The DOL recently finalized amendments to the QPAM exemption that will considerably alter the exemption’s conditions effective as of June 17, 2024 (for a detailed summary of the changes, please see our post here). There are a...more
6/7/2024
/ Asset Management ,
Benefit Plan Sponsors ,
Compliance ,
Department of Labor (DOL) ,
Due Diligence ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Investment Management ,
IRS ,
New Amendments ,
Prohibited Transactions ,
QPAM ,
Shareholders
The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more
12/11/2023
/ Compliance ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
Proposed Amendments ,
Proposed Rules ,
Securities ,
Valuation
Responding to the “terrifying” reality that conflicted investment advice is costing retirement savers billions of dollars each year, on October 31, 2023, the Department of Labor (“DOL”) issued proposed rules representing its...more
11/1/2023
/ 401k ,
Comment Period ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Retirement
On November 3, 2020, the U.S. Department of Labor’s Office of the Solicitor of Labor (the “DOL”) issued an opinion letter (the “2020 Letter”) to the Securities Industry and Financial Markets Association (“SIFMA”) stating that...more
On December 18, 2020, the U.S. Department of Labor (the “DOL”) published in the Federal Register a final prohibited transaction class exemption (the “Exemption”) that allows “investment advice” fiduciaries to provide advice...more
1/21/2021
/ Best Interest Contract Exemptions ,
Biden Administration ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan
On June 3, 2020, the Department of Labor (the "DOL") published an Information Letter confirming that an investment option under a 401(k) plan (or other defined contribution plan) may include a limited allocation to private...more
6/11/2020
/ 401k ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Private Equity ,
Prohibited Transactions ,
Retirement Plan ,
Safe Harbors
For a number of ERISA, tax and other regulatory reasons, it may be desirable for the manager or sponsor of an investment fund or other structure to utilize what is often referred to as a plan asset “hard-wired” conduit...more
In this episode of the Proskauer Benefits Brief, partner Ira Bogner and senior counsel Adam Scoll discuss ERISA’s bonding requirements. ERISA’s bonding rules generally require that every fiduciary of an ERISA-covered employee...more