Fiduciary Duty The United States Department of Labor

News & Analysis as of

Are You My Fiduciary? The DOL Takes Aim At A Fiduciary Standard For All Giving Retirement Investment Advice

The Department of Labor is pressing forward in its efforts to impose a fiduciary standard on anyone giving retirement investment advice. A fiduciary standard would require every retirement investment adviser to put the...more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News - A...more

Perspectives - September/October 2015

In a decision in which no opinion commanded a majority, the Ohio Supreme Court sided with a private entity — a charter school operator — in a dispute over the ownership of personal property purchased by the operator with...more

A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule, which defines the term "fiduciary" as it applies to persons who provide "investment advice" to ERISA plans and IRAs, will impact the likelihood and severity of fiduciary...more

Federal District Court Addresses Measure of Damages in ERISA Breach of Fiduciary Duty Case

Fiduciaries of two defined contribution retirement plans sponsored by the same employer (the “Plans”) sued the Plans’ former investment manager for breach of ERISA fiduciary duties and state law violations in connection with...more

The ERISA Litigation Newsletter - September 2015

Editor's Overview - It has been a little more than one year since the U.S. Supreme Court altered the legal landscape for litigating ERISA breach of fiduciary duty claims relating to the investment in employer stock...more

DOL Provides Guidance Regarding Monitoring Annuity Providers

The DOL issued Field Assistance Bulletin No. 2015-02, which provides clarity regarding selection and monitoring of annuity providers for fiduciaries of defined contribution retirement plans. There is a safe harbor regulation...more

Second Circuit Reinstates Mental Health Parity Case Against UnitedHealth

In late August the U.S. Court of Appeals for the Second Circuit reinstated a lawsuit by a physician association against a third-party plan administrator. The case against UnitedHealth Group and related entities (United) had...more

Several Insurance Related Issues to Dominate as Congress Returns to Work

As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing...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

Employee Benefits Developments August 2015

Certain Closely Held For-Profit Employers Need Not Provide Women’s Contraceptive Services. Under the ACA, non-grandfathered group health plans must cover specified preventive services, including certain women’s preventive...more

Commenters React to DOL’s Proposed Expansion of Fiduciary-Duty Rules

Four months after proposing a significantly expanded definition specifying when “investment advice” to employee plans and IRAs would give rise to fiduciary status under the Employee Retirement Income Security Act of 1974, the...more

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

Advisors Advantage - August 2015

How Retirement Plan Providers Can Avoid Communication Problems. It's all about relationships and communication. Life is all about relationships, whether it's family, friends, or business. Whether it's starting a...more

DOL Open to Changing Fiduciary Proposal, But Some Press for it to be Scrapped

As we wrote about previously, in April the Department of Labor issued its highly anticipated, re-proposed regulation addressing the standard of care for broker-dealers and other financial professionals who provide retirement...more

Analysis: Impact of the DOL’s Fiduciary Proposal on Participant Investment Advice

This paper explains the basis for our conclusions about the impact on the investment recommendations to participants of the Department of Labor’s (DOL) proposal to amend the fiduciary investment advice regulation and to...more

Focus on Private Equity - July 2015

What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more

The DOL and the Proposed Fiduciary Rule: A Prediction

Public comments regarding the Department of Labor’s proposed new fiduciary rule were due and the process will continue. I have said all along that the Department of Labor (DOL) will get a new fiduciary rule in place...more

Seeking Guidance In Fiduciary Duty Compliance? Work With Experienced Attorney

In our last post, we spoke about the importance of businesses being aware of their fiduciary responsibilities and establishing solid compliance policies to ensure they are meeting their legal obligations. One area where this...more

Employee Benefits Developments - June 2015

Supreme Court: Plan Fiduciaries Have a Continuing Duty to Monitor Plan Investments. In 2007, participants and beneficiaries under a 401(k) plan sued the plan fiduciaries and the plan sponsor to recover damages for alleged...more

DOL Proposes Broader ERISA Fiduciary Definition

In April, the Department of Labor (the “DOL”) issued controversial proposed regulations that would broaden the category of service providers who become fiduciaries under the Employee Retirement Income Security Act of 1974...more

Advisors Advantage - July 2015

In This Issue: - How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule - Avoid Other Providers Who Are The Sticks in the Wheels of Progress - Sometimes It's Just Words - Never...more

House and Senate Appropriations Committees Approve Funding Bills with Riders Targeting DOL, NLRB Initiatives

Both the House and Senate Appropriations Committees advanced bills this week to fund various federal agencies for FY 2016. Each chamber approved versions of spending measures that include riders prohibiting funding for a...more

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

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