News & Analysis as of

Fiduciary Duty Employee Retirement Income Security Act

DOL Issues Final Rule Delaying Fiduciary Rule until June 9, 2017

by Robinson & Cole LLP on

As ordered by President Trump in a presidential memorandum on February 3, 2017, (Memorandum), the U.S. Department of Labor (DOL) proposed a 60-day delay to its conflict of interest rule (commonly referred to as the “fiduciary...more

DOL Fiduciary Rule Officially Delayed

by Seyfarth Shaw LLP on

On April 4, 2017, the Department of Labor (“DOL”) issued a final rule extending by 60 days the applicability date of the final “fiduciary” regulation published a year ago (known colloquially as the “Fiduciary Rule”)....more

Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges

On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

DOL Delays Fiduciary Rule for 60 Days

by Faegre Baker Daniels on

The Department of Labor (DOL) has announced a final regulation to delay implementation of the Fiduciary Rule from April 10, 2017, until June 9, 2017. In addition to the 60-day delay, the final regulation eases certain...more

Labor Delays Fiduciary Rule

by Burr & Forman on

The Department of Labor yesterday adopted a rule delaying the April 10 effective date of its “Fiduciary Rule” for 60 days. The delay gives Labor time to complete the re-study mandated by Trump’s February executive order....more

Client Alert: DOL’s Final Rule on Fiduciary Investment Advice—Overview and Considerations for Plan Sponsors

by Hodgson Russ LLP on

On April 8, 2016, the Department of Labor (DOL) published a final rule replacing its 1975 regulation defining fiduciary investment advice. The final rule, titled “Definition of the Term ‘Fiduciary’; Conflict of Interest...more

Private Equity Compliance with ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets

by McDermott Will & Emery on

On February 28, Todd Solomon and Maureen O’Brien presented a Strafford live webinar, “Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets”. ERISA imposes fiduciary...more

After Re-Defining ERISA-Fiduciary Duties, Tussey Returned to the Eighth Circuit

by Kiesewetter Law Firm on

Tussey was back before the Eighth Circuit to determine what ABB’s breach cost the ABB, Inc. 401(k) defined contribution saving plans, one plan for union employees and the second for non-union employees (collectively “the...more

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

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

by Snell & Wilmer on

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...

by Jackson Lewis P.C. on

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

by Burr & Forman on

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

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

Does the Fiduciary Exception Apply to Legal Advice Received By Insurers During the Claims Process

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Adding to the body of conflicting authority on the scope of the attorney-client privilege in ERISA lawsuits, a district court has found that the fiduciary exception to attorney-client privilege applies to...more

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

by Poyner Spruill LLP on

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

by Hodgson Russ LLP on

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

by Littler on

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

ERISA (10th Circuit): Does the ERISA Plan Breach Fiduciary Duties by Informing the Employer of an Employee/Disability Claimant’s...

Can an ERISA plan administrator tell an employer about an employee’s substance abuse? Doesn’t that breach fiduciary duties to the employee/claimant? Probably not. Check the employer’s employment policies because an...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

"Inside the Courts: An Update from Skadden Securities Litigators - February 2017 / Volume 9 / Issue 1"

We are pleased to present Inside the Courts (Volume 9, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Education is an important part of the fiduciary process

by Ary Rosenbaum on

Advisors ask me all the time of the role of education in participant directed 401(k) plans. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

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

by Snell & Wilmer on

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

by Holland & Knight LLP on

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

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