News & Analysis as of

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

Employee Benefits Alert - July 2015

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...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

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

SEC Extends Rule 482 Relief to Non-ERISA Retirement Plans

The SEC staff issued a no-action letter on February 18 that is important for many participant-directed individual account retirement plans (including some established under Section 403(b) of the Internal Revenue Code) that...more

EBSA Releases Plan Audit Quality Report, Recommends Stricter Plan Audit Standards

The DOL’s Employee Benefits Security Administration (EBSA) released a report assessing the quality of audit work performed by certified public accountants with respect to financial statement audits of retirement and welfare...more

Appropriations Subcommittee Rejects Efforts to Strip Funding Bill of Pro-Employer Riders

The day after the House Appropriations Committee released a draft bill that would significantly limit certain federal agency rules and initiatives, the Subcommittee on Labor, Health and Human Services, and Education held a...more

Draft Appropriations Bill Seeks to De-Fund Various Regulatory Efforts

A draft House appropriations bill to fund various federal agencies, including the Department of Labor, for Fiscal Year 2016 includes several provisions that would effectively halt a number of controversial regulatory efforts....more

DOL’s Proposed Rule On Fiduciaries

On April 14, 2015, the DOL issued a new proposed rule to expand the definition of “fiduciary” under ERISA. This is the second time in recent years that the DOL has gone down this path. The first proposed rule (issued in 2010)...more

Advisors Advantage - June 2015

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Comment Period Extended - Supreme Trouble with Tibbles - My Referrals Aren't For Sale And Neither Should...more

Analysis: The Impact of the DOL’s Fiduciary Proposal on Sales of Insurance Products

This paper explains the basis for our conclusions about the impact of the Department of Labor (DOL) proposal to amend the fiduciary investment advice regulation and the prohibited transaction (PT) exemptions for sales of...more

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”—Part 4: The Impact on 401(k) Plan Consultants...

This post highlights the significant impact the proposed regulations may have on advisers to mid-sized and small 401(k) retirement plans if adopted. Previously, Part 1, Part 2 and Part 3 of this series described the...more

Concerns Mount over Department of Labor’s Proposed Fiduciary Rule

The Department of Labor (“DOL”) released a controversial proposed rule on April 20, 2015, that seeks to expand fiduciary duties in the context of retirement-investment advice. Specifically, the proposed rule would rework a...more

DOL Has Many Questions About its Fiduciary Reproposal

As has been widely reported, the U.S. Department of Labor (DOL) on April 14 issued its proposal to expand the definition of investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). DOL included...more

Employee Benefits Developments May 2015

Several years ago, the Department of Labor (DOL) proposed a regulation that would have redefined the term “fiduciary.” The proposed regulation received a great deal of criticism, prompting the DOL to withdraw its proposal. In...more

Department of Labor proposes to expand the definition of fiduciary: top points

The US Department of Labor has issued proposed regulations that may have a significant effect on those who recommend or market investment products and services to employee benefit plans and individual retirement accounts. ...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

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”: Part 1: The Rule and its Exceptions

The U.S. Department of Labor recently issued proposed regulations that make sweeping changes to the definition of the term “fiduciary” under the Employee Retirement Income Security Act (ERISA). To call this proposal...more

Take Two: DOL Reproposes Changes to Definition of Fiduciary for ERISA Plans and IRAs

This is the first in a series of client advisories regarding the Department of Labor’s re-proposed regulation on the definition of “fiduciary” under ERISA Section 3(21) and related proposed new and amended prohibited...more

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