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Labor & Employment Finance & Banking

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

DOL Charts a New Course for ERISA's Fiduciary Rule

by Dechert LLP on

The U.S. Department of Labor (DOL) published a final rule on April 7, 2017 (Final Extension),1 delaying for 60 days the applicability date of the new rule defining who is a fiduciary under ERISA (Fiduciary Rule)2 and related...more

News from the Vermont Statehouse - An Analysis from DRM’s Government & Public Affairs Team - April 2017 #2

by Downs Rachlin Martin PLLC on

Senate Money Panel Passes Budget Bill - On a vote of 7-0, the Senate Appropriations Committee passed a $5.8 billion budget on Friday that closes a $72 million projected gap between revenues and expenditures in the 2018...more

Creditor Protection of Retirement Plan Assets

Assets in qualified retirement plans and individual accounts (IRAs) total more than $20 trillion and represent 34% of U.S. household assets.1 Clients and their advisers are rightfully concerned about insulating those assets...more

The Financial CHOICE Act 2.0, Legislative Text Revealed

by K&L Gates LLP on

On April 19, 2017, House Financial Services Committee (“HFSC”) Chairman Jeb Hensarling (R-TX) released an updated version of the Financial CHOICE Act (“FCA 2.0”), a discussion draft that would reform the Dodd–Frank Wall...more

Get Over The Fear Of Hiring An ERISA Attorney

by Ary Rosenbaum on

As an attorney, I’ve heard a lot of lawyer jokes and some of them are amusing. I once said at law school that I now know why lawyers have terrible reputations because I met some of these lawyers at law school. While lawyers...more

Pensions Round-Up - March 2017 (UK)

by DLA Piper on

Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at...more

The problem with pushing other providers

by Ary Rosenbaum on

Many larger third party administration (TPAs) firms, especially those owned by insurance companies are feeling the heat and they’ve been feeling the heat of competition ever since everyone had to fully disclose fees thanks to...more

Pennsylvania Law Allowing Employer Use of Payroll Debit Cards Takes Effect May 4

As we previously noted, the Pennsylvania General Assembly passed a law in November that amends the Pennsylvania Banking Code to permit the use of payroll debit cards, with certain conditions. ...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more

Advisors Should Care About Plan Design

by Ary Rosenbaum on

In sports and in business, you are only as good as the team that you are on. I have been on some good teams and not so good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more

The State AG Report Weekly Update

by Cozen O'Connor on

Charities- California Attorney General Sues Veterans Charities for Alleged Misuse of Funds- California AG Xavier Becerra filed a lawsuit against charity organizations Warriors Support Group and Central Coast Equine...more

The Official Delay of the Fiduciary Rule: A Compromise

by Snell & Wilmer on

On April 7, 2017, the DOL published a final rule, officially delaying the applicability of the Fiduciary Rule for 60 days, until June 9, 2017....more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

Data Breach Risks for 401(k) and Retirement Plans

by Jones Day on

There has been a recent spike in attacks on 401(k) and retirement plans by cyber criminals. Some have been reported publicly, and we are aware of several nonpublic incidents as well....more

Get your clients over the fear of ERISA attorneys

by Ary Rosenbaum on

People hate dentists. I get it, having gone years at times without getting a checkup. Since I take care of my teeth, cavities weren’t a problem. I just hated the whole scaling process and the x-rays where I was gagging by...more

It’s a mistake to only focus on fees

by Ary Rosenbaum on

I remember as a kid that there was move to use margarine because of the cholesterol that was in butter. Who can forget those talking Parkay carton commercials? Of course, we later learn that many margarines had high amounts...more

You have a choice in who you hire as a plan provider

by Ary Rosenbaum on

A few weeks back, I signed up my daughter with a new summer camp after she was at her previous camp for six years. Honestly, it was five good years at that previous camp and one not so great year. The one thing I’m happy...more

For the Second Time, Fiduciary Rule Applicability Date is Pushed Back

by Bass, Berry & Sims PLC on

In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL...more

What It Takes To Make A Good Retirement Plan

by Ary Rosenbaum on

Good retirement plans don’t happen like accident, like the discovery of penicillin. It requires roles and duties that need to be filled competently. It doesn’t take a genius to make a good retirement, it takes dedication ad...more

DOL Finalizes 60-Day Delay of ‘Fiduciary Rule’

by Shearman & Sterling LLP on

On April 4, 2017, the Department of Labor issued a final rule delaying the applicability date of its “fiduciary rule” and related exemptions to June 9, 2017. The delay also provides that (1) reliance on the Best Interest...more

Advisors Advantage - April 2017

by Ary Rosenbaum on

Thinking Outside The Box For Plan Providers. It's a way to get ahead. The retirement plan business is one of the most competitive businesses out there because there is so many competing plan providers out there...more

Financial Services Weekly News - April 2017 #2

by Goodwin on

Editor's Note - Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more

DOL’s Fiduciary Rule: On the Road to More Change?

by Burns & Levinson LLP on

The latest chapter in the 6-1/2 year history of the Department of Labor (DOL) final Fiduciary Rule is a 60-day delay of part of the final regulations, and a delay until January 1, 2018 for certain disclosures and other...more

The DOL Fiduciary Rule Is No Time To Celebrate

by Ary Rosenbaum on

The Department of Labor (DOL) sent the final rule to the Office of Management and Budget that will delay the implementation of the fiduciary rule. While some brokers may think it’s a time to celebrate, there is no room to...more

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