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

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”—Part 3: The Impact on Large Retirement Plans

In Part 1 of this series, we reported on recently proposed regulations issued by the U.S. Department of Labor amending the definition of the term “fiduciary” under the Employee Retirement Income Security Act (ERISA) and the...more

DOL’s Proposal To Expand Fiduciary Definition Would Bring Many Service Providers Into Scope

As we previously reported, the US Department of Labor (DOL) released its reproposed rule “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule—Investment Advice” on April 14. The initial deadline for comments on the...more

DOL Re-Proposes Fiduciary Rule

On April 14, 2015, the U.S. Department of Labor (DOL) re-proposed its rule expanding the definition of fiduciary. A re-proposed fiduciary definition was initially released in October of 2010, but the Department of Labor...more

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”—Part 2: The “Best Interest Contract” Exemption

In Part 1 of this series, we reported on recently proposed regulations issued by the U.S. Department of Labor amending the definition of the term “fiduciary” under the Employee Retirement Income Security Act (“ERISA”) and the...more

Advisors Advantage - May 2015

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Proposes New Fiduciary Rule - My support for a Fiduciary Rule - Stick to what you know - Complacency is a plan provider...more

DOL Issues Re-Proposed Regulations Defining Investment Advice Fiduciary and Proposes New PTEs

The U.S. Department of Labor (DOL) issued long awaited re-proposed regulations governing fiduciary status and investment advice titled “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule—Investment Advice” for...more

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

U.S. Department of Labor Proposes New Fiduciary Standard

Last week, the U.S. Department of Labor (DOL) issued its highly anticipated, re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement...more

The DOL Seeks an Ideal Balance in a Brave New World of “Investment Advice” Under ERISA

The U.S. Department of Labor (the “DOL”) on April 14, 2015 issued the long-awaited re-proposal (the “2015 Proposed Regulations”) of the regulations defining “investment advice” in connection with the “fiduciary” rules under...more

U.S. Department of Labor Issues Proposed Fiduciary Rules

Tuesday, the U.S. Department of Labor issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan is considered a fiduciary under ERISA....more

2014 Pension Plan Regulatory Highlights

The start of the new year is as good a time as any to look back at some of the employee benefits regulatory developments of 2014 that were not previously covered in this column. Originally published in Employee Benefit...more

The Administration Proposes Imposing a Fiduciary Standard on Retirement Advisers

Yesterday, the Obama administration called on the Department of Labor to draft rules that, in effect, would require brokers who provide retirement advice to abide by a fiduciary standard. In a speech at an event hosted by...more

DOL 2014 Fall Regulatory Agenda

Introduction - The Department of Labor has released the 2014 Fall Regulatory Agenda. The updated agenda provides the anticipated publication dates for the next steps in the regulatory process for nearly a dozen ERISA...more

How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider

Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more

DOL Guidance Regarding Locating Missing Participants Requires Plan Fiduciaries To Make Reasonable Attempts To Locate The...

Locating and distributing the account balances of missing or unresponsive participants invokes ERISA’s fiduciary duty rules. The U.S. Department of Labor (DOL) had previously issued guidance outlining the expectations and...more

DOL Requests Information Regarding Use of Brokerage Windows and Similar Arrangements in Participant-Directed Defined Contribution...

The U.S. Department of Labor (“DOL”) published a request for information (the “RFI”) regarding the use of brokerage windows, self-directed brokerage accounts, and similar arrangements (collectively referred to in this article...more

New Guidance on Locating Missing Participants for Terminated Defined Contribution Plans

On August 14, 2014, the U.S. Department of Labor (DOL) provided new guidance to plan fiduciaries of terminated defined contribution plans for locating missing and unresponsive participants in order to distribute their...more

The Law Firm Review

Plan Sponsors' Misconceptions About Retirement Plan Fee Disclosure. There are many. To me, there is no greater television show than Seinfeld because it's timeless and there is something about each episode that...more

Fees are only part of a 401(k) Plan’s problem

10 years before I went on my own and started my own practice, I started The Rosenbaum Law Firm P.C. It was a side venture, kind of an attempt to see if I can start my own practice without actually having to leave my day job....more

The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers

In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more

View From McDermott: What Private Equity and Hedge Funds (and Their Benefit Plan Investors) Should Know About ERISA

ERISA imposes numerous obligations on fiduciaries holding assets of employee benefit plans. In addition to discharging its duties prudently and for the exclusive purpose of providing benefits to benefit plan participants and...more

Advisors Advantage - January 2014

Things They Never Tell You as a Retirement Plan Provider. Stuff plan providers should avoid. I always say that whatever I learned as an ERISA attorney and the retirement plan business; I couldn't have learned...more

The ERISA Litigation Newsletter - October 2013

This month we return to the age-old question – "What makes someone a fiduciary?" As Nicole Eichberger explains, the Seventh Circuit reminded us that the meaning of a "functional fiduciary" depends on exercise/conduct in...more

10 Concepts That Every Retirement Plan Sponsor Should Know

Unless they are involved in the retirement plan industry a plan sponsor must delegate much of their duties to retirement plan providers that may include third party administrators (TPAs), financial advisors, and ERISA...more

Fiduciary Implications of Revenue Sharing Arrangements

For years, 401(k) plan service providers have utilized revenue sharing arrangements to "share" in the revenue earned from plan investments as a source of compensation. Until recently, the U.S. Department of Labor ("DOL") had...more

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