Benefit Plan Sponsors The United States Department of Labor

News & Analysis as of

Worried About the Fiduciary Rule? Don’t Be…Yet!

The Department of Labor (DOL) released Field Assistance Bulletin 2017-01 on March 10, 2017, which outlines a temporary enforcement policy related to its final fiduciary rule. Background - On February 3, 2017,...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

Labor Department Boosts Disability Claimant Protections

The U.S. Department of Labor (USDOL) recently issued a final rule addressing disability benefit claims and appeals (see 81 FR 92316). The rule adds new procedural protections and safeguards meant to ensure disability...more

Final Disability Claims and Appeals Regulations – Be Prepared to Comply

In December 2016, the Department of Labor issued final regulations under ERISA governing claims procedures for group disability plans, which will become effective January 1, 2018. Generally, these regulations were drafted to...more

Cybersecurity Threats: What Retirement Plan Sponsors and Fiduciaries Need to Know – and Do

What is the Risk? The loss of employee personal information due to a cyber breach is an ever-increasing concern to all employers. After years of work to put into place protocols to comply with HIPAA’s requirements on...more

DOL Gives a Peek at Non-quantitative Treatment Limitations

While on this day, most people focus on the heart, we’re going to spend a little time focusing on the head. Under the Mental Health Parity and Addiction Equity Act (MHPAEA), health plans generally cannot impose more stringent...more

Employee Benefits Advisory: White House Orders Review of DOL Final Fiduciary Rule

On February 3, 2017, President Donald J. Trump issued a Presidential Memorandum ordering the US Department of Labor (DOL) to conduct a full review of its final fiduciary rule and related guidance, anticipated to go into...more

President Issues Order Calling on the Department of Labor to Reconsider Fiduciary Rule

On February 3, 2017, President Donald J. Trump issued a memorandum directing the U.S. Department of Labor (DOL) to re-examine the DOL’s final rule on who is a “fiduciary” of an employee benefit plan under the Internal Revenue...more

President Signs Memorandum Requiring Further Review of DOL Fiduciary Rule

On February 3, 2017, President Trump signed a presidential memorandum directing the U.S. Department of Labor (the “DOL”) to examine its new fiduciary rule. (For details on the fiduciary rule, see our prior Alert, and, for...more

Presidential Memo Directs Department Of Labor to Look At Conflict of Interest/Fiduciary Regulation Again

Many retirement plan sponsors, fiduciaries and retirement plan service providers and investment advisors have been waiting and hoping for a delay in the Conflict of Interest or Fiduciary (the “COI Package”) regulatory package...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

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

The New ERISA Claims and Appeals Regulations for Disability Benefits

The Employee Benefits Security Administration of the U.S. Department of Labor recently published final regulations governing the ERISA claims and appeals process that will apply to all claims for disability benefits filed on...more

Best Practices for 401(k) Plan Administration Includes Using Forfeiture Accounts by Year-End

Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype or volume...more

ACA Facelift to Disability Claims Process Could Affect All Plans

It might be tempting to conclude that the recent Department of Labor regulations on disability claims procedures is limited to disability plans. However, as those familiar with the claims procedures know, it applies to all...more

Proof Again That Small Plans and Their Fiduciaries Can Get Sued

I’ve heard of for years on how small 401(k) plans and their plan fiduciaries don’t get sued. While they are never going to be the target for a class action lawsuit because they don’t have enough assets to justify an ERISA...more

DOL Releases Advance Copies of the 2016 Form 5500

In Depth - On November 1, 2016, the US Department of Labor (DOL) released advance copies of the 2016 Form 5500 and Form 5500-SF annual return/report and their related schedules and instructions. Information copies of the...more

Advisors Advantage - December 2016

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

What Employers Need To Know About Mandatory Payroll Deduction Savings Programs

Administering and providing retirement benefits can present difficulties to employers. If you offer such benefits, you must choose and monitor service providers, offer prudent investment options, and administer benefits,...more

Trump and the Debate Over the Fiduciary Rules Affecting Retirement Savings

CAMPAIGN PROMISES AND THE FIDUCIARY FIGHT - President Elect Trump’s campaign website states that he intends to issue a moratorium on new regulations that are “not compelled by Congress or public safety.” His stated goal...more

Are HR employees ‘investment advisors’ under the DOL’s fiduciary rule?

In April 2016, the Department of Labor promulgated final regulations that fundamentally changed the ERISA fiduciary rules governing advisors to retirement income investors. Though the rule is final, the new provisions...more

Forfeitures can be a compliance headache

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

California’s New State Sponsored Retirement Program to Debut Soon: California Employers Blog

In September 2016, the California legislature amended the California Secure Choice Savings Trust Act of 2012 (“Secure Choice”). This law will eventually require employers with at least five employees, and which do not offer...more

The U.S. Department Of Labor’s Conflict of Interest/Fiduciary Regulatory Package Survives Challenge in DC

One of the District Courts hearing challenges to the U.S. Department of Labor’s Conflict of Interest regulatory package has upheld the regulation and related prohibited transaction class exemptions, including the Best...more

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

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Cybersecurity

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