The US Department of Labor (DOL) final amendment to Prohibited Transaction Class Exemption 84-14, the so-called QPAM Exemption that is commonly relied upon by investment managers for ERISA-governed employee benefit plans and...more
The US Department of Labor’s final regulation on the investment duties of ERISA fiduciaries contains a special rule on proxy voting by ERISA pooled investment vehicles, which requires action by December 1, 2023....more
The US Department of Labor (DOL) published in the July 27, 2022, Federal Register a number of proposed changes to Prohibited Transaction Class Exemption (PTE) 84-14, the so-called “QPAM Exemption.” Investment managers of US...more
While large financial institutions with significant expertise in retirement plan administration are widely expected to sponsor most pooled employer plans (PEPs), other firms (such as franchisors, gig economy employers, joint...more
In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to...more
5/11/2022
/ Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Multi-Employer Pensions ,
One Bad Apple Rule ,
Professional Employer Organization ,
Proposed Regulation ,
Public Hearing ,
SECURE Act
President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more
2/23/2021
/ Administrative Appointments ,
Biden Administration ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Fiduciary Rule ,
Form 5500 ,
Investment Adviser ,
Investment Management ,
Proxy Voting Guidelines ,
Regulatory Reform ,
Retirement Plan
Since 2012, US Department of Labor (DOL) regulations under ERISA Section 408(b)(2)—a statutory exemption from the ERISA prohibited transaction provisions—have required certain service providers to employer-sponsored...more
The US Department of Labor (DOL) has released its final rule on the application of ERISA fiduciary duties—specifically the duties of prudence and loyalty—to proxy voting and the exercise of shareholder rights. It takes effect...more
The US Department of Labor’s final ERISA regulation generally follows its proposal but without the focus on environmental, social, and governance investing. ...more
Just as broker-dealers and investment advisers finalized their initial implementation plans for the US Securities and Exchange Commission (SEC) Form CRS and Regulation Best Interest (Reg. BI), the US Department of Labor (DOL)...more
The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing....more
7/15/2020
/ 401k ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment ,
Investment Management ,
Private Equity ,
Regulation Best Interest ,
Retirement Plan
For more than seven years now, policymakers and taxpayers have clamored for Congress to change the law to permit “open” multiple employer plans (MEPs) – that is, retirement plans that are adopted by multiple unrelated...more
The SEC’s interpretation of the investment adviser standard of conduct appears to refine the contours of the fiduciary duty that investment advisers owe their clients under the Advisers Act, enhance disclosure obligations,...more
This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s...more
What does this mean, and what should financial institutions do now?
In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (DOL) fiduciary rule, deciding in favor of a...more
The Fiduciary Rule transition period is extended until mid-2019, with financial institutions having flexibility in complying with the impartial conduct standards during this period....more
The Department of Labor ties up a few loose ends with FAQS regarding the fiduciary rule....more
The DOL has issued transition FAQs and a nonenforcement policy—meanwhile, here comes the SEC....more
60-day delay proposed, comments requested on president’s study.
The US Department of Labor (DOL) has proposed to delay the applicability date of the fiduciary rule (and related prohibited transaction exemptions) by 60...more
The DOL bulletin also clarifies the ability to consider ESG factors in proxy voting and shareholder engagement.
On December 29, 2016, the Department of Labor (DOL) issued Interpretive Bulletin 2016-1 (IB 2016-1),...more
DOL has indicated that the final rule will be released in the first half of the year.
The US Department of Labor (DOL) sent its final Conflict of Interest Rule—Investment Advice (with related exemptions and amendments to...more
As we previously reported, the US Department of Labor (DOL) released its reproposed rule “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule—Investment Advice” on April 14. The initial deadline for comments on the...more
The White House backs a “fiduciary rule” for IRAs.
The U.S. Department of Labor (DOL) has sent its proposed “Conflict of Interest Rule-Investment Advice” to the president’s Office of Management and Budget (OMB) for...more
Proposal would require certain service providers to furnish a separate disclosure guide.
On March 11, the U.S. Department of Labor (DOL) issued a proposed amendment to its 2012 final regulations under section 408(b)(2)...more
New guidance defers to the Dodd-Frank/CFTC framework for regulating the swaps clearing process.
On February 7, the U.S. Department of Labor (DOL) issued an advisory opinion on the application of the ERISA fiduciary rules...more
2/15/2013
/ Benefit Plan Sponsors ,
CFTC ,
Clearing Members ,
Department of Labor (DOL) ,
Derivatives Clearing Organizations ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Prohibited Transactions ,
Security-Based Swaps ,
Swap Clearing ,
Swaps