Employee Retirement Income Security Act Fiduciary Duty The United States Department of Labor

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

Update – A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. ...more

DOL Announces Temporary Enforcement Policy and Proposes to Extend Application of Rules Under Best Interest Contract Exemption by...

In response to a February 3, 2017 memorandum by the President to the Secretary of Labor, on March 2, 2017, the DOL proposed to extend for 60 days the applicability date for final rules on the Best Interest Contract Exemption...more

DOL Temporarily Forbears Enforcement of Fiduciary Duty Rule

The Department of Labor’s “fiduciary duty” Rule continues to get more bollixed up. DOL announced a temporary enforcement policy that will give a “free pass” for any violations (a) in the gap between effective date and delay,...more

Fiduciary Rule on Hold - DOL proposes to delay application of Fiduciary rule. ERISA plan fiduciaries and service providers...

On March 2, 2017, the Department of Labor (DOL) proposed to delay the applicability date of the “Fiduciary” rule by 60 days. The DOL issued the proposal in response to the February 3, 2017, Presidential Memorandum...more

Cybersecurity Threats: What Retirement Plan Sponsors and Fiduciaries Need to Know – and Do

What is the Risk? The loss of employee personal information due to a cyber breach is an ever-increasing concern to all employers. After years of work to put into place protocols to comply with HIPAA’s requirements on...more

Employee Benefits Developments - February 2017

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of February 2017. March 31, 2020 Deadline for Amending 403(b) Plans - When the Internal Revenue Service...more

DOL Proposes to Delay Fiduciary and Beryllium Rules

In response to recent presidential directives, the U.S. Department of Labor is taking steps to delay the applicability and effective dates of two rules. First, the DOL's Employee Benefits Security Administration (EBSA) has...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

As we previously discussed in our May 19, 2016 SW Benefits Update, the Department of Labor (the “Department”) previously issued final regulations on fiduciary conflicts of interest in retirement programs. The rules, which...more

DOL Issues New Guidance on Plan Fiduciaries' Proxy Voting Policies

The Employee Benefits Security Administration (EBSA) published Interpretive Bulletin (IB) 2016-1 on Dec. 29, 2016, relating to the exercise of shareholder rights and written statements of investment policy, including proxy...more

DOL Fiduciary Rule Still On for April 10 Implementation

The Department of Labor’s Fiduciary Duty Rule remains on track for April 10 implementation, notwithstanding a maelstrom of hype about it. Nearly everyone expected the new administration would delay the Rule – and many...more

Implications of Trump's Memorandum on Status of Fiduciary Rule

President Donald Trump issued a memorandum on Feb. 3, 2017, directing the U.S. Department of Labor (DOL) to reconsider the regulations that change the definitions of fiduciary and fiduciary advice. The regulations,...more

Advisors Advantage - February 2017

Concepts That Retirement Plan Advisors Shouldn't Focus On. It would be a detriment to focus only on this stuff. Being a financial advisor isn't as easy as many people on the outside think. There are so many things you ...more

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

President Trump Calls for a Review of DOL’s Fiduciary Rule

On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more

President Trump Issues Executive Orders Impacting Dodd-Frank Act And DOL Fiduciary Duty Rule

On Friday, February 3, 2017, President Trump signed two Executive Orders impacting the financial services industry. 1. Dodd-Frank Act - President Trump signed an Executive Order designed to review the regulations...more

President Trump Issues Memorandum on Fiduciary Rule Likely Leading to Delayed Compliance Date

On February 3, 2017, President Trump issued a memorandum directing the Department of Labor to prepare an updated economic and legal analysis of its “Fiduciary Rule.” Compliance with the Fiduciary Rule is generally required on...more

ERISA Advisory Council Issues 2016 Report on Benefit Plan Cybersecurity

“Cyber threats cannot be eliminated but they can be managed. Cyber experts say that it is not a question of if you will have a cyber-attack, rather it is a question of when. The next question is what you are going to do about...more

Trump Requires DOL to Reevaluate the Fiduciary Rule

Under current law, stockbrokers are only required to recommend suitable investments to their clients. The Department of Labor has issued a so called “fiduciary rule” which requires brokers, advisors and insurance agents, when...more

DOL Casts Vote Against Previous Proxy Rules Under ERISA

The U.S. Department of Labor (the “DOL”), on December 29, 2016, issued Interpretive Bulletin 2016-1 (“IB 2016-1”) under the Employee Retirement Income Security Act of 1974 ("ERISA") regarding the duties of fiduciaries under...more

Will the DOL Fiduciary Duty Rule’s Implementation be Delayed?

In 2016, the U.S. Department of Labor (DOL) issued its final rule expanding the “investment advice fiduciary” definition under ERISA and modified the complex of prohibited transaction exemptions for investment activities as a...more

Alert: DOL Issues Guidance on Shareholder Engagement and Pension Fund Investments

On December 28, the US Department of Labor ("DOL") issued Interpretive Bulletin 2016-01 (published in the Federal Register on December 29, 2016), setting forth its views concerning the legal standards under Sections 402, 403,...more

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As

The U.S. Department of Labor (the “DOL”) released two additional sets of FAQs on January 13, 2017 regarding the new “investment advice” regulation and related exemptions (the “Rule”) under the fiduciary provisions of the...more

The Final Rule: DOL Releases Additional FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released two additional sets of FAQs providing guidance related to its final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for purposes of the Employee...more

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Cybersecurity

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