Employee Retirement Income Security Act

Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.... more +
Employee Retirement Income Security Act is a United States federal law enacted in 1974 to set minimum standards for pension and health plans in the private sector and to protect participants in those plans.  ERISA requires plans to provide information to participants, establishes a grievance process,  and allows participants to sue for benefits or breach of fiduciary duties.  less -
News & Analysis as of

DOL Significantly Increases Some Penalties for ERISA Violations

Under the Federal Civil Monetary Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Inflation Adjustment Act), the US Department of Labor (DOL) increased the penalties for specified violations of the Employee...more

The DOL Isn't Done Yet and Non-Compliance is Getting More Expensive Than Ever

Employers around the country are busy trying to keep up with the fast and furious rule-making from the Department of Labor. From OSHA reporting requirements, the persuader and fiduciary rules and the new overtime regulations,...more

Pension Consultant Found Not to be an ERISA Fiduciary

The Tenth Circuit held that a pension plan consultant, who misstated the amount of monthly pension payments that a pension plan participant would receive in retirement, was not a fiduciary under ERISA. Plaintiffs Trent...more

DOL Fiduciary Rule-Making Overreach? Stay Tuned for the Judgment of the Courts

In April, the Department of Labor issued new regulations under ERISA related to individuals who offer investment advice to ERISA plans, their fiduciaries, or participants for a fee. The DOL now says that a fiduciary is...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

ERISA Fiduciary Rules: Court Challenges and Considerations for Employers

Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective. Last month, several business groups filed a complaint in the...more

401(k) Litigation Overkill?

The landscape for the retirement plan business has radically changed since when I first started in 1998. Normal courses of business such as revenue sharing and non-transparency of fees were the order of the day. No one cared...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: Amendments to Prohibited Transaction...

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our previous posts discussed the newly expanded definition of “investment advice fiduciary”; the...more

Life and Annuity Series: Class Certified in an ERISA “Unreasonable Compensation” Case

The Colorado federal court concluded last summer, in Teets v. Great-West Life & Ann. Ins. Co., that an insurer could be subject to ERISA liability for receiving unreasonable compensation in connection with a stable value...more

ColoradoCare Stands to Significantly Alter Health Care Services

In November, Colorado voters will cast ballots on Amendment 69, also known as ColoradoCare. ColoradoCare is an ambitious, far-reaching plan to amend the Colorado constitution which would establish a statewide universal...more

Waves of Guidance and Benefit Plan Developments Worth Watching

Notices on Second Round of Privacy and Security Audits are Out, Expat Plans, OON Surgery Center Billing Issues, and New Nondiscrimination Rules for Federal Contractors, New ERISA Civil Monetary Penalties, COBRA Notices and...more

Benefits Litigation Update – Summer 2016

Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update (“Update”). The Update is a publication which provides four primary...more

Department of Labor Increases Penalties for Certain ERISA Violations

The U.S. Department of Labor (DOL) published on July 1, 2016, an interim final rule adjusting the civil monetary penalties that it can enforce. These adjustments are the result of the Federal Civil Penalties Inflation...more

The Final Rule: Technical Corrections to Best Interest Contract and Principal Transaction Exemptions

On July 7, 2016, DOL released technical corrections to its two new exemptions published in April 2016 in conjunction with the Final Rule: ..The Best Interest Contract Exemption (BICE), now officially designated as...more

Big Fish and Service Provider Lawsuits

It seems like every week, there is another major lawsuit against a plan sponsor and one of their service providers. Allegations of impropriety are just allegations until decided by a trier of fact of whether they are...more

Penalty Amounts Get Adjustment (Upward, of Course)

The Department of Labor (DOL), along with several other federal agencies, recently released adjusted penalty amounts for various violations. The amounts had not been adjusted since 2003, so there was some catching up to do,...more

DOL Adjusts Civil Monetary Penalties Upward

On June 30, the Department of Labor (“DOL”) published an interim final rule to adjust the civil monetary penalties on employer-sponsored plans. The DOL published the interim final rule in accordance with the Federal Civil...more

Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

DOL Rule Imposes Significant Increases in Penalties for Employee Benefit Plan Violations

On June 30, 2016, the U.S. Department of Labor (“DOL”) issued an interim final rule that significantly increases various penalties under the Employee Retirement Income Security Act of 1974 (“ERISA”). The interim rule is the...more

I’m not interested in making $$$$ off referrals

Maybe I’m like Larry David, but I have a lot of pet peeves. I hate when people whistle or sing in public. I hate when people talk on the phone in line. I also don’t deal well with working with, working for, and being related...more

Employee Benefits Innovators Roundtable: Fiduciary Update and the DOL Fiduciary Rule

The US Department of Labor’s new fiduciary rule is aimed at financial advisors, including brokers, who provide retirement plan services. However, the new rule will impact compliance obligations and potentially, costs for plan...more

You Can Always Be A Step Away From Getting Sued

A well-respected registered investment advisor was recently named as a defendant in a class-action lawsuit against a $1 billion 401(k) plan. I’m not going to cite the particulars and I’m not going to opine because a...more

Fact That Small 401(k) Lawsuit Was Dropped Is Irrelevant

While many of us in the retirement plan world were publicizing a class action lawsuit against a $9 million, apparently the plaintiffs had a change of heart. The case was Damberg et al v. LaMettry’s Collision Inc. and the...more

Feds Ratchet Up Employer Penalties, Effective Later This Summer

While most employers were preparing for the long holiday weekend, the U.S. Department of Labor (USDOL) announced a series of civil penalty increases that will impact the nation’s employers in the very near future. On June 30,...more

A Review of the Supreme Court’s 2015 - 2016 Term

Last week, the Supreme Court ended its 2015-2016 session under a cloud of uncertainty. On February 22, 2016, Justice Antonin Scalia, the stalwart of the Court’s conservative wing for 30 years, passed away. Justice Scalia’s...more

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