Andrew L. Oringer

Andrew L. Oringer

Dechert LLP

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ERISA's Fiduciary Rule at the Crossroads - DOL Puts the Brakes on Enforcement

At the end of last week, on March 10, 2017, the U.S. Department of Labor (the "DOL") issued Field Assistance Bulletin 2017-01 (the "FAB"). The FAB relates to the DOL's proposal, which was published in the Federal Register on...more

3/13/2017 - DOL ERISA Fiduciary Rule Field Assistance Bulletins Financial Services Industry Retirement Plan Trump Administration

Is Obamacare About to Get Trumped? - House Republicans Propose to Repeal and Replace the Affordable Care Act

Earlier this week, on March 6, 2017, House Republicans released their proposals to repeal and replace the Patient Protection and Affordable Care Act, commonly referred to as "Obamacare." The proposals would remove the...more

3/8/2017 - Affordable Care Act Employer Group Health Plans Health Insurance Health Savings Accounts HSA Legislative Agendas Minimum Essential Coverage Proposed Legislation Repeal Tax Credits

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

2/21/2017 - Accredited Investors Benefit Plan Sponsors CFTC Compliance Cross-Border Transactions Equity Securities ERISA Filing Requirements FINRA Form ADV Form PF Fund Managers Hedge Funds Investment Adviser NFA Private Funds Private Placements Registered Investment Advisors Reporting Requirements SEC

DOL Casts Vote Against Previous Proxy Rules Under ERISA

The U.S. Department of Labor (the “DOL”), on December 29, 2016, issued Interpretive Bulletin 2016-1 (“IB 2016-1”) under the Employee Retirement Income Security Act of 1974 ("ERISA") regarding the duties of fiduciaries under...more

2/2/2017 - DOL Employee Benefits ERISA Fiduciary Duty Financial Adviser Proxies Retirement Plan Shareholder Rights

Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As

The U.S. Department of Labor (the “DOL”) released two additional sets of FAQs on January 13, 2017 regarding the new “investment advice” regulation and related exemptions (the “Rule”) under the fiduciary provisions of the...more

1/19/2017 - Best Interest Contract Exemptions Consumer Protection Laws DOL ERISA Exceptions Fees Fiduciary Duty Fiduciary Rule Investment Adviser Retirement Plan

Has the Fiduciary Worm Turned? Freedom Caucus Targets the New ERISA "Investment Advice" Regulation

The U.S. Department of Labor issued its long-awaited and highly controversial "investment advice" regulation under ERISA's fiduciary rules on April 6, 2016. The regulation is slated to begin becoming applicable in April 2017....more

12/19/2016 - Best Interest Contract Exemptions DOL ERISA Fiduciary Duty Investment Adviser IRA Legislative Agendas Presidential Elections Retirement Plan Trump Administration

DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies

The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more

11/18/2016 - Annuities Asset Management Best Interest Contract Exemptions Broker-Dealer Compensation Agreements DOL ERISA Fiduciary Duty Fiduciary Rule Final Rules Financial Services Industry Internal Revenue Code (IRC) Investment Adviser Retirement Plan

The DOL Issues “Investment Advice” FAQs – Continues to Try to Find an Ideal Balance for the Brave New Fiduciary World

The U.S. Department of Labor (the “DOL”) released its first set of FAQs (the “FAQs”) regarding the DOL’s recently finalized “investment advice” regulation and various related exemptions (collectively, the “Final Rules”) on...more

11/8/2016 - Best Interest Contract Exemptions Compensation Agreements Disclosure Requirements DOL ERISA Exceptions Fiduciary Duty Fiduciary Rule Final Rules Insurance Industry Internal Revenue Code (IRC) Investment Adviser Prohibited Transactions

Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product...more

10/26/2016 - DOL Enforcement Actions Fiduciary Rule Financial Services Industry FINRA Intermediaries Investment Adviser Investment Advisers Act of 1940 Mutual Funds SEC Service Charges

The New DOL Fiduciary Rule: Impact on Mutual Fund Distribution

The Department of Labor (DOL) has issued the final version of its “investment advice” regulation (Final Rule), which is widely expected to impact significantly the financial services industry, including registered investment...more

8/30/2016 - 401k Best Interest Contract Exemptions Broker-Dealer Distribution Rules DOL ERISA Fiduciary Rule Final Rules Financial Adviser Financial Services Industry IRA Mutual Funds Registered Investment Companies (RICs)

Navigating the DOL’s New Fiduciary Rules: A Game Plan for Broker-Dealers

This OnPoint focuses on the new and amended fiduciary investment advice regulations issued by the U.S. Department of Labor (DOL) and accompanying prohibited transaction exemptions (Final Rules), from the perspective of...more

8/30/2016 - Best Interest Contract Exemptions Broker-Dealer Disclosure Requirements DOL ERISA Exemptions Fiduciary Duty Fiduciary Rule Financial Adviser IRA Policies and Procedures Prohibited Transactions Recordkeeping Requirements Retirement Plan

Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

7/11/2016 - Amgen Amgen v Harris Breach of Duty Class Action Duty of Prudence ERISA Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Moench Presumption More Harm Than Good Standard Plan Administrators Pleading Standards Retirement Plan SCOTUS Stock Drop Litigation

More Egregious Aggregation Under ERISA in the Sun Capital Partners Case? The District Court Goes Down Yet Another Road

The recent opinion by the U.S. District Court for the District of Massachusetts on remand from the U.S. Court of Appeals for the First Circuit in the Sun Capital Partners case may be troubling to private equity funds and...more

5/31/2016 - ERISA Multiemployer Plan Partnership-in-Fact PBGC Pensions Popular Private Equity Funds Sun Capital Partners Teamsters Withdrawal Liability

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

5/27/2016 - Benefit Plan Sponsors Best Interest Contract Exemptions Brokers Conflicts of Interest DOL ERISA Fiduciary Duty Final Rules Investment Adviser IRA Retirement Plan

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of...more

4/7/2016 - 401k Best Interest Contract Exemptions Broker-Dealer Conflicts of Interest DOL ERISA Fiduciary Duty Investment Adviser IRA IRS

Collecting Another Supreme Win for ERISA Preemption - Court in Gobeille Invalidates Vermont Data Collection Law

The U.S. Supreme Court decided the case of Gobeille v. Liberty Mutual Insurance Co. last week, in which the Court invalidated a Vermont health care data collection law as being preempted by the Employee Retirement Income...more

3/10/2016 - Blue Cross Data Collection ERISA Gobeille v Liberty Mutual Insurance Com. Liberty Mutual Insurance Company Preemption Reporting Requirements SCOTUS Self-Funded Health Plans

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

2/9/2016 - CFTC ERISA Filing Requirements Form 13F Investment Adviser Investment Funds Reporting Requirements Schedule 13D SEC Securities Exchange Act

Update – Disapproving the Approval Process: IRS Provides Additional Guidance on the Curtailment of the Determination Letter...

The Internal Revenue Service (the “IRS”) recently released Notice 2016-03, which provides additional details for plan sponsors on the curtailment of the determination letter process for individually designed tax-qualified...more

2/8/2016 - Determination Letter Employee Benefits IRS Qualified Retirement Plans

Be Careful What You Wish For – Dudenhoeffer May Do “More Harm Than Good” For ERISA “Stock Drop” Plaintiffs

In its June 2014 decision in Dudenhoeffer v. Fifth Third Bank, the U.S. Supreme Court unanimously declined to recognize a “presumption of prudence” that had favored retirement-plan fiduciaries faced with allegations of...more

2/1/2016 - Amgen Employee Benefits ERISA Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Retirement Plan SCOTUS Stock Drop Litigation

U.S. Supreme Court Limits ERISA Plan’s Subrogation Rights Where Participants Have Dissipated Funds Recovered from Third Parties –...

Over the years, the U.S. Supreme Court from time to time has explored the scope of equitable relief available under the Employee Retirement Income Security Act of 1974 (“ERISA”) in circumstances where an employee benefit plan...more

1/27/2016 - Employee Benefits Equitable Relief ERISA Medical Expenses Medical Liens Montanile v Board of Trustees Qualified Settlement Funds SCOTUS

ERISA Claim Knocked Off the Pedestal - Provider of 401(k) Investment Platform Held Not to Have Fiduciary Liability

Over the years, U.S. employers that sponsor “401(k)” and other retirement plans, and plan fiduciaries, have increasingly become the subject of significant and potentially expensive litigation under the Employee Retirement...more

1/25/2016 - 401k Employee Benefits ERISA Fiduciary Duty Retirement Plan

Achieve Pay Equity Act and Other Developments Impose Additional Requirements on New York Employers

New York employers should be aware of various new laws that have been enacted with the stated purpose of protecting and furthering women's equality in the State of New York. These new laws impose a number of significant...more

1/21/2016 - Achieve Pay Equity Act (APEA) Equal Pay Gender-Based Pay Discrimination Governor Cuomo NLRA NYHRL Pay Secrecy Wage and Hour

Approval Process Disapproved: IRS Curtails the Determination Letter Program

The Internal Revenue Service (the “IRS”) on July 21, 2015, issued Announcement 2015-19, describing important changes to the determination letter program for individually designed tax-qualified retirement plans. These changes...more

8/27/2015 - Benefit Plan Sponsors Determination Letter IRS Qualified Retirement Plans

A Sea Change for Waive-rs? - Proposed Regulations Address Tax Treatment of Management Fee Waivers

The U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) have issued proposed regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), covering the...more

8/17/2015 - Business Taxes Fee Waivers IRS Management Fees Partnerships Profits Interests Safe Harbors Significant Entrepreneurial Risk (SER) Treasury

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