Retirement Plan Fiduciary Duty

News & Analysis as of

DOL Delivers Final Fiduciary Investment Advice Rule

Last week, the U.S. Department of Labor (DOL) issued a final rule revamping the standards for determining when a party is a fiduciary with respect to an ERISA retirement plan or an individual retirement account (IRA) by...more

John Carnevale, R.I.P.

John Carnevale, the President and Chief Executive Officer of Sentinel Benefits, a Massachusetts and New York based producing third party administrator (TPA), died of a heart attack suddenly last weekend. I never met...more

At Long Last: The Department of Labor Issues Final Fiduciary Rules

On April 6, 2016, after more than five years of anticipation, the Department of Labor (DOL) issued the final fiduciary rule and related guidance. The final fiduciary rule amends and expands the definition of a fiduciary that...more

The US Department of Labor’s Final “Fiduciary” Rule Incorporates Concessions to Financial Service Industry but Still Poses Key...

The Rule Will Require Restructuring of Pay and Compliance Policies at Financial Institutions Serving Retail Retirement Clients The Rule Also Increases the Litigation Risks to Financial Institutions Associated with...more

Department of Labor Issues Long-Awaited Fiduciary Rule

The new standard requires broker-dealers providing advice with respect to IRAs to put their client’s interests ahead of their own. The U.S. Department of Labor released new rules on April 6 that materially enlarge the...more

Offering an education is a must for Advisors

I had a few advisors who asked me about offering investment education as it pertained to the fiduciary rule, but it’s clear that the Department of Labor wants it offered when it made a carve out to the final rule to allow for...more

Part I: Taking Investment Advice with a Grain of Salt: The DOL Fiduciary Rules May Make You Rethink that Rollover

You probably know when you can withdraw/rollover money from your 401(k) plan (generally when you leave employment, turn 59.5, or retire). But many folks don't realize that in most cases, those withdrawals/rollovers are...more

Department of Labor Publishes Final Rule to Define Fiduciary of an Employee Benefit Plan

On April 7, the Department of Labor issued a final rule defining who is a fiduciary investment advisor of an employee benefit plan under the Employee Retirement Income Security Act of 1974. The Final Rule requires financial...more

DOL Issues “Conflict of Interest” Rule on Investment Advice: Fiduciary Net Will Widen on April 10, 2017

A comprehensive new rule issued by the Department of Labor (the “DOL”) on April 6 will make a much wider group of advisers subject to fiduciary standards under the Employee Retirement Income Security Act (“ERISA”) beginning...more

The DOL Fiduciary Rule and Potential Limitations On Investor Choice

On Wednesday, April 6, 2016, the United States Department of Labor (the “DOL”) released the final version of its rule imposing a “best interest” fiduciary standard on financial professionals who provide retirement savings...more

New Rule Governing Retirement Advice Shakes Up Traditional Broker Compensation

On April 6, 2016, the U.S. Department of Labor released its long-awaited and controversial fiduciary rule expanding the definition of who is a fiduciary when providing investment advice on retirement accounts. The rule aims...more

Reflecting on the Final Fiduciary Rule - Protection for Retirement Investors

The highly anticipated fiduciary rule intended to provide significant protection for retirement investors was issued on April 6. Although the final rule contains concessions that appease investment professionals, most agree...more

Locke Lord Article: The Best Interest Contract Exemption

In connection with publication of final regulations (the Rule) on the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986, as amended...more

DOL Issues Long-Awaited New Rule Governing Retirement Investment Advisors

On April 6, 2016, the U. S. Department of Labor (DOL) released a long-awaited final rule expanding the definition of "fiduciary" under ERISA as well as the duties of investment advisors who qualify as fiduciaries thereunder....more

Final DOL Fiduciary Rule—First Impressions

Final rule includes many changes and clarifications intended to address concerns raised about the proposal, but issues remain. The US Department of Labor (DOL) has released its final regulation “Definition of the Term...more

Department of Labor Issues Final Fiduciary Rules

On April 6, 2016, the U.S. Department of Labor (DOL) issued its long-awaited final conflict of interest rule defining the term “fiduciary” for retirement investment advice purposes. The final regulations and accompanying...more

DOL Releases Final Fiduciary Investment Adviser Regulations

On April 6, 2016, the U.S. Department of Labor (DOL) released its long-awaited final regulations defining who is a fiduciary investment adviser (the Final Rule), along with related prohibited transaction class exemptions and...more

What Plan Sponsors Need to Know About the New Fiduciary Regulation and Related PT Exemptions

What Plan Sponsors Need to Know Now - On April 5, 2016, the U.S. Department of Labor released a new definition of what constitutes a fiduciary to a retirement plan. While the new guidance clarified that certain...more

The Department of Labor Releases its Final Fiduciary Rule

The White House recently announced the Department of Labor’s (DOL) highly anticipated final fiduciary/conflict of interest rule and exemptions intended to ensure that retirement savers get investment advice in their best...more

Recent Lawsuit Demonstrates Continuing Need for Plan Fiduciaries to Document Decision-Making Process

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

Department of Labor Releases Final Investment Advice Fiduciary Rules

The U.S. Department of Labor (DOL) has finalized regulations describing the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement arrangement (IRA) acts...more

Department of Labor Issues Final Fiduciary Rule

The Department of Labor (DOL) has issued a final rule to re-define who is rendered a "fiduciary" of an employee benefit plan under the Employee Retirement Income Security Act (ERISA) by providing investment advice to a plan...more

DOL Finalizes New Rule to Address Conflicts of Interest in Retirement Advice

On April 6, 2016, the Department of Labor released the final version of the new fiduciary rule. The new rule followed a long and extended comment period for the 2015 proposed rule, with much lobbying on both sides....more

DOL Releases Final Fiduciary Duty Rule

Today, the US Department of Labor released the final fiduciary duty rule.  The DOL has posted the rule text and the text of the exemptions on its site.  Here are links directly to the text of the rules and exemptions...more

Finally: DOL Releases the Final Fiduciary Rule

On April 6, 2016, the Department of Labor (DOL) released the Conflict of Interest Final Rule. Among other things, this rule expands the definition of fiduciary, and requires that persons who give investment advice to...more

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