News & Analysis as of

Employee Benefits Security Administration 401k

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I’ll say it, don’t allow crypto in your 401(k) plan

In the movie Casino, Robert DeNiro as Sam Rothstein wanted to take on the Nevada Gaming Board after they denied his request for his license. Andy Stone, a Teamster controlled by the Mafia and played by Alan King told him it...more

Fisher Phillips

Dept of Labor Sued in Crypto 401(k) Guidance Lawsuit: What Employers Need to Know

Fisher Phillips on

The battle over crypto 401(k)s reached a fever pitch last week as 401(k) provider ForUsAll Inc. filed a lawsuit against the U.S. Department of Labor (DOL) in a Washington, D.C. federal court on June 2, alleging that federal...more

Lathrop GPM

Cryptocurrency as a 401(K) Plan Investment Option

Lathrop GPM on

Fidelity Investments recently announced it is making a Bitcoin account available as an investment option for 401(k) plans, fueling a debate about cryptocurrencies and fiduciary responsibilities under ERISA. In what might...more

Jackson Lewis P.C.

Crypto, SDBAs, and Your 401(k) Plan: What Now?

Jackson Lewis P.C. on

Just over a month ago, we wrote about the Department of Labor’s guidance on cryptocurrency as a 401(k) investment option, and the landscape has already shifted multiple times....more

Bracewell LLP

DOL Stance on Cryptocurrency in 401(k) Plans Becomes a Political Football

Bracewell LLP on

A recent release by the DOL raising concerns about plan sponsors allowing cryptocurrency investments in 401(k) plans has gotten the attention of both sides of the Congressional aisle as well as industry groups. Some of the...more

Holland & Hart - The Benefits Dial

Can’t Touch This … DOL Discourages Plans From Investing in Cryptocurrency

Among the many phrases of ERISA, one that is familiar to investment fiduciaries is the requirement to choose investments with the care, skill, prudence, and diligence that a prudent person who is familiar with such matters...more

Fisher Phillips

Federal Employee Benefits Investigators Announce Plan to Scrutinize 401(k) Cryptocurrency Investments

Fisher Phillips on

While some employees and retirees have been asking to have cryptocurrencies included in their 401(k) retirement plans, federal authorities recently issued a strong and direct warning that such a plan might run afoul of...more

Seyfarth Shaw LLP

How Do You Really Feel? DOL Talks ESG and Crypto

Seyfarth Shaw LLP on

Seyfarth Synopsis: In keeping with their recent more vocal stance on fiduciary duties, the Department of Labor has weighed in on the wisdom of 401(k) plans including an ESG fund or a crypto investment option in its line-up....more

Foley & Lardner LLP

401(k) Compliance Check #2: Avoid Trouble By Depositing Employee Contributions on Time!

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed the importance of ensuring your 401(k) plan’s designated decision-makers are actually authorized to make plan decisions. In this month’s Compliance Check, we look at...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Biden nominates Gomez as EBSA head

Some birds aren’t mean to be caged (a line from The Shawshank Redemption) and some attorneys weren’t meant to be law firm associates. 3 years working for two law firms was 3 years too long....more

Moore & Van Allen PLLC

USDOL Offers Guidance on Data Security for Plan Fiduciaries and Service Providers

Moore & Van Allen PLLC on

The Employee Benefits Security Administration of the United States Department of Labor (“EBSA”) recently published guidance regarding cybersecurity best practices for recordkeepers and service providers responsible for plan...more

Mintz - Securities & Capital Markets...

Not So Fast: DOL Changes Course on Trump-Era ESG Investment Rule

The United States Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) announced on March 10, 2021 that it will not enforce certain final rules put into place under President Trump related to...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Dealing With Missing Participants in Terminating Puerto Rico 401(k) Plans

For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto...more

Constangy, Brooks, Smith & Prophete, LLP

A “Vaccine” For COVID-19 ERISA Litigation

ERISA litigation tends to spike when economic uncertainty or turmoil rises. Although many things contribute to this historically verifiable trend, it is easiest for employers to think about just two of them. First, an...more

Troutman Pepper

Changes to Plan Distribution and Disclosure Information

Troutman Pepper on

Updated Safe Harbor Special Tax Notice (402(f) notice) & Lifetime Income Illustrations – Five Key Points for Plan Fiduciaries - The IRS has updated its safe harbor Special Tax Notice required to be provided to plan...more

Bradley Arant Boult Cummings LLP

DOL Issues Interim Final Rule on Lifetime Income Disclosures for Defined Contribution Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 required, for the first time, that administrators of defined contribution plans (such as 401(k) plans) provide participants with disclosures...more

Goodwin

Financial Services Weekly Roundup: The CFPB Digs Into “Seasoned” Qualified Mortgages

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more

Foley & Lardner LLP

Department of Labor Provides Guidance on Environmental, Social and Governance (ESG) Investing

Foley & Lardner LLP on

While employers and workers alike have understandably been extremely focused on coronavirus–related matters, the U.S. Department of Labor (DOL) recently (June 23, 2020) decided that employee benefit plan fiduciaries need to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Blackout notice relief

BSA Notice 2020-01 from the Employee Benefits Security Administration (EBSA) announced important relief for plan sponsors in connection with authorizing plan loans and distributions...more

Hodgson Russ LLP

Fidelity “Infrastructure Fee” Is the Subject of Government Examinations and Participant Lawsuits

Hodgson Russ LLP on

Qualified retirement plan fiduciaries, in fulfillment of their ERISA fiduciary duties, are under increasing pressure to fully understand the investment and other service provider fees that are being paid from plan assets, and...more

Stinson - Benefits Notes Blog

Class Action Filed Against Fidelity for Alleged “Secret Kickback Payments”

On February 21, 2019 attorneys for Andrew Wong, a participant in the T-Mobile USA Inc. 401(k) Retirement Savings Plan & Trust, filed a class action complaint in the U.S. District Court of Massachusetts against FMR LLC,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - June 2017

We Didn't Start The 401(k) Fire; It's Always Been Burning. The problems have always been there. I live in Long Island, so I think by a local law, I have to be a Billy Joel fan. He's not up there with Aerosmith, The...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - May 2016

The Struggles Of Being A Retirement Plan Provider And How To Manage It. What you have to deal with. Any good retirement plan financial advisor will tell you that relationships in the retirement plan business mean...more

Franczek P.C.

EBSA Releases Plan Audit Quality Report, Recommends Stricter Plan Audit Standards

Franczek P.C. on

The DOL’s Employee Benefits Security Administration (EBSA) released a report assessing the quality of audit work performed by certified public accountants with respect to financial statement audits of retirement and welfare...more

Franczek P.C.

Monthly Benefits Alert - May 2015

Franczek P.C. on

As we do every month, we have provided below a comprehensive alert that highlights the most important employee benefits legal developments during May of 2015. We hope that our “Monthly Benefits Updates” continue to be a...more

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