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

The Problem With Multiple Loans

by Ary Rosenbaum on

When drafting new 401(k) plans, I always recommend allowing for a loan provision. I know there are quite a few plan providers who don’t want any provisions that allow “leakage” of retirement assets, but I believe that when...more

US Department of Labor Extends Transition Period for Fiduciary Rule Exemption

by Shearman & Sterling LLP on

The US Department of Labor issued a notice extending the transition period for the Best Interest Contract exemption (the “BIC”), and other exemptions, from the prohibited transaction provisions of the Fiduciary Rule for an...more

Advisors Advantage - December 2017

by Ary Rosenbaum on

How A Plan Provider Should Handle Employees. Some tips from a former plan provider disgruntled employee. I always say that the main reason that I don't want to have employees is that I was an employee once too. An...more

Department of Labor Extends Transition Period for Exemptions Under the Fiduciary Rule

On November 27, 2017, the U.S. Department of Labor (DOL) extended the transition period for its conflict of interest regulation (commonly referred to as the "fiduciary rule") until July 1, 2019....more

The DOL Fiduciary Rule: Charting A Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. Recall...more

The DOL’s Fiduciary Rule: An Update And Practical Advice

by Carlton Fields on

This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more

Plan Sponsors Should Take Action during the New Fiduciary Rule Transition Relief Period

On November 29, the Department of Labor (DOL) announced an extension to July 1, 2019, of the previously established deadline for transition relief from many provisions of the new fiduciary rule applicable to investment...more

The Rosenbaum Law Firm Review - December 2017

by Ary Rosenbaum on

Plan Features And Services Aren't A Fit For Every Plan Sponsor. There is nothing out there that is a fit for everything. Did you ever buy a car and the dealer was trying to sell you things you didn't really need like...more

Treasury’s Third Report on Financial System Regulation Focuses on the Asset Management and Insurance Industries

by Dechert LLP on

The U.S. Department of the Treasury (Treasury) recently released a report examining the regulatory framework for the asset management and insurance industries (Report). The Report is the third in a series of four reports that...more

Matters to Consider for the 2018 Annual Meeting and Reporting Season

Companies have important decisions to make as they prepare for their 2018 annual meeting and reporting season. We have prepared a checklist of key corporate governance, executive compensation and disclosure matters on which...more

DOL kicks fiduciary rule enforcement until 2019

by Ary Rosenbaum on

As expected, the Department of Labor (DOL) has delayed enforcement of the main provisions of the new fiduciary rule. Provisions covering exemptions for best-interest contracts and principal transactions will now go into...more

Financial Services Weekly News - November 2017 #4

by Goodwin on

Editor's Note - A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more

Department of Labor Releases Final 18-Month Delay in Applicability Date for Portions of Fiduciary Rule

by Ropes & Gray LLP on

On November 29, 2017, the U.S. Department of Labor (the “DOL”) published final amendments to the Best Interest Contract Exemption and other exemptions that delay the applicability date of many of the requirements for...more

Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions

On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late...more

Confirm what the auditor says

by Ary Rosenbaum on

If you have a retirement plan with more than 100 participants, you probably have a plan audit (if you have more than 120 participants, you do). Like with any plan providers, there a lot of great auditors out there and some...more

It Won’t Matter Until It Becomes Law

by Ary Rosenbaum on

I spoke to a fellow ERISA attorney who was talking about the proposed changes going back and forth regarding tax reform. I told him I just didn’t have time to follow and I’m not a big fan of proposals, I just cared about what...more

Nordstrom is the latest large employer sued over their 401(k) plan

by Ary Rosenbaum on

The department store business model is selling items at high prices with the heavy end of season discounting. Now if only Nordstrom did the same with their nearly $3 billion 401(k) plan....more

Proposed Tax Reform Bills of Senate and House Now Aligned on Key Compensation and Benefits-Related Tax Provisions

This WSGR Alert provides a high-level comparison of the latest tax reform proposals from the U.S. House of Representatives and the U.S. Senate as they relate to compensation and benefits matters....more

Stealing plan assets is easier than you think

by Ary Rosenbaum on

A third party administrator (TPA) and/or plan fiduciary stealing plans assets is easier than you think. The rumor that TPA Vantage Benefits stole $14 million from 6-7 of their clients shouldn’t be surprising to me because I...more

Plan Administrators’ 2017 Year-End Checklist

by Williams Mullen on

Plan administrators should review the following actions to be taken before the end of 2017 and focus on what to expect for 2018. The attached checklist addresses plan amendments, notices and other considerations for qualified...more

Advisors Advantage - November 2017

by Ary Rosenbaum on

The Bottom Line For Retirement Plan Providers. More plan assets for your clients is a good thing for many reasons. When I had the idea of starting a National ERISA practice 10 years ago, I knew I would have a tough time...more

Partnering Perspectives - Fall 2017

With the US poised to decrease regulation and the outcome of Brexit unknown, multinational institutions face a great deal of unpredictability in the regulatory landscape. In this edition of Partnering Perspectives, we look at...more

SEC's Latest Guidance Clarifies Rule 701 Disclosure Delivery Requirements

by Fenwick & West LLP on

The U.S. Securities and Exchange Commission (SEC) on November 6, 2017, clarified the requirements for delivering financial and other disclosures to employees and other service providers receiving options and other equity...more

ISS Issues Proposed Policy Changes for 2018 Proxy Season

by White & Case LLP on

On October 26, 2017, Institutional Shareholder Services ("ISS") issued draft proposed policy changes for the 2018 proxy season (the "Draft Changes").1 The Draft Changes for US companies are grouped in three categories:...more

ERISA’s Six-Year Statute of Repose for Fiduciary-Breach Claims Can Be Tolled

The Eleventh Circuit ruled that ERISA’s six-year statute of repose can be tolled by the parties even though it is a statute of repose. During pre-litigation negotiations between the U.S. Department of Labor and a trustee of...more

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