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Labor & Employment Finance & Banking

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.

My long running issues against self-directed brokerage accounts

by Ary Rosenbaum on

I used to joke that the only clients that used to ask about self directed brokerage accounts were medical practices and law firms. I stopped telling the joke when so many advisors told me that was the truth. My opinion about...more

Life with Conflict of Interest Starting to be Implemented and Retirement Plan Update

by Winstead PC on

Fee Changes and Disclosures Post Conflict of Interest Regulations Initial Partial Effective Date - The effects of the U.S. Department of Labor’s (“DoL”) conflict of interest or fiduciary regulation and related prohibited...more

Draft tax legislation for 2017 released

by Hogan Lovells on

Following the 2017 Budget presented before Parliament on 22 February 2017, the draft tax legislation for the specific tax proposals was released on 19 July 2017 for comment. Comments should be made by 18 August 2017. ...more

Pension Plan Sponsors – When “De-Risking”, Select Annuity Providers With Care

by Foley & Lardner LLP on

Employer-sponsored retirement plans come in many varieties. For example, under 401(k) and other defined contribution plans, employees and, often, employers may make specific contributions to an employee’s plan account...more

The Overselling of Services and they will find out

by Ary Rosenbaum on

For a long time, I didn’t like to go to the dentist. It would be 4 years between cleanings and it was silly because I’m the guy who doesn’t have tooth issues because I don’t have a sweet tooth. My only issue is that I hate to...more

EBSA means Business

by Ary Rosenbaum on

When I started my own practice in 2010, some critics said I was selling fear because of issues I had with fee disclosure, revenue sharing, and other fiduciary issues. History ended up proving me right....more

California Court Certifies FCRA Class of Over 40,000 Applicants

by Littler on

As Littler has reported, the number of class action lawsuits against employers alleging violations of the Fair Credit Reporting Act (FCRA) has continued to spike. Most lawsuits proceed in federal court, but the FCRA allows...more

Texas Supreme Court Disputes Reach of Obergefell in Employee Benefits Case

by Seyfarth Shaw LLP on

Seyfarth Synopisis: The Texas Supreme Court held that the U.S. Supreme Court’s landmark marriage equality decision, Obergefell v. Hodges, did not dispositively address how far government employers must go in providing...more

IRS Scrutiny of Plan Loans Increases, But IRS Provides Helpful Guidance

by Dickinson Wright on

The Internal Revenue Service has increased its level of scrutiny on the limitations imposed on participant loans from defined contribution retirement plans. Internal Revenue Code Section 72(p) generally limits a participant’s...more

The Appearance of Impropriety

by Ary Rosenbaum on

For some reason, the unincorporated village I live in has its own Sanitation District where a lot of unethical things have gone on in the past where a father and son once ruled with an iron fist. One man challenged the status...more

Stuff in a 401(k) Plan That Doesn’t Look Right

by Ary Rosenbaum on

I always say that if things don’t look right even if they are, it will give people the impression that something is wrong. It’s similar to the expression of: “when there’s smoke, there’s fire.” A plan sponsor can’t afford to...more

Federal Court Compels Arbitration of Dodd-Frank Whistleblower Claim

In a recent decision, the U.S. District Court for the Western District of Wisconsin held that Dodd-Frank whistleblower claims (Section 922 claims) are subject to mandatory arbitration. Wussow v. Bruker Corp., No....more

Structured Thoughts: News for the financial services community, Volume 8, Issue 6

Canadian Bail-in and TLAC Rules: Impact on Structured Notes Offered in the United States - Introduction - In June 2017, the Canadian government released draft regulations relating to “bail-in instruments” issued by...more

What Financial Advisors Really Do

by Ary Rosenbaum on

One would think that the role of a retirement plan financial advisor is to pick plan investments. Most plan sponsors think that way and some financial advisors think that as well. Some financial advisors promote their...more

E.D. Pennsylvania Dismisses Dodd-Frank Whistleblower Claim After Plaintiff Fails to Qualify as a Whistleblower

On July 6, 2017, the U.S. District Court for the Eastern District of Pennsylvania dismissed a whistleblower claim after determining that the plaintiff did not qualify as a whistleblower under the Dodd-Frank Wall Street Reform...more

New SEC Chair Announces Guiding Principles

In remarks before the Economic Club of New York, new SEC Chairman Jay Clayton discussed eight guiding principles: Principle #1: The SEC’s mission is our touchstone. Investors and capital markets will suffer if the SEC...more

Federal Appeals Court Rules Mortgage Underwriters Owed Overtime for Work in Excess of 40 Hours in Workweek

by Ballard Spahr LLP on

The Ninth Circuit Court of Appeals issued a decision last week holding that mortgage underwriters are not exempt from the overtime requirements of the Fair Labor Standards Act (FLSA). The July 6 decision, which furthers a...more

Advisors Advantage - July 2017

by Ary Rosenbaum on

Creating Content That Will "Click". It will help you in the long run. In the old days, newspaper and television advertising were the way that you could get your message across to potential clients and sources for...more

Tolling Securities Claims: “In No Event” Means ... What It Says

by Latham & Watkins LLP on

US Supreme Court: Securities Act’s 3-year statute of repose is not subject to equitable tolling, providing greater certainty to underwriters. Key Points: ..Case has significant implications for financial Institutions...more

WPI Insider Briefing: Workplace Policy under the Trump Administration Begins to Take Shape as "Repeal and Replace" of the ACA...

by Littler on

Five months into President Trump's term, his administration's workplace policy is beginning to take shape. From notable developments at the Department of Labor (DOL), to long-awaited nominations to the National Labor...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With politics swirling around in the background, the AT&T/Time Warner mega-merger is still up in the air, with DOJ antitrust officials still working away (8 months after the deal was announced) to determine whether...more

Pension Alert - July 2017

by Hogan Lovells on

Hogan Lovells pension group is delighted to send you our July e-newsletter. In this newsletter you will find: - Three pension news articles, with comment and action points; - Links to our pension news updates; - A...more

The General Data Protection Regulation (GDPR): action plan for pension scheme trustees

by Hogan Lovells on

The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more

Supreme Court to Decide Circuit Split on Dodd-Frank Whistleblower Protection

by Saul Ewing LLP on

In late June, the Supreme Court granted certiorari in Digital Realty Trust Inc. v. Paul Somers, No. 16-1276, to review whether Dodd-Frank whistleblower protection applies to employees who only report securities law violations...more

Personal data security for pension scheme trustees

by Hogan Lovells on

Cybersecurity and protection of personal data are increasingly to the forefront of concerns for pension trustees. The European General Data Protection Regulation (GDPR), applicable in the UK from 2018, will impose additional...more

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