On March 20, 2017, a federal court in the Northern District of Texas denied the U.S. Chamber of Commerce’s emergency motion for an injunction pending appeal challenging implementation of the Department’s conflict of interest...more
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more
On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more
2/24/2017
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Adviser ,
Investment Adviser ,
OMB ,
Retirement ,
Retirement Plan ,
Trump Administration
There were two key developments last week concerning the ongoing challenges to the U.S. Department of Labor (USDOL) conflict of interest rule and related exemptions: a Presidential Memorandum calling for a review of the...more
Editor’s Overview -
In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more
1/31/2017
/ 401k ,
403(b) Plans ,
AARP ,
Americans with Disabilities Act (ADA) ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Collective Bargaining ,
Defined Contribution Plans ,
Dismissals ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Equal Employment Opportunity Commission (EEOC) ,
Excessive Fees ,
Fiduciary Duty ,
Financial Adviser ,
GINA ,
Investment Funds ,
Irreparable Harm ,
Lifetime Health Benefits ,
Preliminary Injunctions ,
Reservation of Rights ,
Retirement ,
Retirement Plan ,
Revenue Sharing ,
Self-Dealing ,
Unions ,
Vesting ,
Wellness Programs
This month Richard Zall, Chair of Proskauer's Health Care Department, explores developments likely to occur with respect to the Affordable Care Act as a result of the new administration. In our Rulings, Filings and...more
12/21/2016
/ 21st Century Cures Act ,
Affordable Care Act ,
CEOs ,
CMMI ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Rule ,
Flexible Spending Accounts ,
Food and Drug Administration (FDA) ,
Health Insurance ,
Health Insurance Exchanges ,
Health Savings Accounts ,
Individual Mandate ,
Local Ordinance ,
Medicaid ,
Medical Devices ,
Medicare ,
Medicare Advantage ,
Pay Ratio ,
Pay Ratio Tax ,
Payroll Taxes ,
Pharmaceutical Industry ,
Preliminary Injunctions ,
Qualified Small Employer Health Reimbursement Plan (QSEHRAs) ,
Repeal ,
Subsidies ,
Tax Credits ,
Trump Administration
On December 15, 2016, the U.S. Court of Appeals for the District of Columbia Circuit denied the emergency request from the National Association for Fixed Annuities (“NAFA”) for an injunction blocking the implementation of the...more
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
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
12/1/2016
/ AARP ,
Administrative Procedure Act ,
Affordable Care Act ,
Americans with Disabilities Act (ADA) ,
Appeals ,
Best Interest Contract Exemptions ,
Budget Recollection Legislation ,
Class Action ,
Department of Labor (DOL) ,
Dismissals ,
Due Process ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Equal Employment Opportunity Commission (EEOC) ,
Fiduciary Duty ,
Fiduciary Rule ,
Filing Deadlines ,
GINA ,
Investment Adviser ,
IRS ,
National Association for Fixed Annuities (NAFA) ,
Preemption ,
Preliminary Injunctions ,
Presidential Elections ,
Repeal ,
Retirement Plan ,
Reversal ,
Securities Litigation ,
Shareholder Litigation ,
Slayer Statutes ,
Summary Judgment ,
Trump Administration ,
Wellness Programs
On November 23, 2016, Judge Moss in the U.S. District Court for the District of Columbia again ruled in favor of the Department and denied the renewed motion for a preliminary injunction brought by the National Association...more
On November 4, 2016, Judge Moss in the U.S. District Court for the District of Columbia granted the U.S. Department of Labor’s motion for summary judgment and dismissed claims brought by the National Association for Fixed...more
11/18/2016
/ Administrative Procedure Act ,
Annuities ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Chevron Deference ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Due Process ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fifth Amendment ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Presidential Elections ,
Regulatory Flexibility Act ,
Title I ,
Trump Administration
In this update on the litigation challenging the U.S. Department of Labor’s new fiduciary rule, we note that there has been a sixth lawsuit filed and oral arguments in two other cases.
...more
Editor's Overview -
This month, we look at the implications of the two federal district court cases from California that applied the ban on discretionary clauses typically found in ERISA plans to self-insured plans. The...more
10/27/2016
/ Abuse of Discretion ,
Administrative Procedure Act ,
Arbitrary and Capricious ,
Audits ,
Best Interest Contract Exemptions ,
De Novo Standard of Review ,
Department of Labor (DOL) ,
Determination Letter ,
Disability Benefits ,
Discretionary Clauses ,
Eligibility ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Equal Employment Opportunity Commission (EEOC) ,
Federal Arbitration Act ,
Fiduciary Duty ,
Fiduciary Rule ,
First Amendment ,
Forum Selection ,
Health Insurance ,
Insurance Code ,
IRS ,
Notice and Comment ,
Pre-Dispute Arbitration ,
Preemption ,
Savings Clause ,
Self-Funded Health Plans ,
State Bans ,
Voluntary Correction Program ,
Wellness Programs
Editor's Overview -
This month’s newsletter features an article on the DOL’s recently published interim final rule that increases penalties for notice and disclosure violations, which generally became effective on...more
9/1/2016
/ Affordable Care Act ,
Annual Reports ,
Broker-Dealer ,
Civil Monetary Penalty ,
Commercial Speech ,
Constitutional Challenges ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Duty ,
Fiduciary Rule ,
Health Insurance ,
Injunctive Relief ,
Investment Adviser ,
Investment Funds ,
Penalties ,
Pension Funds ,
Popular ,
Recordkeeping Requirements ,
Reporting Requirements ,
Statute of Limitations ,
Summary of Benefits and Coverage
As we previously reported, there are five pending lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. Our Client Alert on the new rule outlines the significance of the rule and the implications of the...more
8/17/2016
/ Annuities ,
Arbitrary and Capricious ,
Best Interest Contract Exemptions ,
Case Consolidation ,
Chamber of Commerce ,
Commercial Speech ,
Cross Motions ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
First Amendment ,
Investment Adviser ,
Motion for Summary Judgment ,
Preliminary Injunctions ,
Private Right of Action ,
Statutory Authority
Editor's Overview -
This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more
8/1/2016
/ 401k ,
Best Interest Contract Exemptions ,
Centers for Medicare & Medicaid Services (CMS) ,
Chevron Deference ,
Conflicts of Interest ,
Corporate Counsel ,
Department of Labor (DOL) ,
Elizabeth Warren ,
Employee Retirement Income Security Act (ERISA) ,
Executive Compensation ,
Fidelity Investments ,
Fiduciary Duty ,
Final Rules ,
Forum Selection ,
Health Insurance ,
Internal Revenue Code (IRC) ,
Pensions ,
Popular ,
Retirement Plan ,
Revenue Sharing ,
Section 162(m) ,
Shared Responsibility Rule ,
Stock Float ,
Tax Deductions ,
Unenforceable Contract Terms ,
Vanguard
As we previously reported, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule.
On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these...more
Editor's Overview -
In this month’s newsletter, our colleagues focus on two sets of legislative updates. First is a discussion of the IRS’s proposed Treasury Regulations prescribing rules under Section 457 of the...more
7/1/2016
/ Administrative Procedure Act ,
Affordable Care Act ,
Americans with Disabilities Act (ADA) ,
Best Interest Contract Exemptions ,
Confidential Information ,
Deferred Compensation ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Due Process ,
Employee Retirement Income Security Act (ERISA) ,
Equal Employment Opportunity Commission (EEOC) ,
Fiduciary Duty ,
Fifth Amendment ,
Forfeiture ,
Former Employee ,
GINA ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Incentives ,
Individual Retirement Account (IRA) ,
IRS ,
Medical Examinations ,
Proposed Regulation ,
PTEs ,
Retaliation ,
Section 409A ,
Section 457(f) ,
Section 457A ,
Section 510 ,
Summary Judgment ,
Tax Exemptions ,
Termination ,
Tobacco-Cessation ,
U.S. Treasury ,
Wellness Programs
On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more
6/13/2016
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Due Process ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Fifth Amendment ,
Final Rules ,
First Amendment ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Regulatory Flexibility Act
On April 6, 2015, the U.S. Department of Labor (Department) issued its final rule defining who is a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) as a result of giving...more
Editor's Overview -
This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more
4/27/2016
/ 401k ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Closely Held Businesses ,
Collective Bargaining Agreements (CBA) ,
Conflicts of Interest ,
Controlled Groups ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Final Rules ,
Forum Selection ,
Gobeille v Liberty Mutual Insurance Com. ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
M&G Polymers v Tackett ,
Multiemployer Plan ,
Participant-Directed Plans ,
Partnership-in-Fact ,
PBGC ,
Preemption ,
PTEs ,
Reporting Requirements ,
Retirement Plan ,
SCOTUS ,
Stock Drop Litigation ,
Sun Capital Partners ,
UAW ,
Vesting ,
Withdrawal Liability
On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more
4/20/2016
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Broker-Dealer ,
CFTC ,
Compensation ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
PTEs ,
Retirement Plan ,
Securities ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers
On April 6, 2016, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more
Editor's Overview -
This month we focus on the EEOC's proposed rules concerning wellness programs. As our colleague, Amy Covert, discusses, a recent change of position by the EEOC provides employers with opportunities...more
5/22/2015
/ Affordable Care Act ,
Americans with Disabilities Act (ADA) ,
Best Management Practices ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
EPCRS ,
Equal Employment Opportunity Commission (EEOC) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Incentives ,
Voluntary Participation ,
Wellness Programs