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Automatic enrollment is growing in 401(k) plans

The Plan Sponsor Council of America’s newest annual report shows that in 2015, 25.5% of small 401(k) plans offer automatic enrollment. In their survey, small plans are considered plans with less than 50 participants....more

Manufacturing Law Predictions for 2017:  Labor and Employment

As has been our tradition, January is the time to predict the big developments in the coming year which will impact on manufacturers. Notwithstanding my “Lawyer’s Shrug,” here is my take on 2017....more

Financial Support Directions: issues for banks and lenders

The Pensions Regulator’s power to issue a financial support direction (FSD) could mean that a bank, lender or other corporate investor becomes obliged to provide financial support to a pension scheme to which it has little,...more

The Next Big Thing After The Fiduciary Rule? I have some guesses

With the fiduciary rule coming down the pike in April, people ask me what the next big thing to shake up the retirement plan industry will be. I’m no soothsayer, but I think there will be a couple of areas that the Department...more

Two New Sets of DOL Fiduciary Rule FAQs

DOL releases additional guidance on fiduciary rule in the waning days of the Obama administration. The US Department of Labor (DOL) has released two new sets of frequently-asked-questions (FAQs) regarding the conflict of...more

U.S. Supreme Court Seeks Solicitor General’s Input on Co-fiduciary Indemnification

Earlier this month, the U.S. Supreme Court invited the Solicitor General to file a brief expressing the government’s views on a petition for certiorari asking the Court to decide whether ERISA permits a cause of action for...more

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

New Guidance Restores 1994 ERISA Proxy Voting Interpretation

The DOL bulletin also clarifies the ability to consider ESG factors in proxy voting and shareholder engagement. On December 29, 2016, the Department of Labor (DOL) issued Interpretive Bulletin 2016-1 (IB 2016-1),...more

How Keeping Good Records Can Minimize A Retirement Plan Sponsor’s Liability

Besides being a religious text, the Bible is essentially a history book detailing major religious events like the Exodus from Egypt. A history book is a record of events that can be passed down from generation to generation....more

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

The Final Rule: DOL Releases Additional FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released two additional sets of FAQs providing guidance related to its final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for purposes of the Employee...more

Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower”

On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s...more

Everything Compliance-Episode 5, year-end wrap up Part II [Video]

We turn to the 2016 year in review, in this Part II of a two-part series. Jonathan Armstrong leads a discussion on Privacy Shield, information and data privacy issues the past year. Mike Volkov relates what he saw as the top...more

DOL Issues Additional Interpretative Guidance on New Fiduciary Rule

On January 13, 2017, the U.S. Department of Labor (the “DOL”) issued the second in a planned three-part set of FAQs on its new fiduciary rule. (For details on the fiduciary rule, see our prior Alert, and for details on the...more

Yes, a Fiduciary was held personally liable

In my practice, I always talk about how plan fiduciaries can be held personally liable for any issues regarding their retirement plan. Many plan sponsors just don’t pay any attention to that threat until they see it happen to...more

Judges discriminated against in judicial pension scheme reforms

Six High Court judges have succeeded in their claims against the Ministry of Justice about the introduction of the judicial pension scheme reforms. All six judges alleged that they had been discriminated against on the...more

Fiduciary Rule will clear out the Alphabet Soup of Share Classes

When it comes to mutual funds offered under 401(k) plans, I’ve always believed that the multiple share classes was something out of an alphabet soup. I’m not an advisor, so I don’t know how or why there is so many share...more

PBGC Sticks Its Head Out Of The Water And Issues RFI Regarding Hybrid (Two-Pool) Multiemployer Pension Plans

Seyfarth Synopsis: The PBGC is seeking more information on hybrid or two-pool withdrawal liability calculation methods. This is a sign that the PBGC may be re-evaluating its role in approving hybrid proposals, although it...more

Class Action Roundup: Fall 2016

In this edition of Class Action Roundup, we feature decisions from the third quarter of 2016, covering everything from pizza delivery and Uber drivers to payday lenders, canned tuna manufacturers, and even...more

Plan Sponsors Sued Over Fees on Multiple Plans and Vendors

In a very novel retirement fee lawsuit, a plan sponsor is being sued over the cost of multiple plans and the use of multiple record-keepers....more

As A 401(k) Sponsor, A Class Action Lawsuit Is The Least Of Your Legal Worries

Having been in my own practice for over 6 years, it’s a broken record hearing from 401(k) plan sponsors on how they have nothing to fear about being sued since their plans are small potatoes. The problem with that view is...more

Advisors Advantage - January 2017

How An RIA Can Profit Off Of The New Fiduciary Rule. It's an opportunity. When it comes to an industry, change is often fraught with trepidation and fear. However, I always believe that change also brings...more

Are Individually Designed Retirement Plans Destined to Become Dinosaurs?

The Impact of Changes to the IRS Determination Letter Program - This January 2017 will see the last regular IRS determination letter applications filed for individually designed retirement plans. After this final Cycle A...more

Legal Alert: 2016 Year in Review

In 2016, the Department of Labor (DOL) continued a curtailed program of interpretive guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA). As has been the case for several years, the...more

HMRC Publishes Guidance on the Tax Treatment of Clawback of Remuneration in the UK

Since the financial crisis of 2008 / 2009, swathes of new regulations have been introduced governing various aspects of remuneration in the financial services sector. A key feature of these rules is the compulsory clawback of...more

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