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Labor & Employment Securities

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.

One metric about financial advisors that you should consider

by Ary Rosenbaum on

When gauging the effectiveness of the retirement plan’s financial advisor, one thing that 401(k) plan sponsors forget to consider is the interaction between the advisor and the plan participants....more

French legal and regulatory update – February 2018

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e - newsletter, which offers a legal and regulatory update covering France and Europe for February 2018. Please see full...more

Fifth Circuit Raises New Questions by Ruling that the Fiduciary Rule Is Invalid

by Ropes & Gray LLP on

On March 15, 2018, the Court of Appeals for the Fifth Circuit vacated the DOL’s conflict of interest rule and related exemptions (the “fiduciary rule”). The decision exacerbates what was already significant uncertainty about...more

Top Ten Emerging Trends in Pay Ratio Disclosure

Preliminary trends are emerging from the pay ratio disclosures filed by U.S. public companies in 2018. Few companies use statistical sampling to identify their median employees and, instead, companies rely on a...more

Fifth Circuit decision doesn’t bury Fiduciary Rule

by Ary Rosenbaum on

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule, overturning a Dallas district court decision that originally upheld it. By a 2-1 vote, the Circuit Court held that the Department of Labor...more

The Final Rule: DOL Fiduciary Rule Affirmed and Revoked

During the week of March 12, two federal appeals courts separately upheld and vacated the DOL fiduciary rule under the Administrative Procedure Act, and DOL suspended enforcement of the rule pending further review. Please...more

Another Vantage Case, South Carolina style

by Ary Rosenbaum on

Knight’s Companies, a septic tank, trucking and concrete block business in sued Vantage Benefits and their principals Jeff and Wendy Richie in Federal District Court in South Carolina, The suit claims that Vantage and the...more

Fifth Circuit Vacates Department of Labor’s Fiduciary Rule

On March 15, 2018, in a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated entirely the conflict of interest regulation of the Department of Labor (DOL) and its related prohibited transaction exemptions...more

Fiduciary Rule cancelled, subject to further appeal by DOL

by McAfee & Taft on

For several years now, many in the retirement plan industry have been talking about the U.S. Department of Labor’s (DOL) new regulations and rules collectively referred to as the “Fiduciary Rule,” which significantly expanded...more

Fifth Circuit Court of Appeals Vacates DOL Fiduciary Rule

On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit ruled, in a 2-to-1 decision, that the U.S. Department of Labor (DOL) abused its authority and acted unreasonably in promulgating its 2016 fiduciary rule and...more

Why would you be affiliated with that?

by Ary Rosenbaum on

As discussed in my newest book, “The Greatest 401(k) Book Sequel Ever”, I’m still amazed at my interaction with “renowned” ERISA fiduciary expert turned convicted thief Matt Hutcheson. It’s no a great episode in my career...more

Fifth Circuit Vacates Fiduciary Rule, Creating Circuit Split; Headed to Supreme Court?

by Pepper Hamilton LLP on

On March 15, in Chamber of Commerce v. U.S. Department of Labor, No. 17-10238 (5th Cir. March 15, 2018), the Fifth Circuit Court of Appeals struck down the Department of Labor’s (DOL’s) fiduciary rule in a 2-1 decision. ...more

Fifth Circuit Vacates DOL Fiduciary Rule

by Burr & Forman on

It was the Ides of March for the Obama Administration’s “fiduciary duty rule” that sought to remake much of nation’s financial markets by back-door regulation of anyone dealing with IRA investors. The US Fifth Circuit...more

Auto Enrollment is going up

by Ary Rosenbaum on

When automatic enrollment was first introduced, it was introduced as a negative election and I thought it was just a cheap gimmick by an employer to help their actual deferral percentage test because all money from the...more

Fifth Circuit Vacates DOL Fiduciary Rule

In a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated the Department of Labor’s fiduciary rule, including the expanded definition of “investment advice fiduciary” and the associated exemptions. The...more

Fifth Circuit Strikes Down DOL Investment Advice Fiduciary Rules

by Ballard Spahr LLP on

The Fifth Circuit on March 15 vacated U.S. Department of Labor (DOL) regulations that redefined the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement...more

Vantage defaults in first case decision

by Ary Rosenbaum on

It didn’t take long for the first decision in a lawsuit against vantage Benefits and its owners when they defaulted. A default judgment was handed down by Judge David C. Godbey of the U.S. District Court for the Northern...more

Tenth Circuit Upholds DOL’s Authority to Impose New Conditions for PTEs and Leaves Door Open for Changes to Fiduciary Rule

The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the...more

Don’t be cheap when it comes to your retirement plan

by Ary Rosenbaum on

As I have stated so many times, I don’t want to hire employees because I was an employee once too. That pretty much means that I never met an employee whoever thought they were overpaid. For that matter, I never met an...more

Another Vantage lawsuit with an advisor twist

by Ary Rosenbaum on

A great scene is in GoodFellas is when Jimmy chastises Henry for getting arrested because he allowed himself to be incriminated through wiretaps. For years, I’ve been warning advisors about the referrals they make and it...more

Plan Sponsors have to Keep Track of All Plan Amendments

by Ary Rosenbaum on

I didn’t have such a great time at law school because I felt the administration and much of the faculty weren’t honest when it came to the study of law and more importantly, our job opportunities. There was one law professor...more

Beware of those plan document restatement requests

by Ary Rosenbaum on

Every 6 years or so, the Internal Revenue Service (IRS) requests that retirement plan documents be restated to comply with current law. While it’s a great thing for ERISA attorneys and third-party administrators, it’s not so...more

Supreme Court Limits the Definition of Whistleblower for Anti-Retaliation

by Weiner Brodsky Kider PC on

In an opinion that settled a circuit split, the Supreme Court has decided that the definition of “whistleblower” in the Securities Exchange Act of 1934 is limited to employees who provide information relating to violations of...more

Business Litigation Alert: "Supreme Court Clarifies – Dodd-Frank Whistleblowers Must Also Perform for the SEC for Protection"

by Porter Hedges LLP on

On February 21, the U.S. Supreme Court issued its opinion in the closely watched whistleblower case Digital Realty Trust, Inc. v Somers. In a unanimous ruling, the Court stated that whistleblowers must report any wrongdoing...more

Tax Cuts and Jobs Act: Implications for Public Company Executive Compensation Programs

by Snell & Wilmer on

The Tax Cuts and Jobs Act (the “Tax Act”) has significant implications for public company executive compensation plans for tax years beginning after December 31, 2017 and will likely have a considerable impact on the future...more

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