Retirement Plan Fiduciary Duty

News & Analysis as of

Second Court of Appeals Win for State Street Bank in $200 Million Chrysler “Top Hat Plan” Class Action

“Top hat plans” have many attractive features, but a new court decision is a reminder that top hat plan participants have limited protections under ERISA – and that assets held in a rabbi trust are not protected from the...more

2017 Labor & Employment Laws: New Year, New Government, New Challenges

On January 1, 2017, employers across the nation will face a host of new or amended federal, state, and/or local labor and employment requirements. At the same time, there is uncertainty as to how the Trump Administration and...more

DOL Prevails in Kansas Litigation Challenging Conflict of Interest Rule and Related Exemptions

On November 28, 2016, Judge Crabtree in the U.S. District Court for the District of Kansas ruled in favor of the U.S. Department of Labor and denied the motion for a preliminary injunction filed by the Market Synergy Group,...more

Banking & Financial Services E-Note - November 2016

Employers across the country can now exhale. On Tuesday, November 22, 2016, a Texas federal court entered a nationwide injunction blocking the U.S. Department of Labor’s (“DOL”) new federal overtime rules from taking effect...more

The ERISA Litigation Newsletter - November 2016

This month we review a recent Second Circuit decision addressing ERISA plan status as a class member in a securities shareholder class action. As discussed in the article, the decision exposes a potential conflict among the...more

Experts say Trump won’t delay or kill Fiduciary Rule

Experts claim that a President Donald Trump is likely to let the new Fiduciary Rule go into effect in April without trying to delay it or kill it. If I’m a betting man, I think they’re right....more

401(k) Plan Fee Litigation Update

The wave of fee litigation is ongoing and has significantly increased the responsibility of 401(k) plan fiduciaries to follow well documented, prudent processes to monitor 401(k) plan fees and expenses....more

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Face facts: Retirement Plan Sponsors Only Seek Help When They Need It

When I was at that semi-prestigious law firm many moons ago, I developed this plan review called the Retirement Plan Tune-Up. I’d look at the plan document, plan design, costs, the Fiduciary process, basically anything that...more

The Battle Over the New Fiduciary Rule

On April 6, 2016, the U.S. Department of Labor (“DOL”) issued its final rule expanding the definition of the “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and modifying the...more

Benefits Litigation Update – Fall 2016

A Publication from Epstein Becker Green and The ERISA Industry Committee - Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update...more

Are HR employees ‘investment advisors’ under the DOL’s fiduciary rule?

In April 2016, the Department of Labor promulgated final regulations that fundamentally changed the ERISA fiduciary rules governing advisors to retirement income investors. Though the rule is final, the new provisions...more

Your Daily Dose of Financial News

The Financial Stability Board—that Swiss-based grand collection of central bankers and regulators from the world’s biggest economies—has upped the systemic importance ranking for three of America’s biggest banks, including...more

DOL Issues (Some) Additional Guidance on the Fiduciary Investment Advice Rule and Best Interest Contract Exemption

The US Department of Labor (DOL) has issued its first set of FAQs under the fiduciary investment advice rule (the “Rule”) and related prohibited transaction exemptions. In general, the Rule provides that parties providing...more

DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies

The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more

'Fiduciary Rule' Update: Financial Services Industry Should Prepare for Compliance

The U.S. Department of Labor (DOL) scored an initial victory in what is sure to be a long legal battle over the so-called "fiduciary rule." Judge Randolph D. Moss of the U.S. District Court for the District of Columbia issued...more

Employee Benefit Issues to Keep You Awake at Night

Last week I made a presentation in the Omaha office of Jackson Lewis with the above title. I thought it might be helpful to outline the basic points of my presentation.  The following items should keep you awake at night...more

The DOL Fiduciary Rule – In Play or in Place? And What to Do Until We Know for Sure?

Much has changed over the past week and, without a doubt, there is more ahead in the coming months. One change that has been widely discussed is a “pause” and potential reversal to all pending regulations, which could include...more

Your Daily Dose of Financial News

Veteran’s Day in the US means Singles Day in China, the world’s biggest shopping day and a major test for Alibaba to keep growing on the day it helped invent....more

Your Daily Dose of Financial News

So, it turns out that all of the Brexit-style market freefalling was reserved for overnight trading. US markets actually closed up yesterday after modest opening losses....more

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more

Your Daily Dose of Financial News

In a closely watched battle over the DOL’s new fiduciary rule for retirement account investment advisers, the Labor Department has scored an early first victory. A DC federal judge ruled late last week that the rule at issue...more

DOL Issues First Wave of Fiduciary Rule Guidance

Last week, the U.S. Department of Labor (DOL) issued long-awaited guidance in the form of answers to 34 frequently asked questions (the FAQs) on its final rule (the Rule) for determining when a party is a fiduciary, by virtue...more

Recaps from Proskauer’s 21st Annual Trick of Treat Tax Exempt Seminar

Proskauer’s 21st Annual Trick or Treat Seminar was held on Thursday, October 27. The Seminar discussed: Best Practices for Document Retention: One Size Does Not Fit All...more

Your Daily Dose of Financial News

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

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