From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more
On April 23, 2024, the US Department of Labor (DOL) released its Final Rule 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for conflicted investment advice.
Our initial analysis of the Final...more
5/10/2024
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Final Rules ,
Insurance Industry ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
On October 14, 2021, the US Department of Labor (DOL) proposed changes to ERISA regulations that would again shift the analysis of consideration of environmental, social, and governance (ESG) factors in retirement plans...more
In Field Assistance Bulleting 2021-02, published on October 25, 2021, the US Department of Labor announced with respect to its Fiduciary Rule 3.0 that:
..The temporary ERISA enforcement policy for conflicted fiduciary...more
As businesses return to work after Labor Day 2021, a principal focus for companies that serve US retirement plans will be the impending December 20 enforcement date for the Labor Department’s (DOL) latest fiduciary guidance...more
In a troubling development, the US Department of Labor (DOL) has announced its expectation that it will proceed to propose yet another iteration of investment advice guidance under the Employee Retirement Income Security Act...more
In 2020, the Department of Labor (DOL), in its guidance issued under the Employee Retirement Income Security Act of 1974, as amended (ERISA), remained principally focused on the development of its Fiduciary Rule 3.0 and...more
2/25/2021
/ Administrative Exemption ,
Advisory Opinions ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Rule ,
Prohibited Transactions ,
Proxy Voting ,
Retirement Plan
On June 30, 2020, the US Department of Labor (DOL) published in the Federal Register a proposed rule that would regulate ERISA plan fiduciary conduct when considering investments under an environmental, social and governance...more
On June 3, 2020, the US Department of Labor (DOL) issued an Information Letter reassuring plan fiduciaries that in appropriate circumstances, a professionally managed fund that contains a private equity component may be...more
The US Department of Labor (DOL) has published its Fiscal Year 2019 "Fact Sheet" documenting the criminal and civil enforcement activities of its Employee Benefits Security Administration (EBSA) under the Employee Retirement...more
In 2019, the Department of Labor (DOL) continued its trend of providing limited advance guidance under the Employee Retirement Income Security Act of 1974, as amended (ERISA). By volume, the amount of 2019 guidance...more
In Rev. Rul. 2019-19, which was issued on August 14, the Internal Revenue Service (IRS) took another small step in its undertaking to address tax issues raised by missing or unresponsive retirement plan participants. The...more
On June 5, 2019, the US Securities and Exchange Commission (SEC) adopted its Regulation Best Interest (Rule 15l-1 under the Securities Exchange Act of 1934), a rule that requires a broker-dealer registered with the SEC to act...more
The principal regulators of US employee benefits have recently published updates to their guidance plans for the coming months.
On May 22, 2019, the US Department of Labor (DOL) published its Semi-Annual Regulatory Agenda,...more
There is some debate about the intended scope of Regulation Best Interest (Regulation BI) as proposed by the Securities and Exchange Commission (SEC) in the case of retirement investors.
Generally, proposed Regulation BI...more
In Notice 2018-95, released on December 4, 2018, the Internal Revenue Service (IRS) formally announced a “once-in-always-in” interpretation of the section 403(b) participation exclusion for part-time employees and provided...more
In the last three weeks, the Department of Labor (DOL) undertook two initiatives that have the potential to improve the efficiency of the retirement system and the retirement security it provides to US workers.
..The first...more
The legal standards for broker-dealer firms (BDs) and their representatives, particularly in the retirement market, continue to be in flux. BDs were among those most affected by the promulgation in 2016 of the Department of...more
Since 2016, the Internal Revenue Service Tax Exempt and Government Entities Division (TE/GE) has followed a practice of posting “issue snapshots” – technical summaries of tax issues provided for reference purposes – from time...more
5/30/2018
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Church Plans ,
Contribution Limits ,
Distribution Rules ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Loans ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Small Employer Plans (SEPs)
A legal dispute involving an Arizona real estate development company has led to a rare court decision considering the “real estate operating company” (REOC) exception under the “plan asset” regulations of the Employee...more
The nationwide vacatur of the Department of Labor “investment advice” fiduciary definition and related exemptions by the US Court of Appeals for the Fifth Circuit on March 15, 2018, does not bring an end to the challenges...more
In 2017, the principal focus in the administration of the Employee Retirement Income Security Act of 1974, as amended (ERISA), by the Department of Labor (DOL) appropriately remained one of the extraordinary developments...more
2/14/2018
/ Best Interest Contract Exemptions ,
Criminal Investigations ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
IRS ,
MEWAs ,
Political Appointments ,
Prohibited Transactions ,
QPAM ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Trump Administration
On November 2, House Republicans released their sweeping tax reform legislation, which contains numerous provisions that will have significant impacts on employee benefits and executive compensation. The bill is expected to...more
The Internal Revenue Service (IRS) has recently published updates to its guidance plans for the coming months.
- On October 20, 2017, the US Department of the Treasury and the IRS released their 2017-2018 Priority Guidance...more
With its announcements of May 22, 2017, starting with an op-ed in The Wall Street Journal, the Department of Labor confirmed that, absent last-minute action in the courts or by Congress, its new “investment advice” fiduciary...more