On October 25, 2021, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2021-02 announcing...more
On October 14, 2021, the Department of Labor (the “DOL”) published a proposed regulation, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” (86 Fed. Reg. 57272, the “Proposed Rule”). The...more
The Department of Labor (“DOL”) is relying on a recent Supreme Court decision to effectively extend the amount of time the agency has to bring fiduciary breach claims. DOL investigations often last years, so it is common for...more
The Department of Labor (“DOL”), Department of the Treasury (the “Treasury”), and Pension Benefit Guaranty Corporation (“PBGC”) (collectively, the “Agencies”) recently released a notice of proposed revisions to the Form 5500...more
On July 26, 2021, the Department of Labor ( “DOL”) issued a brief set of Frequently Asked Questions (the “FAQs”) clarifying certain issues related to the interim final rule (the “IFR”) implementing the lifetime income...more
On April 13, 2021, the Department of Labor (“DOL”) issued a set of Frequently Asked Questions (“FAQs”) on the DOL’s new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption (“PTE”)...more
On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or...more
On October 30, 2020, the Department of Labor (“DOL”) issued its much-anticipated final rule on Financial Factors in Selecting Plan Investments (the “Final Rule”). The Final Rule amends the DOL’s long-standing “investment...more
On September 4, 2020, the Department of Labor (the “Department”) published a proposed regulation related to proxy voting and the exercise of certain shareholder rights (85 Fed. Reg. 55219, the “Proposed Rule”) by fiduciaries...more
We are nearing the final stretch of the 2020 campaign. What have the parties proposed for the future of the U.S. retirement system? A chart below summarizes the policy documents prepared by the parties outlining their goals...more
9/2/2020
/ Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Joe Biden ,
Pensions ,
Political Campaigns ,
Political Candidates ,
Presidential Elections ,
Retirement ,
Retirement Plan Providers ,
Tax Incentives ,
Tax Planning ,
Trump Administration
The Setting Every Community Up for Retirement Enhancement Act of 2019 (Pub. L. 116-94, Division O, the “SECURE Act”) created a new structure through which completely unrelated employers can participate in a single defined...more
8/28/2020
/ Comment Period ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Form 5500 ,
PEP ,
Proposed Rules ,
Retirement Plan ,
Retirement Plan Providers ,
Rulemaking Process ,
SECURE Act
On June 29, the U.S. Department of Labor (“DOL”) proposed a new exemption from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) in connection with the...more
7/6/2020
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Vacatur
On June 23, 2020, the Department of Labor (“DOL”) issued a proposed regulation (the “Proposed Rule”) defining plan fiduciaries’ duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) when considering...more
Join Groom attorneys on Tuesday, June 30, 2020 from 2:00 – 2:45 p.m. ET to discuss the Department of Labor’s proposed rule clarifying plan fiduciaries’ duties when considering investments that incorporate environmental,...more
On June 3, 2020, the Department of Labor (“Department”) issued an Information Letter that, for the first time, provides the Department’s views on the use of private equity investments within 401(k) and other defined...more
6/6/2020
/ 401k ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Investment ,
Investment Management ,
Private Equity ,
Retirement Plan
On April 28th, the Employee Benefits Security Administration (“EBSA”) of the Department of Labor (“DOL”), together with the Department of the Treasury, issued helpful guidance for retirement plans that extends certain...more
On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more
1/10/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
529 Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Cadillac Tax ,
Church Plans ,
Consolidated Appropriations Act (CAA) ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Individual Retirement Account (IRA) ,
Lifetime Income Disclosures ,
Medicare ,
Non-Discrimination Rules ,
Part-Time Employees ,
PBGC ,
Penalties ,
Plan Administrators ,
Pooled Registration Pension Plans ,
Portability ,
Prescription Drug Coverage ,
QACA ,
Repeal ,
Required Minimum Distributions ,
Retirement Plan ,
Retirement Plan Providers ,
Safe Harbors ,
SECURE Act ,
Small Employer Plans (SEPs)