News & Analysis as of

Benefit Plan Sponsors The United States Department of Labor

IRS and DOL issue retirement plan relief for hurricane victims

by Dentons on

The Internal Revenue Service (IRS) has provided welcome relief to individuals affected by Hurricanes Harvey and Irma. The relief permits plan sponsors to temporarily relax restrictions on hardship withdrawals, participant...more

DOL Proposes Rule to Extend Applicability Date of BIC and Other Exemptions

by Tucker Arensberg, P.C. on

The Department of Labor published a Proposed Rule to extend from January 1, 2018 to July 1, 2019, the applicability date of the Best Interest Contract (“BIC”) Exemption, the Class Exemption for Principal Transactions in...more

The Final Rule: DOL Proposes to Extend Transition Period until July 1, 2019, and Issues Additional Non-Enforcement Policy for...

By a notice published in the Federal Register on August 31, 2017, the Department of Labor proposed to extend from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment...more

An Overview of Legal, Regulatory and Plan Design Considerations for States

by K&L Gates LLP on

Americans are facing a retirement crisis. The foundation for building a secure retirement — Social Security, employer-provided pensions, and personal savings — has been weakened because most private sector companies no longer...more

The Rosenbaum Law Firm Review - August 2017

by Ary Rosenbaum on

The Plan Providers That A 401(k) Plan Sponsor Needs. A list, all of them. When an employer decides to start a 401(k) plan, one of the biggest problems out there is that they don't know who they need. They know that...more

Back to School for ERISA Fiduciary Claims: How to Prepare for This Trend in University Litigation

In the past 10 years, there have been an increasing number of lawsuits asserting Employee Retirement Income Security Act of 1974 (ERISA) fiduciary claims. These have been accompanied by an increased focus by the Department of...more

The Ninth Circuit Weighs in on ERISA’s Plan Document and Summary Plan Description Requirements: Mull v. Motion Picture Ind. Health...

Mull v. Motion Picture Ind. Health Plan educates employers on the basics of the requirements of the Employee Retirement Income Security Act (ERISA) governing plan documents and summary plan descriptions. The lessons are...more

Possible Further Delay of ERISA Fiduciary Rule

On August 9, 2017, the Department of Labor (DOL) and Secretary of Labor, Alexander Acosta, submitted a proposal to the Office of Management and Budget (OMB) to further delay the applicability date of certain parts of the...more

The easiest mistake most 401(k) plan sponsors make

by Ary Rosenbaum on

The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more

New Guidance on Coverage for Eating Disorders

by Tucker Arensberg, P.C. on

The Departments of Labor, Treasury, and Health and Human Services recently released a frequently asked question (“FAQ”) regarding the implementation of the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction...more

Sign of Future Changes? DOL Proposes 18-Month Extension of Transition Period for Compliance With ERISA "Fiduciary Investment...

On August 9, the US Department of Labor (DOL) announced in a court filing that it has proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption (the "BIC Exemption") under the ERISA...more

Getting into trouble with the DOL and the IRS maybe just bad luck

by Ary Rosenbaum on

As an ERISA attorney for almost 19 years, I have seen a lot of strange things that plan sponsors have done to risk the ire of the Internal Revenue Service (IRS) and the Department of Labor (DOL)...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

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

June 2017: The Top 15 Labor And Employment Law Stories

by Fisher Phillips on

It’s hard to keep up with all the recent changes to labor and employment law. While it always seems to evolve at a rapid pace, the last few months have seen an unprecedented number of changes. June 2017 was no different, with...more

FAQs for Fund Managers Related to DOL’S Fiduciary Rule which Became Partially Effective June 9, 2017

As stated in our May 25, 2017 Executive Compensation, Employee Benefits and ERISA Alert, the Department of Labor’s (DOL’s) new fiduciary rule (“Fiduciary Rule”) became partially applicable on June 9, 2017. Set forth below are...more

Employers, Be Aware of - but Don’t Worry about - the Fiduciary Rule’s June 9 Deadline

by Miles & Stockbridge P.C. on

If you’ve had better things to do, you might only be vaguely aware that the new fiduciary rule becomes effective on June 9, 2017. We’ve written about this before (here and here), but a quick refresher might be helpful as the...more

Administrative Check-Up on Participant Plan Loans

by Poyner Spruill LLP on

The IRS just issued a memo to its auditors approving two different methods for calculating the statutory limitation on available loan amounts when a participant takes a new loan within 12 months of having paid off another...more

DOL Issues 60-Day Delay on Fiduciary Advice Rule and Exemptions

On April 4, the US Department of Labor (DOL) pushed the applicability date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule") from April 10 to June 9, 2017. The full text of...more

The Final Rule: Delayed But (Perhaps) Not Denied

On April 4, 2017, the Department of Labor released its final rule postponing the applicability date of its new “investment advice” fiduciary definition and related exemptions. This extension, which was published in the April...more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

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

Department of Labor Delays Fiduciary Rule for 60 Days

by Ropes & Gray LLP on

On April 4, 2017, the U.S. Department of Labor (the “DOL”) issued a final rule delaying the applicability date of its fiduciary rule from April 10, 2017 to June 9, 2017 – the 60-day delay it proposed at the end of February....more

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

by Bryan Cave on

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

by Fisher Phillips on

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

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