News & Analysis as of

Retirement Plan Employee Benefits

The Department of Labor Confirms June 9th as the Effective Date of the Fiduciary Rule: What Employers Need to Know Now

by Dickinson Wright on

On May 22, 2017, Secretary of Labor Jim Acosta announced that, after having been delayed 60 days, the Department of Labor’s (“DOL”) Conflict of Interest Rule (“Fiduciary Rule”) will largely apply on June 9, 2017. At that...more

SEC Returns to the Fiduciary-Rule Arena

by Burr & Forman on

On June 1, new SEC Chair Clayton returned the SEC to the arena in the policy debate surrounding the DOL’s Fiduciary Rule. Clayton’s public statement responded to a direct invitation for SEC participation by DOL Secretary...more

Department of Labor Secretary Acosta Announces Partial Implementation of the Fiduciary Rule

by Robinson & Cole LLP on

On May 22, 2017, Department of Labor (DOL) Secretary Alexander Acosta announced in an op-ed in the Wall Street Journal that the DOL will not issue another delay of the “fiduciary rule,” set to become generally effective on...more

DOL Won't Delay Fiduciary Rule Past June 9

by Burr & Forman on

Finally, there’s voice of reason entering the policy harangue over the Department of Labor’s Fiduciary Rule … even if it’s coming through an unusual outlet. In a May 23 Wall Street Journal opinion piece, new Labor Secretary...more

No Additional Delay on Effective Date of New Fiduciary Standards – DOL

This week, new U.S. Department of Labor Secretary Acosta announced that the final fiduciary regulations would go into effect on June 9, 2017. The Department also issued two pieces of guidance with regard to the regulations...more

Portions Of The DOL Fiduciary Rule To Go Forward On June 9, 2017

by SmithAmundsen LLC on

Secretary of Labor Alexander Acosta announced on Monday that portions of the controversial Department of Labor (DOL) fiduciary rule will go into effect as planned on June 9, 2017, with full implementation of the rule on...more

Will The Fiduciary Rule Live on Even if it is Repealed?

by Burr & Forman on

The Department of Labor fiduciary rule was supposed to be implemented on April 10, 2017. That date was pushed back to June 9 so that it could be reassessed, and possibly modified or even repealed. The rule as it stands...more

Senate Votes to Revoke Department of Labor Guidance on State-Run Retirement Plans for Private Sector Employees

by Franczek Radelet P.C. on

In yet another move to roll-back regulatory guidance issued during the Obama administration, earlier this month the U.S. Senate voted to revoke a final rule and associated interpretive guidance that the Department of Labor...more

What Phyllis Borzi got wrong

by Ary Rosenbaum on

It’s been about 4 months since Phyllis Borzi left her position as the head of the Employee Benefit Security Administration (EBSA) and as time passes by, we can certainly opine on her accomplishments in that position. Of...more

Yes, DOL audits are more terrifying

by Ary Rosenbaum on

I have to see that as after 18 years, there is very little I fear and I fear of retirement plan audits by the Department of Labor (DOL). I’m going to have a larger fear as it’s clear that DOL audits will increase thanks to...more

New Cash Balance Retirement Plan Guidance

by Dickinson Wright on

On April 7, 2017, the IRS issued a memorandum relating to cash balance retirement plans. A cash balance plan is a defined benefit pension plan which looks like a defined contribution plan because participants have individual...more

Breach of Fiduciary Duty Case Against University Retirement Plan Fiduciaries Survives Motion to Dismiss

by Ballard Spahr LLP on

A plaintiffs' class action law firm in St. Louis made national headlines last August when it filed a series of breach of fiduciary duty lawsuits under ERISA, the federal employee benefits law, against the fiduciaries of...more

Eighth Circuit Jimmies The Lid On Pandora’s Box

by Seyfarth Shaw LLP on

Seyfarth Synopsis: In an opinion that may result in increasingly complex ERISA benefits litigation, the Eighth Circuit has allowed a breach of fiduciary duty claim premised on alleged faulty claims handling practices to...more

Oregon Launches Retirement Savings Program: Employer Registration Will Be Required

In 2015, Oregon passed legislation creating a state-based retirement savings program that has since been named “OregonSaves.” Implementation of the OregonSaves program was delayed pending the issuance of final rules by the...more

Oregon Board Adopts Final Rules to Implement Retirement Savings Program

by Littler on

On April 18, 2017, the Oregon Retirement Savings Board adopted final rules to implement the Oregon Retirement Savings Program (known as “OregonSaves”) codified at 170-090-0001 et seq. OregonSaves establishes a...more

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

DOL's Fiduciary Rule Delay an Excellent Opportunity to Negotiate Stronger Indemnities

The DOL's fiduciary rule has been delayed. This delay, and the confusion swirling around if and when the DOL fiduciary rule will become applicable, is giving plan sponsors a window of time to renegotiate their contractual...more

Fiduciary Rule Delayed 60 Days - DOL delays application of Fiduciary rule. ERISA plan fiduciaries and service providers struggle...

On April 7, 2017, the Department of Labor (DOL) published a final rule delaying the applicability date of the “Fiduciary” rule and certain “Prohibited Transaction Exemption” rules (the Rules) for 60 days from April 10, 2017...more

WPI State of the States — Legislative Proposals Are Taking Root

by Littler on

As April showers turn into May flowers, measures proposed earlier this year in the state legislatures begin to take root. Significantly fewer generally applicable labor and employment bills were introduced in April, around 60...more

2017 Ontario Budget – Pension and Retirement Savings Issues

On April 27, 2017, the Ontario government tabled its 2017 budget (Budget), which included a number of pension and other retirement savings plans-related provisions. On that same day, the government introduced Bill 127, An Act...more

Company Liable for Not Providing Accurate Information about Benefits

by Dickinson Wright on

A recent court case, Erwood vs Life Insurance Company of North America, is a reminder that plan sponsors must understand the terms of their welfare and retirement benefit plans, and ensure that their staff follows the...more

Changes to the Canada Pension Plan: a field guide for Ontario employers

by Dentons on

Are you an employer who is uncertain about what you should be doing to prepare for the changes to the Canada Pension Plan (CPP)?  This guide will help you....more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

DOL Continues Investigating Defined Benefit Plans Regarding Procedures for Locating Participants and Paying Benefits at Mandatory...

by Jackson Lewis P.C. on

The U.S. Department of Labor (DOL) publicized last year its stepped up enforcement efforts inquiring about procedures used by larger defined benefit plans for locating, and then beginning payment of benefits to, terminated...more

DOL’s Fiduciary Rule: On the Road to More Change?

by Burns & Levinson LLP on

The latest chapter in the 6-1/2 year history of the Department of Labor (DOL) final Fiduciary Rule is a 60-day delay of part of the final regulations, and a delay until January 1, 2018 for certain disclosures and other...more

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