Retirement Plan Fiduciary Duty The United States Department of Labor

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Bill Introduced To Delay Effective Date of DOL Fiduciary Rule

On January 6, 2017 Rep. Joe Wilson introduced a house bill that would delay for two years the effective date of the DOL Fiduciary Rule set to take effect on April 1, 2017. http://src.bna.com/ldB. This legislation follows...more

Your Daily Dose of Financial News

The December 22 announcement that Deutsche Bank had settled with the DOJ over long-standing RMBS-related claims and investigations for a reported $7.2 billion prompted this Times long-read that traced the Icarus-like rise and...more

SEC Staff Smooths the Way for DOL Fiduciary Rule Compliance

The SEC’s Division of Investment Management released a Guidance Update on December 19, 2016, addressing certain procedural issues that have arisen in connection with the so-called “Fiduciary Rules” adopted by the U.S....more

Proof Again That Small Plans and Their Fiduciaries Can Get Sued

I’ve heard of for years on how small 401(k) plans and their plan fiduciaries don’t get sued. While they are never going to be the target for a class action lawsuit because they don’t have enough assets to justify an ERISA...more

Has the Fiduciary Worm Turned? Freedom Caucus Targets the New ERISA "Investment Advice" Regulation

The U.S. Department of Labor issued its long-awaited and highly controversial "investment advice" regulation under ERISA's fiduciary rules on April 6, 2016. The regulation is slated to begin becoming applicable in April 2017....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

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

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

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

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

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

ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?

Retirement plan revenue sharing has a bad reputation. Numerous lawsuits have been filed during the past year against employers that sponsor 401(k) plans alleging breach of fiduciary duty under the Employee Retirement Income...more

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (“DOL”) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

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