Bruce Ashton

Bruce Ashton

Drinker Biddle & Reath LLP

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Latest Publications


“Socially Responsible” Investing Under ERISA: New DOL Guidance

Fiduciary concerns may have prevented plan committees from considering “economically targeted investments” (ETI) – such as investments that observe environmental, social or governance responsibility (ESG) standards – as...more

11/19/2015 - DOL Economically Targeted Investments Employee Benefits ERISA Fiduciary Duty

Changes In The Money Market Fund Rules: The Fiduciary Response

The SEC’s modifications to the money market fund rules won’t become effective for approximately a year, but plan fiduciaries should already be considering what to do about them.2 Almost certainly, they’ll need to make changes...more

9/22/2015 - Benefit Plan Sponsors DOL ERISA Fiduciary Duty Floating NAV Money Market Funds NAV Redemption Gates Retirement Plan SEC

Analysis: Impact of the DOL’s Fiduciary Proposal on Participant Investment Advice

This paper explains the basis for our conclusions about the impact on the investment recommendations to participants of the Department of Labor’s (DOL) proposal to amend the fiduciary investment advice regulation and to...more

7/22/2015 - Best Interest Contract Exemptions Broker-Dealer DOL ERISA Exceptions Fees Fiduciary Duty Financial Institutions Investment Adviser Pension Protection Act of 2006

Analysis: The Impact of the DOL’s Fiduciary Proposal on Sales of Insurance Products

This paper explains the basis for our conclusions about the impact of the Department of Labor (DOL) proposal to amend the fiduciary investment advice regulation and the prohibited transaction (PT) exemptions for sales of...more

6/6/2015 - 401k Annuities Best Interest Contract Exemptions Best Interest Standard Broker Commissions Conflicts of Interest DOL ERISA Fiduciary Duty Investment Adviser IRA Popular Prohibited Transactions Retirement Plan Self-Dealing

The Impact of the DOL's Fiduciary Proposal on Independent Registered Investment Advisers

The DOL’s “package” consists of (i) a proposed regulation that re-defines fiduciary investment advice for plans subject to ERISA and for IRAs and (ii) six proposed prohibited transaction exemptions. The sweep of this...more

5/21/2015 - DOL ERISA Fiduciary Duty Investment Adviser IRA Proposed Regulation

SEC Examination Priorities for 2015

We recently sent you an email about FINRA’s Examination Priorities for 2015. The SEC has now released its 2015 Examination Priorities, and it continues the trend of focusing on rollovers. This email discusses the SEC concerns...more

2/4/2015 - Examination Priorities FINRA IRA OCIE Retirement Plan SEC

DOL 2014 Fall Regulatory Agenda

Introduction - The Department of Labor has released the 2014 Fall Regulatory Agenda. The updated agenda provides the anticipated publication dates for the next steps in the regulatory process for nearly a dozen ERISA...more

12/22/2014 - Benefit Plan Sponsors Broker-Dealer DOL ERISA Fiduciary Duty Investment Adviser Plan Administrators Regulatory Agenda

Creating Sustainable Retirement Income in 401(k) plans Using Managed Risk Funds

Los Angeles partners Fred Reish and Bruce Ashton authored a White Paper titled, “Creating Sustainable Retirement Income in 401(k) plans Using Managed Risk Funds,” for Milliman, Inc. The White Paper discusses how 401...more

9/26/2014 - 401k Investment Funds Retirement Plan

Lifetime Income: Participant Needs, Retiree Risks and Retirement Solutions

The aging of the baby boomers in a defined contribution plan world has revealed a weakness in many 401(k) and 403(b) plans: the plans offer no systematic process for providing lifetime income. (For 403(b) plans funded with...more

4/29/2014 - 401k 403(b) Plans Retirement Plan

Retirement Benefits: Which Way Does the Whistle Blow?

The Issue: A terminated employee makes a claim against the employer for damages. The company says it fired him for stealing from the company. He says it was in retaliation for reporting law violations by the employer (that...more

4/7/2014 - 401k Employee Benefits Retirement Retirement Plan

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