News & Analysis as of

Employee Retirement Income Security Act (ERISA) Compliance Department of Labor (DOL)

Holland & Hart - The Benefits Dial

Both Sides Now… Must Be Alert to Cybersecurity

by Becky Achten New guidance from the Employee Benefits Security Administration (EBSA) affirms that both sides—retirement plans and welfare plans—must take steps to secure participant data from cybercrime. In 2021 the...more

Hall Benefits Law

Major Differences Between DOL’s Proposed and Final ERISA Investment Advice Regulations

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The U.S. Department of Labor’s (DOL) final regulations broaden the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) to include more investment advisors. However, the eight hundred pages of...more

Morrison & Foerster LLP

Amendment To QPAM Exemption

The Department of Labor (DOL) recently issued a final amendment (“Final Amendment”) to Prohibited Transaction Exemption (PTE) 84-14, which is otherwise known as the “QPAM Exemption.” The QPAM Exemption is a prohibited...more

Proskauer - Employee Benefits & Executive...

A Pop Culture Guide to the Final Amendments to the QPAM Exemption Taking Effect on June 17, 2024

The DOL recently finalized amendments to the QPAM exemption that will considerably alter the exemption’s conditions effective as of June 17, 2024 (for a detailed summary of the changes, please see our post here). There are a...more

Pillsbury Winthrop Shaw Pittman LLP

DOL Expands Investment Advice Subject to Fiduciary Liability

Following previous failed attempts to expand the fiduciary liability of financial services providers, the DOL released a new rule that broadens the definition of “fiduciary” under ERISA. The new rule is expected to face...more

Latham & Watkins LLP

Raising the Bar: DOL’s Amendment Sets Higher Standards for QPAM Qualification

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The DOL’s final amendment to the QPAM Exemption sets forth more rigorous compliance requirements and expands the circumstances of ineligibility, potentially affecting the operations and compliance procedures of investment...more

Holland & Hart - The Benefits Dial

ERISA, ERISA…Just an Old Sweet Song Keeps ERISA on my Mind

“Georgia” on your mind? As we look towards the upcoming Masters golf tournament weekend, our minds turn to the condition of the greens (exquisite), the players tee off order (does afternoon help or hinder Tiger on an expected...more

Seward & Kissel LLP

DOL Finalizes Amendments to the QPAM Exemption – All QPAMs Must Take Action

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On April 3, 2024, the U.S. Department of Labor (DOL) published significant modifications to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption). The amendment becomes effective on June 17, 2024; however, certain...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

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On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

Proskauer Rose LLP

A Guide to the DOL’s New Investment Advice Fiduciary Rule Proposal – What Investment Advisers and Managers Need to Know

Proskauer Rose LLP on

The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Dechert LLP

ERISA Déjà-Boo? New Halloween Fiduciary Proposal May Be a Real Scream

Dechert LLP on

The Department of Labor (“DOL”) on October 31, 2023—Halloween—issued a release (the “Release”) proposing to make changes to the 1975 rule (the “1975 Rule”) defining when institutions and individuals are providing fiduciary...more

Faegre Drinker Biddle & Reath LLP

Compliance with PTE 2020-02: Mitigating Conflicts of Interest

The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees), allows broker-dealers and their registered representatives (advisors) to receive conflicted compensation resulting...more

Foley & Lardner LLP

401(k) Compliance Check #7: Five Administrative Policies Every 401(k) Plan Needs

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To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article discusses some of the policies that are important for...more

Verrill

Deciphering First Circuit’s Thirty-page Primer on NQTL Analysis and ERISA Information Requests

Verrill on

The widely publicized 2022 Report to Congress regarding the Mental Health Parity and Addiction Equity Act (“Parity Act”) forewarned greater enforcement efforts by the Department of Labor and highlighted suspected deficiencies...more

Burns & Levinson LLP

You Don’t Have To Rule Out Environmental, Social and Governance Investments in Your ERISA Portfolio, but Be Careful

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ERISA generally requires retirement plan fiduciaries to invest prudently, diversify assets to minimize the risk of large losses, and act solely in the interest of plan participants. These duties have been interpreted as...more

Sheppard Mullin Richter & Hampton LLP

Tri-Agencies Report MHPAEA Compliance Lacking, But Don’t Name and Shame Plans and Issuers . . . Yet

On January 25, the U.S. Department of Labor (DOL), Department of Health and Human Services (HHS), and the Treasury (collectively the Tri-Agencies) published the first annual report on group health plans’ and health insurance...more

Faegre Drinker Biddle & Reath LLP

PTE 2020-02 Compliance: Avoiding Five Common Mistakes

It may be a New Year, but 2022 is going to seem very familiar to Broker-Dealers (BD) and their Registered Representatives who advise retirement plans and IRAs: they are going to be spending a lot of time working to comply...more

Sheppard Mullin Richter & Hampton LLP

State, Federal, and Private Enforcement of Mental Health Parity Compliance

Six months ago, we cautioned health plans and plan sponsors that states, the federal government, and private litigants were laser focused on Mental Health Parity and Addiction Equity Act (“MHPAEA”) compliance. The United...more

Morgan Lewis

A Survival Guide to DOL Group Health Plan Mental Health Parity Audits

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The Consolidated Appropriations Act of 2021 mandates that employers offering medical/surgical and mental health/substance use disorder coverage provide comparative analyses and any supporting documentation demonstrating...more

Eversheds Sutherland (US) LLP

DOL Fiduciary Rule 3.0: The sprint to December 20

As businesses return to work after Labor Day 2021, a principal focus for companies that serve US retirement plans will be the impending December 20 enforcement date for the Labor Department’s (DOL) latest fiduciary guidance...more

Verrill

Retirement Plan Administrators: Are You Ready to Comply with the New Lifetime Income Disclosure Requirement for Benefit...

Verrill on

Lifetime Income Disclosure Requirement. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted December 20, 2019, added a new annual disclosure requirement for benefit statements to...more

Bass, Berry & Sims PLC

DOL to Focus on Red Flags in Mental Health Parity Requests

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Last week, the Department of Labor (DOL) announced that it will focus on requesting information from employers where there are potential “red flags” of non-compliance with the provisions and rules of the Mental Health Parity...more

Bradley Arant Boult Cummings LLP

DOL Actively Enforcing Newly Required Mental Health Comparative Analysis

Group health plans and insurers have been required since 2008 to ensure that any “nonquantitative treatment limitations” (NQTLs) imposed on mental health or substance use disorder (MH/SUD) benefits are comparable and no more...more

Sheppard Mullin Richter & Hampton LLP

The Clock is Ticking on MHPAEA Compliance

State and federal regulators, Congress, and the plaintiffs’ bar are increasingly focused on compliance with the Mental Health Parity and Addiction Equity Act (MHPEA), particularly given the opioid epidemic and COVID-19’s...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #45

On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became effective. The PTE is titled “Improving Investment Advice for Workers & Retirees.” It allows investment advisers, broker-dealers, banks,...more

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