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DOL QPAM Notification Deadline of September 15 Fast Approaching

The amendments to the QPAM Exemption include a September 15, 2024 notification deadline that will apply to many asset managers. This blog post includes a brief summary of the US Department of Labor’s (DOL’s) recent technical...more

DOL Publishes QPAM Exemption Amendments: Action Items and Considerations for QPAMS, Plan Sponsors

The US Department of Labor (DOL) published final amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption,” in the Federal Register on April 3, 2024. The amendments are anticipated to affect...more

A Rose is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule

While litigation (and other challenges) against the US Department of Labor’s (DOL’s) Retirement Security Rule is likely, its outcome is uncertain; therefore, impacted firms should consider approaches to implementation....more

The DOL’s 2023 Regulatory Agenda for Retirement Plans at a Glance

The US Department of Labor (DOL) released an extensive regulatory agenda in January 2023 laying out the agency’s priorities for the year. The DOL has faced scrutiny from Congress this legislative session, demonstrated most...more

Finalized DOL Regulation Raises Commingled Funds Proxy Voting Issue

The US Department of Labor’s final regulation on the investment duties of ERISA fiduciaries contains a special rule on proxy voting by ERISA pooled investment vehicles, which requires action by December 1, 2023....more

DOL Reframes ESG Investing and Proxy Voting for ERISA Fiduciaries

The US Department of Labor released a final rule reframing how ERISA-regulated fiduciaries can consider environmental, social, and governance factors in retirement plan investment decision making....more

US Department of Labor Gives a Green Thumbs Up to ESG

The US Department of Labor (DOL) released the Final ESG Rule on November 22, 2022, regulating the consideration of environmental, social, and governance (ESG) factors by fiduciaries of employee benefit plans subject to the...more

Could Sponsoring a Pooled Employer Plan Grow Your Business?

While large financial institutions with significant expertise in retirement plan administration are widely expected to sponsor most pooled employer plans (PEPs), other firms (such as franchisors, gig economy employers, joint...more

DOL Updates Form 5500 for PEPs and MEPs; No Decision Yet on Group of Plan Issues

The US Department of Labor (DOL) issued a final regulation (Final Rule) on December 29, 2021, updating the 2021 Form 5500 to reflect certain statutory changes included in the Setting Every Community Up for Retirement...more

Temporary Enforcement Policy and Guidance on ERISA Disclosure Requirements for Group Health Plan Services

The Department of Labor (Department) issued Field Assistance Bulletin No. 2021-03 (FAB) on December 30, 2021, announcing a temporary enforcement policy for group health plan service provider disclosures under ERISA Section...more

DOL Proposed Rule on Consideration of ESG Factors in ERISA Plan Investing: Proxy Voting Edition

The US Department of Labor (DOL) released on Wednesday, October 13, a Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (the proposed rule), which would...more

Regulatory Ping Pong: DOL Releases Proposed Rule on Considering ESG Factors in ERISA Plan Investing

The Department of Labor (DOL) released on October 13, 2021, a Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (Proposed Rule), which would amend a prior...more

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Year-End Stimulus Bill Includes ERISA Disclosure Requirements for Certain Group Health Plan Service Providers

Since 2012, US Department of Labor (DOL) regulations under ERISA Section 408(b)(2)—a statutory exemption from the ERISA prohibited transaction provisions—have required certain service providers to employer-sponsored...more

DOL’s Final ERISA Proxy Voting Rule Largely Changed to Principles-based Approach

The US Department of Labor (DOL) has released its final rule on the application of ERISA fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder rights. It takes effect...more

DOL Finalizes ‘Financial Factors’ ERISA Regulation

The US Department of Labor’s final ERISA regulation generally follows its proposal but without the focus on environmental, social, and governance investing. ...more

DOL Proposes Rules on Pooled Plan Provider Registration Process

Like many of our clients, we have been anxiously awaiting guidance from regulators on pooled employer plans, which may enter the retirement plan marketplace as soon as January 1, 2021. ...more

DOL Take Three: ‘Five-Part Test’ Officially Reinstated; Proposed Investment Advice Exemption

Just as broker-dealers and investment advisers finalized their initial implementation plans for the US Securities and Exchange Commission (SEC) Form CRS and Regulation Best Interest (Reg. BI), the US Department of Labor (DOL)...more

Recent Developments in ERISA Plan Investment Regulation

The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing....more

SECURE Act Increases Access to Retirement Plans with 'Pooled Employer Plans'

For more than seven years now, policymakers and taxpayers have clamored for Congress to change the law to permit “open” multiple employer plans (MEPs) – that is, retirement plans that are adopted by multiple unrelated...more

Multiple Changes for Multiple Employer Plans

While the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) and its promise of truly open multiple employer plans (MEPs) sat with the Senate this summer, the US Department of Labor (DOL) and Internal...more

Plan Distribution and Rollover Guidance After Chamber of Commerce v. US Department of Labor - An Analysis of the Deseret Letter

This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s...more

It’s Official! DOL Finalizes Delay

The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more

DOL Issues Proposed Delay of Fiduciary Rule Compliance Date and Enforcement Relief

The proposal would extend the transition period to July 1, 2019. The US Department of Labor (DOL) has proposed to delay the applicability of additional conditions of the Best Interest Contract (BIC) exemption, Principal...more

DOL Issues Additional Fiduciary Rule Transition FAQs

The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more

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