Employee Retirement Income Security Act Fiduciary Duty Benefit Plan Sponsors

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 Fiduciary Regulations

The U.S. Department of Labor (DOL) earlier this month released final regulations which significantly expand the more than 40-year-old definition of who is a plan fiduciary under the Employee Retirement Income Security Act of...more

The ERISA Litigation Newsletter - April 2016

Editor's Overview - This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more

U.S. Department of Labor Issues Final Rule Redefining ERISA’s Definition of “Fiduciary” for Certain Types of Investment Advice

On April 6th, the U.S. Department of Labor (DOL) released a final rule (the “Fiduciary Rule”) that expands the types of retirement investment advice that will be subject to the fiduciary duty rules of the Employee Retirement...more

New Fiduciary Rule & Its Impact on Retirement Advice for Plan Sponsors

After much controversy and criticism, the Department of Labor (DOL) issued a final conflict of interest rule on April 6th (the “Final Rule”) which expands the definition of a fiduciary for an “employee benefit plan,” as...more

Employer Action Required Following Issuance of Final Rule

On April 8, 2016, the Department of Labor (DOL) released the much anticipated final regulation to broaden the scope of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal...more

The DOL Fiduciary Definition Regulations are Here . . . Really They are Finally Here

Included in the definition of a fiduciary in Section 3(21) of the Employee Retirement Income Security Act (“ERISA”) is someone who provides investment advice for a fee. Regulations issued in 1975 by the U.S. Department of...more

Offering an education is a must for Advisors

I had a few advisors who asked me about offering investment education as it pertained to the fiduciary rule, but it’s clear that the Department of Labor wants it offered when it made a carve out to the final rule to allow for...more

Hold on to Your (Fiduciary) Hats: the Countdown to Compliance with the Department of Labor’s Final Fiduciary Rules Begins

After six years in the hopper, the Department of Labor finally issued final fiduciary regulations late last week that will greatly impact a wide variety of stakeholders. The Employee Retirement Income Security Act (ERISA)...more

What Plan Sponsors Need to Know About the New Fiduciary Regulation and Related PT Exemptions

What Plan Sponsors Need to Know Now - On April 5, 2016, the U.S. Department of Labor released a new definition of what constitutes a fiduciary to a retirement plan. While the new guidance clarified that certain...more

Department of Labor Issues Final Fiduciary Rule

The Department of Labor (DOL) has issued a final rule to re-define who is rendered a "fiduciary" of an employee benefit plan under the Employee Retirement Income Security Act (ERISA) by providing investment advice to a plan...more

The ERISA Litigation Newsletter - March 2016

Editor’s Overview - This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more

The Rosenbaum Law Firm Review - March 2016

Things About Plan Providers That Shouldn't Impress Plan Sponsors. Don't get bamboozled. There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong...more

Benefits Litigation Update – Spring 2016

A Publication from Epstein Becker Green and The ERISA Industry Committee Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update...more

Legal Perspectives on a “Game Changer” for Responsible Investment in the United States

The Principles for Responsible Investment (“PRI”) recently published a report, Addressing ESG Factors Under ERISA, that sets forth two legal perspectives on the ability of fiduciaries to consider environmental, social, and...more

Advisors Advantage - February 2016

Avoiding The “Bumps” Of Being A Retirement Plan Provider - I’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out...more

The Rosenbaum Law Firm Review - January 2016

Future Trends In 401(k) That A Plan Sponsor Should Be Aware Of. Who to pick and why. What was good yesterday might not be good today. There were cigarette ads in the 1930s that suggested that smoking had health...more

Communication is everything

I get along with people for the most part because I make the effort. It’s also a lot easier to function in the retirement plan business when you have more friends than enemies. Unfortunately, there has been a number of...more

The ERISA Litigation Newsletter - October 2015

Editor's Overview - This month, we review the Second Circuit's ruling in New York State Psychiatric Ass'n, Inc. v. UnitedHealth Grp. wherein the Second Circuit ruled that: (i) a provider association has associational...more

Plan Sponsor Forced to Restore Plan Benefits Due to Intentionally Misleading Communications to Employees

On September 29, 2015, the U.S. District Court for the Southern District of New York issued a decision that emphasizes the importance of accurate communications to employees regarding changes in qualified retirement plan...more

Employee Benefits Developments - September 2015

IRS Issues New Draft Form 1095-C and Instructions. On August 6, 2015, the IRS published its most recent updates to Form 1095-C and the instructions for Forms 1094-C and 1095-C. Beginning in early 2016, applicable large...more

Fifth Circuit Affirms Dismissal of Claims Involving De-risking of Pension Assets

In October 2012, a defined benefit plan sponsor amended its plan to provide that, effective Dec. 7, 2012, the plan would purchase an annuity to cover the plan’s obligations to make payments to the roughly 41,000 participants...more

Changes In The Money Market Fund Rules: The Fiduciary Response

The SEC’s modifications to the money market fund rules won’t become effective for approximately a year, but plan fiduciaries should already be considering what to do about them.2 Almost certainly, they’ll need to make changes...more

Investing Wisely: Employers Need to Monitor 401(k) Plan Fees

Costly lawsuits filed by employees against their employers come in several varieties, including lawsuits alleging liability because of an employer’s handling of its employee benefit plans. Earlier this year, the U.S. Supreme...more

UPDATE: The U.S. Supreme Court Decides ERISA Statute of Limitations Case – Implications for Plan Fiduciaries

Last November, we reported that the Supreme Court had granted certiorari in Tibble v. Edison International, a Ninth Circuit decision holding that a claim that a plan fiduciary breached its duty of prudence in selecting plan...more

DOL Clarifies Fiduciary Duties for Defined Contribution Plan Sponsors Offering Annuity Contracts

The availability of annuity options under defined contribution plans has increased in recent years due to the shift from defined benefit to defined contribution plans. Fiduciaries, however, are often concerned with potential...more

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