The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more
The Department of Labor’s final definition of “investment advice” fiduciary regulation makes many more individuals fiduciaries under both the Employee Retirement Income Security Act and the Internal Revenue Code. Where for...more
For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...more
5/17/2024
/ Compensation & Benefits ,
Department of Labor (DOL) ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Individual Retirement Account (IRA) ,
Proposed Regulation ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act
On April 23, 2024, the Department of Labor published its long-awaited final retirement security rule broadening the definition of who is an “investment advice fiduciary” under section 3(21) of the Employee Retirement Income...more
On Friday, November 3, the Federal Register published the U.S. Department of Labor’s (DOL) latest attempt to redefine who is an “investment advice fiduciary” under ERISA. In conjunction with the regulatory proposal, the...more
Almost one year from the date it updated its investment duties regulation (29 C.F.R. § 2550.404a-1), triggering our previous article “DOL to Plan Sponsors: ‘It’s All About the Benjamins!,’” the Department of Labor (DOL)...more
On June 29, 2020, the Department of Labor (DOL) proposed a series of regulatory actions regarding the definition of “investment advice” under ERISA section 3(21). The proposed actions result from the Fifth Circuit’s decision...more
On March 15, the Fifth Circuit, in Chamber of Commerce, et. al. v. United States Department of Labor, a 46-page opinion, reversed the district court’s ruling upholding the Department of Labor (DOL) fiduciary rule and vacated...more
4/9/2018
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Consumer Financial Products ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
Regulatory Oversight ,
Retirement Plan
In order for fiduciaries to receive compensation that varies based on their investment advice (e.g., commissions) or from third parties in connection with their advice (e.g., revenue sharing), they must comply with a...more
The Labor Department has proposed extending the applicability date of the Best Interest Contract Exemption, the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries, and certain...more
8/31/2017
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Management ,
PTE 84-24 ,
Retirement Plan
Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more
6/22/2015
/ 401k ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Excise Tax ,
Fiduciary Duty ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
IRS ,
Private Right of Action ,
Retirement ,
Retirement Plan ,
Section 404 ,
Wage and Hour