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DOL Fiduciary Rule Will Become Effective June 9, 2017 as Scheduled

The DOL recently dashed all hope of a reprieve on the June 9, 2017 effective date of the DOL Fiduciary Rule and portions of related prohibited transactions, and provided additional guidance to fiduciaries for the transition...more

Trying to Hit a Moving Target — Practical Advice for Mitigating Litigation Risk under the DOL Fiduciary Rule

Over the past year, the Department of Labor’s new Fiduciary Rule and Prohibited Transaction Exemptions have been the subject of tremendous activity and media coverage. With the Trump administration, the future of the Rule has...more

Fiduciary Rule Delayed By 60 Days

On April 4, 2017, less than a week before the scheduled applicability date, the Department of Labor (the “DOL”) announced a 60-day extension of its fiduciary guidance published April 8, 2016: the revised definition of a...more

Executive Action Regarding Dodd-Frank and the Fiduciary Rule

On February 3, 2017, President Donald Trump ordered a review of the Department of Labor (the “DOL”) Conflict of Interest Rule (the “Fiduciary Rule”) scheduled to become effective April 10, 2017, and the Dodd-Frank Wall Street...more

DOL Publishes Proposed Best Interest Contract Exemption for Insurance Intermediaries

On January 19, 2017, the U.S. Department of Labor (“DOL”) published in the Federal Register the Proposed Best Interest Contract Exemption for Insurance Intermediaries. The proposed exemption generally permits insurance...more

Litigation Alert: Leasing Property Isn’t “Automatic” Trade or Business for PBGC Liability; Asset Purchasers Generally Not Liable...

When a single-employer defined benefit plan is terminated with insufficient assets to pay its benefit obligations, the plan sponsor and members of the sponsor’s controlled group are held jointly and severally liable to the...more

IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

DOL Issues Long-Awaited Final Regulations Defining 'Fiduciary' and Related PTEs

On April 6, 2016, the DOL issued long-awaited final regulations that define who is an investment advice fiduciary for purposes of the ERISA, along with coordinating prohibited transaction exemptions. These rules largely track...more

Litigation Alert: Private Equity Funds Liable for Withdrawal Liability Although Each Had Less Than 80% Ownership

Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund - It’s Part 2 of one of the most important withdrawal liability cases in a decade… - In 2013, the First Circuit issued the...more

Courts Reject ERISA-Based Participation and Vesting Challenges to Top Hat Plans

ERISA Sections 201, 301 and 401 provide exclusions from ERISA's substantive protections for "top hat" plans, which are unfunded plans maintained by an employer primarily for the purpose of providing deferred compensation for...more

IRS Provides Helpful Updates to Retirement Plan Correction Program

The IRS has issued Revenue Procedures 2015-27 and 2015-28 (“Rev. Proc. 2015-27” and “Rev. Proc. 2015-28”), which modify the IRS’ retirement plan correction programs known as the Employee Plans Compliance Resolution System...more

New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit...more

Litigation Alert: Trust/Owner Not 'Trade or Business' for Withdrawal Liability Purposes

Pacific Coast Shipyards Pension Fund v. Nautical Engineering, Inc. - On January 13, 2014, the U.S. District Court for the Northern District of California (the "District Court") granted a motion to dismiss, holding that...more

IRS Permits Mid-Year Changes to 401(k) Safe Harbor Contributions

On November 14, 2013, the Internal Revenue Service issued final regulations that permit mid-year reductions or suspensions of safe harbor nonelective contributions, and that modify the rules permitting mid-year reductions or...more

11/19/2013  /  401k , IRS , Retirement Plan , Safe Harbors

Department of Labor Issues Guidance Affecting Same-Sex Marriages

On September 18, 2013, the United States Department of Labor ("DOL") issued EBSA Technical Release 2013-04 ("Release"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such...more

Final ACA Wellness Program Regulations Released

On May 29, 2013, the Internal Revenue Service and the Departments of Labor and Health & Human Services released final regulations regarding wellness programs integrated with employer-sponsored health plans. The new wellness...more

DOL Releases Exchange Notice Guidance and Model Notices

On May 8, the Department of Labor ("DOL") issued guidance regarding the requirement that employers provide notice to employees describing the coverage options available under Health Insurance Marketplaces (formerly known as...more

IRS Releases Updated Employee Plan Correction Procedures

On December 31, 2012, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System (“EPCRS”), previously set forth in...more

1/9/2013  /  Audits , EPCRS , IRS , Retirement , Retirement Plan

IRS and DOL Provide Relief for Plan Participants Affected by Hurricane Sandy

On November 16, 2012, the Internal Revenue Service (the “IRS”) released Announcement 2012-44, which relaxes certain procedural requirements for plan loans and hardship withdrawals to participants affected by Hurricane Sandy....more

11/29/2012  /  DOL , Hurricane Sandy , IRS
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