In August 2017, the American Retirement Association (ARA) filed a comment letter raising concerns about a new Nevada statute defining the term “financial planner.” Trucker Huss Director Joseph C. Faucher contributed a legal analysis that concluded that courts would find that the Nevada statute is preempted by ERISA to the extent it seeks to regulate financial advisers who provide services to retirement plans governed by ERISA, and/or to plan fiduciaries, participants or beneficiaries.
The ARA recently answered the Nevada Securities Division’s call for comments on proposed regulations issued under that statute, and Joe provided an updated legal analysis in support of the ARA’s comments. This marks the third time Nevada officials are hearing ARA’s voice regarding Nevada’s fiduciary law. The comment letter echoes ARA’s previous comments and testimony before the Nevada Secretary of State on the underlying legislation.
Joe Faucher has been litigating ERISA matters and other employee benefit related cases for nearly 30 years. His ERISA litigation experience includes defending actions for breach of fiduciary duty against retirement plan sponsors, administrators, trustees and other fiduciaries, defending ESOP fiduciaries, and representing plans and administrators in claims for benefits against retirement plans, disability insurance plans, health insurance plans and life insurance plans.