After nearly a decade in the making, the Department of Labor’s fiduciary rule appears to be officially dead. On June 21st, the U.S. Court of Appeals for the Fifth Circuit issued its mandate that finalized its earlier...more
6/26/2018
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Management ,
New Guidance ,
Vacated
The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the...more
3/16/2018
/ Administrative Procedure Act ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Annuities ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Consumer Financial Products ,
Department of Labor (DOL) ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Notice Requirements ,
Prohibited Transactions ,
Proposed Rules
Editor's Overview -
Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog.
Our featured article this...more
7/7/2017
/ 401k ,
American Health Care Act (AHCA) ,
Church Plans ,
Class Action ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
ESOP ,
Fiduciary Rule ,
Hardship Distributions ,
Healthcare Reform ,
Hospitals ,
Investment Adviser ,
IRS ,
LMRA ,
Mental Health Parity Rule ,
MHPAEA ,
Pension Funds ,
Preemption ,
Qualified Retirement Plans ,
Request For Information ,
Split of Authority ,
Stock Drop Litigation ,
Summary Plan Description ,
Taft-Hartley Plan Trustees ,
Trustees
The Department of Labor has announced that the new fiduciary conflict of interest rule and related exemptions will begin taking effect on June 9, 2017, ending speculation of further delay. At the same time, the Department...more
5/24/2017
/ Conflicts of Interest ,
Department of Labor (DOL) ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excise Tax ,
Fiduciary Rule ,
Final Rules ,
HSA ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Private Right of Action ,
Self-Reporting
On April 4, 2017, the U.S. Department of Labor issued a final rule postponing applicability of the conflict of interest rule and related exemptions for sixty days, until June 9, 2017...more
4/7/2017
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Delays ,
Department of Labor (DOL) ,
Fiduciary Rule ,
Final Rules ,
Investment Adviser ,
Popular ,
Private Right of Action ,
Public Comment ,
Retirement Plan ,
Trump Administration
After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more
4/6/2017
/ 401k ,
403(b) Plans ,
Administrative Procedure Act ,
Aetna ,
Affordable Care Act ,
Alternative Pleadings ,
Benefit Plan Sponsors ,
Breach of Duty ,
Chamber of Commerce ,
Class Action ,
Class Certification ,
Collective Bargaining ,
Conflicts of Interest ,
Delays ,
Department of Labor (DOL) ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Exhaustion Doctrine ,
Fiduciary Duty ,
Fiduciary Rule ,
FIfth Third Bancorp v Dudenhoeffer ,
HRA ,
Insider Information ,
IRS ,
Lifetime Health Benefits ,
Mental Health Parity Rule ,
Notice Requirements ,
Pleading Standards ,
Preliminary Injunctions ,
Presidential Memorandum ,
Proposed Legislation ,
Public Disclosure ,
Qualified Small Employer Health Reimbursement Plan (QSEHRAs) ,
Repeal ,
Retirement Plan ,
Small Employers ,
Stock Drop Litigation ,
Trump Administration ,
Unilateral Modification ,
Vested Benefits
On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions, the IRS announced that...more
On March 20, 2017, a federal court in the Northern District of Texas denied the U.S. Chamber of Commerce’s emergency motion for an injunction pending appeal challenging implementation of the Department’s conflict of interest...more
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more
On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more
2/24/2017
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Adviser ,
Investment Adviser ,
OMB ,
Retirement ,
Retirement Plan ,
Trump Administration
There were two key developments last week concerning the ongoing challenges to the U.S. Department of Labor (USDOL) conflict of interest rule and related exemptions: a Presidential Memorandum calling for a review of the...more
This month Richard Zall, Chair of Proskauer's Health Care Department, explores developments likely to occur with respect to the Affordable Care Act as a result of the new administration. In our Rulings, Filings and...more
12/21/2016
/ 21st Century Cures Act ,
Affordable Care Act ,
CEOs ,
CMMI ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Rule ,
Flexible Spending Accounts ,
Food and Drug Administration (FDA) ,
Health Insurance ,
Health Insurance Exchanges ,
Health Savings Accounts ,
Individual Mandate ,
Local Ordinance ,
Medicaid ,
Medical Devices ,
Medicare ,
Medicare Advantage ,
Pay Ratio ,
Pay Ratio Tax ,
Payroll Taxes ,
Pharmaceutical Industry ,
Preliminary Injunctions ,
Qualified Small Employer Health Reimbursement Plan (QSEHRAs) ,
Repeal ,
Subsidies ,
Tax Credits ,
Trump Administration
On December 15, 2016, the U.S. Court of Appeals for the District of Columbia Circuit denied the emergency request from the National Association for Fixed Annuities (“NAFA”) for an injunction blocking the implementation of the...more
On November 28, 2016, Judge Crabtree in the U.S. District Court for the District of Kansas ruled in favor of the U.S. Department of Labor and denied the motion for a preliminary injunction filed by the Market Synergy Group,...more
On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association...more
On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed...more
11/18/2016
/ Administrative Procedure Act ,
Annuities ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Chevron Deference ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Due Process ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fifth Amendment ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Presidential Elections ,
Regulatory Flexibility Act ,
Title I ,
Trump Administration
Editor's Overview -
This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more
8/1/2016
/ 401k ,
Best Interest Contract Exemptions ,
Centers for Medicare & Medicaid Services (CMS) ,
Chevron Deference ,
Conflicts of Interest ,
Corporate Counsel ,
Department of Labor (DOL) ,
Elizabeth Warren ,
Employee Retirement Income Security Act (ERISA) ,
Executive Compensation ,
Fidelity Investments ,
Fiduciary Duty ,
Final Rules ,
Forum Selection ,
Health Insurance ,
Internal Revenue Code (IRC) ,
Pensions ,
Popular ,
Retirement Plan ,
Revenue Sharing ,
Section 162(m) ,
Shared Responsibility Rule ,
Stock Float ,
Tax Deductions ,
Unenforceable Contract Terms ,
Vanguard
On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more
6/13/2016
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Due Process ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Fifth Amendment ,
Final Rules ,
First Amendment ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Regulatory Flexibility Act
Editor's Overview -
This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more
4/27/2016
/ 401k ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Closely Held Businesses ,
Collective Bargaining Agreements (CBA) ,
Conflicts of Interest ,
Controlled Groups ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Final Rules ,
Forum Selection ,
Gobeille v Liberty Mutual Insurance Com. ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
M&G Polymers v Tackett ,
Multiemployer Plan ,
Participant-Directed Plans ,
Partnership-in-Fact ,
PBGC ,
Preemption ,
PTEs ,
Reporting Requirements ,
Retirement Plan ,
SCOTUS ,
Stock Drop Litigation ,
Sun Capital Partners ,
UAW ,
Vesting ,
Withdrawal Liability
On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more
4/20/2016
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Broker-Dealer ,
CFTC ,
Compensation ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
PTEs ,
Retirement Plan ,
Securities ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers
On April 6, 2016, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more