Fiduciary Duty Employee Retirement Income Security Act

News & Analysis as of

Industry Organizations Sue to Prevent Enforcement of the Fiduciary Rule

The Department of Labor’s (“Department”) Fiduciary Rule and related Best Interest Contract Exemption and Prohibited Transaction Exemption amendments (collectively, the “Regulatory Package”) have faced significant resistance...more

The Cold Comfort of the Best Interest Contract Exemption

The BIC Exemption to the new DOL Fiduciary Rule offers some relief, but at a potentially prohibitive cost. The US Department of Labor (the DOL) recently forced the most significant change to the investment community...more

The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street...more

The Final DOL Fiduciary Rule—Considerations for Plan Sponsors

The final rule has implications for plan sponsors and may impact certain relationships with service providers. On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more

Plan Sponsors are Seeking ERISA Fiduciary Services

When I was in law school at American University and we moved into a new building (20 years later, they are now in another new building) a few blocks away from the main campus. The computer sync site at the new building had a...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: The Principal Transactions Exemption

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our prior posts discussed the newly expanded definition of “investment advice fiduciary” and the...more

Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules

On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more

Perspectives - June 2016

In April 2016, the Department of Labor (DOL) released the final version of the fiduciary rule. The final rule was six years in the making and impacts retirement plans, including 401(k) plans, and the employer who offer...more

Court Orders Cigna to Pay Out-of-Network Surgical Claims

On June 1, 2016, the United States District Court for the Southern District of Texas ordered Cigna to pay nearly $13.7 million to Humble Surgical Hospital, LLC (“Humble”). Of the nearly $13.7 million, almost $11.4 million...more

The DOL’s New Fiduciary Rule: Capturing the Apparent Conflict at the “Moment of Rollover”

The US Department of Labor’s final fiduciary rule captures rollover, transfer and distribution recommendations to retirement investors. In essence, under the rule, a financial organization or adviser is acting as a fiduciary...more

DOL Sued over Fiduciary Rule

One of the questions that I am repeatedly asked is whether the Department of Labor overreached their rulemaking capability by applying their new fiduciary rule to Individual Retirement Accounts (IRAs). I always tell people...more

Exceptional Plan Governance: Beat Back the Coming Litigation Onslaught

It was bound to happen. For several years, the plaintiffs’ bar has sued fiduciaries of large 401(k) plans asserting breach of their duties under ERISA by failing to exercise requisite prudence in permitting excessive...more

“Call to Action” May Create Fiduciary Liability under ERISA

Traditional investment advisers, as well as broker-dealers, insurance brokers, banks, and employers, are abuzz with questions and concerns relating to the final regulation issued by the Department of Labor (DOL) on April 8,...more

Broker-Dealers and the New DOL Fiduciary Rule

Under ERISA and the Code, a fiduciary to a plan or IRA includes a person who renders investment advice for a fee. ERISA imposes safeguards on a fiduciary by applying standards of care and duties of loyalty and penalizing a...more

Health Care E-Note - May 2016

On April 6, 2016 the Department of Labor's Employee Benefits Security Administration ("EBSA") issued its long awaited final rule redefining a fiduciary investment advisor (also known as the "conflict of interest rule"),...more

401(k) Plan Sponsors and Fiduciaries Face an Alarming Number of Stable Value Fund and Other Class Action Lawsuits

In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large...more

Inside Trustees for Small Minnesota 401(k) Plan Face Class Action Over Excessive Fees

A Minneapolis law firm recently filed a class action complaint against Lamettry’s Collision, Inc. and the Trustees of its 401(k) Plan, CFO Stephen Daniel and President Joan Lamettry for various breaches of fiduciary duty with...more

Labor & Employment E-Note - May 2016

On May 18, 2016, the U.S. Department of Labor issued its final changes to the federal overtime regulations. The final regulations make significant changes to common white collar exemptions from the federal overtime...more

Banking & Financial Services E-Note - May 2016

The Southern District of New York has issued an opinion that permitted a debtor to reject certain gathering and condensation agreements as executory contracts. Because the midstream service sector finances the construction of...more

The Rosenbaum Law Firm Review - June 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Rule: The Best Interest Contract Exemption

Last month the U.S. Department of Labor published a suite of final regulations governing the fiduciary status of, and prescribing conflict of interest rules that apply to, persons who provide investment advice to...more

DOL Fiduciary Rule Re-Makes Retail IRA Advice

Congress voted this week to de-rail the Department of Labor’s sweeping fiduciary-duty suite of rule-making, but doesn’t have the votes to override the President’s threatened veto....more

DOL’S New Fiduciary Conflicts of Interest Rules

The U.S. Department of Labor recently announced a new suite of Rules that are a game-changer for any Financial Institution that gives investment advice (including rollovers and distributions) to owners or beneficiaries of...more

It Happened, It Happened: Small 401(k) Plan Sued

I love boxing and one of my favorite fights is when George Foreman shocked the world and knocked out Michael Moorer to become heavyweight champion at age 45. Jim Lampley doing the HBO broadcast proclaimed: “it happened! It...more

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