermawan said the curfew and other restrictions would be enforced with several exceptions to make sure the PSBB did not hamper people’s economic activities. “Economic activities are not prohibited. There are at least two traditional markets in Surabaya that open at night, for instance. We will let them open [despite the curfew],” Luki told reporters on Tuesday morning. “But we will give more verbal reminders to violators especially in the first three days of PSBB implementation,” he said. Similar to the restrictions imposed in Jakarta, the three regions are limiting vehicles to use only 50 percent of their seats. Motorcycles are not allowed to take passengers. Surabaya is the hardest-hit region in East Java with 372 confirmed cases and 51 fatalities as of Monday. The inclusion of Sidoarjo and Gresik in the implementation of the PSBB is partly due to Surabaya’s interconnection with the two satellite regions. Sidoarjo is the second-hardest-hit region with 81 confirmed cases and 11 fatalities, while Gresik has 22 confirmed cases and four fatalities. According to the official government count, East Java has 857 cases with 90 fatalities as of Tuesday. Topics :
The Boys Track and Field team traveled to the Warren Central Relays Thursday evening and performed well within the tough competition. Ben Davis was the overall champion on the evening. The Pirates will now turn their attention to the EIAC meet next Thursday at East Central High SchoolVarsity – Mens Team Scores. 1. Ben Davis 102; 2. Warren Central 92; 3. Franklin Central 56; 4. Indianapolis Bishop …43; 5. Southport 30; 6. East Central 21; 7. Shelbyville 15; 8.Greensburg 9.http://www.athletic.net/TrackAndField/MeetResults.aspx?Meet=261403#16950The highest finishing relay was a 4th place by the Long Jump duo of Devin Ruble and Joey Woods. The discus duo of Tanner Yonts and Dylan Cain finished 5th. Placing 6th were the Distance Medley (Reid McClintic, Michael Back, Kevin Johnson, Jared Hasselbring), 4×1600 (same squad as DMR and PR’s for Back and Johnson) and the 4×800 team (McClintic, Back, Johnson and Louis Moore).Courtesy of Pirates Coach Mike Myers.
ST JOHN’S, Antigua (CMC) – Emmanuel Stewart will have five new caps to lead when the West Indies Under-19 squad embark on a tour of southern Africa in July.The West Indies Cricket Board yesterday announced a 15-member squad that will take on South Africa in five Youth One-day Internationals and Zimbabwe in three.“The squad is well balanced with a number of multi-dimensional players which will provide depth in all departments,” said head coach Graeme West.“This team is still very young in comparison with the previous squad, but it’s already a very united group that works well together and has a great desire to learn and improve.”Stewart and vice-captain Kirstan Kallicharran are the only two remaining members from the World Cup-winning squad of last year.The new players are: Trinidad & Tobago left-handed batsman and part-time off-spinner Keegan Simmons, nephew of former West Indies batsman and head coach Phil Simmons and cousin of West Indies batsman Lendl Simmons; Guyanese wicketkeeper/batsman Joshua Persaud, along with pacer Cephas Cooper of Trinidad & Tobago, Darren Nedd from Grenada, and Barbadian Nyeem Young.The remaining eight players were part of the team that played in the Regional Super50 Tournament in January/February in Antigua, including Bhaskar Yadram.The slow bowling all-rounder from Guyana is the only player in the squad that has moved on to make his first-class debut, playing for reigning three-time Regional 4-Day champions Guyana Jaguars against Leeward Islands Hurricanes last April.The WICB said in a media release that the tours were being undertaken as part of the team’s build-up to the ICC Under-19 World Cup in New Zealand from January 12 to February 4 next year.“We are going to give 15 talented, young players the opportunity to represent West Indies, experience touring overseas and to play Youth Internationals,” said West.“We learnt a great deal about a number of the players in the WICB Regional Super50. This will be another opportunity to find out which players have the skill-sets to perform consistently at this level and establish who will stand up when put under pressure by quality opponents.”West said the objectives for the tour is to win both series and establish the patterns of play and combinations that will be taken into the World Cup.“We will want to see growth and improvement in every game we play and we will want contributions from all members of the squad, so it will be important that the team acclimatise quickly and get off to a good start,” he said.Squad:Emmanuel Stewart (captain), Kirstan Kallicharran (vice-captain), Te-Shawn Alleyne, Alick Athanaze, Joshua Bishop, Cephas Cooper, Mykile Louis, Darren Nedd, Matthew Patrick, Joshua Persaud, Jeavor Royal, Kegan Simmons, Jeavier Spencer, Bhaskar Yadram, Nyeem YoungITINERARYWest Indies Under-19s to South AfricaJULYTuesday 4 – Tour Match vs South Africa Under-19 XI – Varsity Oval, Durban.Thursday 6 – Tour Match vs Kwa-Zulu Natal Academy – Varsity Oval.Sunday 9 – First Youth ODI – Chatsworth Oval, Durban.Wedbesday 12 – Second Youth ODI – Pietermaritzburg Oval, Pietermaritzburg.Friday 14 – Third Youth ODI – Pietermaritzburg Oval.Sunday 16 – Fourth Youth ODI – Pietermaritzburg Oval.Wednesday 19 – Fifth Youth ODI – Chatsworth Oval.West Indies Under-19s to ZimbabweJULYSunday 23 – First Youth ODI – Venue to be decided.Wednesday 26 – Second Youth ODI – Venue to be decided.Saturday 29 – Third Youth ODI – Venue to be decided.
Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Real Madrid’s transfer budget for the coming year has been revealed after club delegates met to approve the club’s financial accounts – with a plan in place to try and lure Kylian Mbappe from Paris Saint-Germain.News of the war chest at Zinedine Zidane’s disposal comes only a few weeks since the end of the summer transfer window, a period which saw Los Blancos splash out just shy of a whopping £280m.Nevertheless, despite the significant outlay, there still appears to be plenty of money in the bank after AS disclosed the details of the aforementioned financial accounts. While the cash parted with was significant, the club did also recoup money to the tune of £117m by selling fringe stars such as Mateo Kovacic and Marcos Llorente. All in all though, the Spanish publication report that € 156m (£139m) is available to the club in liquid assets, while a further € 285m (£254m) is available in credit. The credit in question is a loan which Madrid have been offered that bears highly favourable interest rates and conditions, should they be willing to splash out on any large-scale investment. This credit is separate from the loan arrangement the club have in place to redevelop their Santiago Bernabeu stadium.With a wealth of funding made available to Zidane to invest, it opens the door for Los Blancos to make a big-money ‘Galactico’ addition next year. AS claim the player in question is almost certainly Mbappe of Paris Saint-Germain, who they state would be easily affordable with only the player’s willingness the necessary hurdle to overcome.It seems as if Madrid have a plan in motion to make the deal achievable , by trying to persuade Mbappe not to renew his current deal with PSG which runs out in June 2022.In doing so, the French outfit would then be obliged to either offer him a new deal, or sell him before he runs down his contract which finishes in J une 2022. That would mean that next summer, the French club would be obliged to offer him a new deal or sell him before he is able to run down his contract and eventually leave on a free – a move that would allow Madrid to pounce.Neymar is also mentioned, but that could prove problematic due to the player’s desire to return to Barcelona over their La Liga rivals, coupled with growing injury concerns over the Brazilian, leaving Mbappe as the primary target. Kylian Mbappe,
Published on February 17, 2013 at 10:06 pm Contact Jacob: jmkli[email protected] | @Jacob_Klinger_ Facebook Twitter Google+ The ball spent the majority of the first overtime rocking back and forth, in and out of JoJo Marasco’s stick. It spent all but five seconds of the first sudden-death frame under Syracuse control.After Albany dominated the majority of regulation, the Great Danes didn’t control the ball with any attacking intent until 3:24 in the second overtime.Lyle Thompson cradled the ball in the corner after an Albany timeout and sprinted straight at David Hamlin. He dodged inside of his left shoulder and beelined for the crease. Bobby Wardwell and Brian Megill met him at the doorstep, leaving Miles Thompson to be covered by an SU midfielder that never arrived.Lyle Thompson tossed the ball across the crease to Miles Thompson, who placed his shot right through the middle of Wardwell’s goal.“These guys drew it up,” Albany head coach Scott Marr said after the game, pointing to brothers Miles and Lyle Thompson and their cousin Ty Thompson.AdvertisementThis is placeholder textBut for most of the No. 12 Orange’s (0-1) 16-15 double-overtime home loss, SU was the team scrambling. Seemingly caught off guard by a first quarter AU onslaught, SU never led, struggled to contain Albany inside and only stayed alive off a pair of second-half runs. When SU did control the game it didn’t finish, ensuring defeat before a crowd of 4,130 at the Carrier Dome.The game plan was simple enough: force Albany to win with its midfield. The Great Danes couldn’t, but hardly needed to.“At halftime we went in and talked about staying with our original game plan and knowing who their players are, especially those three guys,” said SU head coach John Desko, referring to the Thompsons.SU trailed 8-5 at the break, at which point the Thompsons had scored or assisted on all but one of Albany’s goals. Though the Great Danes struck first, the Orange rattled off four unanswered to tie the game at 9-9.Marasco keyed the run, dodging in from the X to bounce an equalizer past Albany’s Blaze Riorden just two minutes into the third quarter. His unassisted goal lit a fire under the Orange, spurring a four-goal, five-minute run SU spent darting around Riorden’s goal, pulling defenders in and out, firing at the openings it tore in Albany’s defense.After Scott Loy knifed through the visitors’ defense with 7:55 remaining in the third, Marr called a timeout to stop the bleeding.“It was 0-0, it was 9-9. We said there was 22 minutes left, we said we just had to win the next 22 minutes, keep playing our game,” Marr said he told his players. “It was a game of runs, we’re going to go on our run.”The Thompsons’ show resumed within a minute.Lyle Thompson beat Megill and finished to Wardwell’s right at 6:51. Miles Thompson escaped a Megill-Joe Fazio double team in the corner of the marching band end zone to get the Great Danes cycling into their offense. That possession ended with Lyle Thompson dishing right over Steve Ianzito to Ty Thompson to put Albany up 11-9.The wheels were spinning off again for SU, and only more heroics from Marasco – he finished with three goals and five assists – quelled the Albany tide as the captain turned Doug Eich and scored from 15 yards out with 12 seconds left in the period.“The coaches realized that they weren’t really sliding, and I’m pretty used to dodging against a pole,” Marasco said. “There was a couple of no-slides and I was able to take a couple good shots.”The fourth quarter belonged to Syracuse and capped a 6-2 run that started with Marasco’s face-saver.Freed up by Albany’s defensive attention to Derek Maltz, Dylan Donahue ran riot as SU looked to make the Great Danes’ early dominance a forgotten blip in an early-season scare. His three goals in six minutes hushed the purple half of the Carrier Dome crowd.SU ran two plays in the final 40 seconds off timeouts. Marasco shot high with 14 seconds left, and a crease scramble ended with the ball stuck on the goal line as regulation expired.By the end of the first overtime Marasco had run at defenders from every angle of the attack. Luke Cometti missed three times on the crease. Loy’s forced shot was saved. Desko’s proverbial chalkboard was emptied. Albany didn’t need one.Miles Thompson pumped his legs on the sideline before the second overtime. He’d been stranded at the restraining line for the entire first, but found himself stranded by SU defenders less than two minutes into the second for the game-winner.“I said to myself, ‘All I need is one chance,’” Thompson said. “They were taking like 10 shots, and I was like, ‘Just give me one chance, that’s all I need.’” Comments
Manchester United forward Romelu Lukaku has responded to criticism of his recent dip in form and has told his critics to evaluate his performance when he is a finished article.Lukuka whose move from Everton in the summer cost Manchester United £75m hasn’t scored in his last six matches across all competitions with his last goal coming against Crystal Palace in the Premier League.Though Lukaku who had opened his United account with a rush of goals- scoring 11 goals in his first 11 games has become the target for the boo boys at Old Trafford and has seen steered the wheel for manager Jose Mourinho’s war of words with the home support.In an interview with Thierry Henry the forward said;“I think a lot of people are judging me as the finished article. I’m 24- you can’t judge me as the finished article. I’d rather have a year where I improve, improve, improve rather than going straight to the top and then declining.“I know I have a lot of talent. I can do a lot of stuff, score goals with my left, right and head. But I want to be a creator- I want to have more assists. I want to make sure when my team is having difficulties they can count on me.“I’m on the perfect stage and the perfect age. I want to be a winner and take my career to the next level.”Related