News & Analysis as of

Retirement Plan

DOL May Delay Implementation of Fiduciary Rule

by Liskow & Lewis on

The Department of Labor in a brief filed in a Minnesota lawsuit on August 9, 2017 revealed that DOL had submitted to the Office of Management and Budget a proposal to delay the implementation of remaining parts of the DOL...more

Consider how an advisor uses other plan providers

by Ary Rosenbaum on

What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role entails, and a dedication to the plan sponsor client. In addition, what I find is the way a good...more

Connecticut gets it right for Non-ERISA 403(b) plans

by Ary Rosenbaum on

One of the things that most people forget about fee disclosure as it pertains to retirement plans is that it’s only applicable to ERISA based retirement plans. So non-ERISA 403(b) plans have no fee disclosure requirements and...more

Department of Labor Seeks Delay of Fiduciary Rule Implementation Until July 2019

by Hinshaw & Culbertson LLP on

The U.S. Department of Labor has moved to delay implementation of three exemptions of the “fiduciary rule” until July 2019. The regulation, which partially went into effect earlier this year, requires financial advisers to...more

DOL Issues Additional Fiduciary Rule Transition FAQs

by Morgan Lewis on

The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more

Department of Labor to Propose 18-Month Delay in Applicability Date for Portions of Fiduciary Rule

by Ropes & Gray LLP on

On August 9, 2017, the U.S. Department of Labor (the “DOL”) filed a notice in connection with pending litigation that revealed a portion of its current plans for the fiduciary rule. In the filing, the DOL stated that it has...more

DOL Seeks to Extend Transition Period under the Fiduciary Rule

by Robinson & Cole LLP on

The U.S. Department of Labor (DOL) has filed a proposal with the Office of Management and Budget (OMB) to delay implementation of the following exemptions under the fiduciary rule from January 1, 2018 to July 1,...more

Fifth Circuit Vacates Settlement Approval in ERISA Class Action, Remanding With Instructions to Reexamine the Legitimacy of...

by Carlton Fields on

The Fifth Circuit recently vacated a class action settlement that included unsecured and uncollateralized future payments to the plaintiffs, while providing a swift and complete payout of fees to class counsel. The case...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Labor Department has proposed (in a District of Minnesota court filing, at least) an 18-month delay in the retirement-adviser fiduciary duty rule compliance deadline. Experts suggest that a significantly revised rule is...more

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

Transition Period Extension - In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the...more

Nonretirement as Retirement

by Saul Ewing LLP on

A recent article in the New York Times describes some choices made by professionals of unique forms of retirement. Each of the individuals profiled in the article stopped what they had been doing for many years, but continued...more

Ascensus Keeps On Buying

by Ary Rosenbaum on

As I always said, change in the retirement plan business was going to spur consolidation especially after fee disclosures were implemented in 2012....more

Mining company doomed in resurrected 'mark of the beast' lawsuit

by McNair Law Firm, P.A. on

The U.S. 4th Circuit Court of Appeals (whose rulings apply to all South Carolina employers) recently decided a religious accommodation case in which a jury awarded a former employee more than half a million dollars. The Equal...more

Checklist for Strengthening Your Defenses to 401k Plan Class Actions

The last ten years have seen a proliferation of high-profile class actions alleging breach of ERISA fiduciary duties of prudence and loyalty against plan fiduciaries. The claims are usually based upon alleged excessive...more

Exhaustion of Plan Administrative Remedies: Important Considerations Following Hitchcock v. Cumberland

Recently, the Sixth Circuit ruled in Hitchcock v. Cumberland University 403(b) Plan that pension plan participants are not required to exhaust their plan’s administrative remedies before pursuing claims alleging statutory...more

Marketing For Plan Providers: What It Can Do And What It Can’t

by Ary Rosenbaum on

For retirement plan providers, good marketing is essential. It’s so essential that there are marketing gurus out there that work in the retirement plan space to help providers out like Sheri Fitts and Rebecca Hourihan who do...more

Even if you’re doing your job as a plan sponsor, you still can get sued

by Ary Rosenbaum on

The fact is that sometimes, bad things happen to good people. That can be said about retirement plans and the good plan sponsors and providers who do their job. No matter how great a job you do, the threat of potential...more

Third Circuit Rules That Johnson Controls Did Not Promise Lifetime Health Benefits

The Third Circuit rejected a claim for lifetime health insurance benefits filed by retired employees of Johnson Controls, finding that the clear and unambiguous language of the CBAs and group insurance booklets did not...more

myRA put out to pasture

by Ary Rosenbaum on

President Obama’s myRA program was put out to pasture by the Trump administration because of high government cost and low participation....more

West Wing Revolving Door and Retirement Plan Ideas Floating in D.C.

by Winstead PC on

I started writing this when Scaramucci was communications director, but before I could finish it the revolving door at the West Wing had swung again and he was out. In addition to his statements made to the press, which do...more

Employee Benefits Developments - July 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of July, 2017. Class Action Plaintiffs Target University 403(b) Plans - In June, an ERISA action – a proposed...more

The Malta Pension Plan – A Supercharged, Cross-Border Roth IRA

by Bilzin Sumberg on

In the cross border setting, two of the principal goals in international tax planning are (i) deferral of income earned offshore and (ii) the tax efficient repatriation of foreign profits at low or zero tax rates in the...more

Benefits Litigation Update – Summer 2017

by Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

Same-sex survivors' pensions - exemption for pre-2005 service invalid

by Hogan Lovells on

The Supreme Court in Walker v Innospec Limited, overturning the Court of Appeal, has decided that the exemption for service prior to December 2005 from the requirement for occupational pension schemes to give survivors'...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation - Q&A on IRA Transactions

by Carlton Fields on

Previously, I wrote about potential litigation under the Department of Labor’s then proposed fiduciary rule (see Expect Focus, Vol. II, 2015). I predicted the following as to sales of index annuities to IRAs if the rule was...more

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