News & Analysis as of

Department of Labor (DOL) Private Equity

Goodwin

Antitrust & Competition Healthcare Year in Review 2023

Goodwin on

2023 saw a significant uptick in antitrust scrutiny and enforcement, particularly in the healthcare space. After much rhetoric and a setback in challenging state Certificate of Public Advantage (COPA) laws, the Federal Trade...more

Dechert LLP

WARN Act Decision Highlights Employment Risks for Private Equity Sponsors

Dechert LLP on

In considering whether two entities should be considered a “single employer” for purposes of the WARN Act, the Fifth Circuit concluded that “the question of de facto control is of such importance that liability might be...more

Mitchell, Williams, Selig, Gates & Woodyard,...

National Association of Insurance Commissioners (NAIC) 2022 Summer Meeting Summary

The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL issues caution on private equity investments

The Department of Labor (DOL) has cautioned plan fiduciaries about private equity investments as components of investment options, such as target-date or balanced funds. ...more

McDermott Will & Emery

NAIC Continues to Refine Multiyear Work Plan to Expand Scrutiny of Holding Company Act Filings

In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more

Kilpatrick

401(k) Plan Investments: ESG, Private Equity and Cryptocurrency

Kilpatrick on

Many employers desire to offer innovative investments in their 401(k) plans as a way to enhance the plan’s value, attract talent and appeal to a younger workforce. But decisions regarding investment options are subject to...more

Jackson Lewis P.C.

Private Equity Investments In 401(K) Plans – The DOL Says Not So Fast

Jackson Lewis P.C. on

Hot button ERISA fiduciary issues remain a focus for investment committees of 401(k) plans in 2022. From “excessive” fee litigation – including litigation over the duty to monitor the fees charged by various mutual funds...more

Faegre Drinker Biddle & Reath LLP

Department of Labor Issues New Guidance on Private Equity Investments in Individual Account Plans

On December 21, 2021, the Department of Labor (DOL) issued additional guidance on the use of private equity investments in certain retirement plans, warning that most plan fiduciaries will not have enough experience to...more

Carlton Fields

Private Equity in 401(k) Plans: A Holiday Sequel

Carlton Fields on

If you thought the “Matrix” and “Spider-Man” sequels were impressive, you will be delighted to know that in a matter of weeks after revisiting its guidance on ESG retirement plan investments, the Department of Labor also...more

Proskauer - Employee Benefits & Executive...

DOL Statement on Private Equity Investment Emphasizes Fiduciary Responsibility

On December 21, 2021, the Department of Labor (the “DOL”) published a Supplemental Statement (the “Supplemental Statement”) to its June 3, 2020 Information Letter (the “2020 Letter”) addressing fiduciary considerations for...more

Morgan Lewis - ML Benefits

Department of Labor Waves Caution Flag for 401(k) Private Equity Investing

The Department of Labor (DOL) delivered a surprise holiday gift on December 21, 2021 to fiduciaries of participant-directed 401(k) plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), as...more

Dechert LLP

The Pendulum Swings – Department of Labor Changes Its Tone for Private Equity Under 401(k) Plans

Dechert LLP on

Last week, the U.S. Department of Labor (the "DOL") on December 21, 2021 issued a supplement (the “2021 Supplement”) to a June 2020 Information Letter (the "2020 Information Letter") that had addressed the possible use of...more

Seyfarth Shaw LLP

Another Swing in DOL Investment Position

Seyfarth Shaw LLP on

Seyfarth Synopsis: Reminiscent of the DOL’s about-face on ESG investing by ERISA fiduciaries [discussed here], this week the DOL has issued a “supplemental statement” on its view of the use of private equity investments in...more

Groom Law Group, Chartered

DOL Issues Supplemental Guidance on DC Plan Private Equity Investments

On December 21, 2021, the Department of Labor (“DOL”) issued a statement concerning the investment in private equity by ERISA-covered defined contribution plans (the “Statement,” available here). The Statement is intended to...more

Mayer Brown Free Writings + Perspectives

Alternative Venture Capital: The New Unicorn Investors

In a new paper, Alternative Venture Capital: The New Unicorn Investors, professor Anat Alon-Beck explores the rise of alternative venture capital (AVC) investors and the ways in which these investors are affecting unicorn...more

Faegre Drinker Biddle & Reath LLP

DOL Issues Guidance on Private Equity Investments in 401(k) Plans

The Department of Labor (DOL) recently issued guidance in the form of an Information Letter describing the process that plan fiduciaries should undertake in determining whether an investment fund having a private equity...more

McDermott Will & Emery

DOL: Path for 401(k) Plans to Offer Private Equity Investment Options

McDermott Will & Emery on

The US Department of Labor (DOL) issued an information letter in June 2020 indicating that, in limited circumstances, it will allow defined contribution retirement plans (such as 401(k) plans) to indirectly invest in private...more

Carlton Fields

DOL Warms Up to Private Equity in 401(k) Plans

Carlton Fields on

On June 3, 2020, the Department of Labor provided valuable insights via an information letter addressing private equity investment (PEI) within defined contribution retirement plans (such as 401(k) plans). ...more

Epstein Becker & Green

DOL Provides Guidance for Private Equity Investments in 401(k) Plans

Epstein Becker & Green on

Employers that are fiduciaries of participant-directed individual account plans (such as 401(k) plans) subject to the Employee Retirement Income Security Act of 1974, as amended (‘Plans” and “ERISA”, respectively) should be...more

Burr & Forman

Labor & Employment E-Note - July 2020

Burr & Forman on

Spotlight - Wrongfully Convicted of Murder, Tennessee Board of Parole Recommends Adam Braseel to be Exonerated - On June 24, 2020, The Tennessee Board of Parole voted unanimously to recommend that Gov. Bill Lee...more

Burr & Forman

DOL Cracks Open the Door for Private Equity in 401(k) Plans

Burr & Forman on

The U.S. Department of Labor (the “DOL”) recently released an information letter that concludes, if certain conditions are met, a plan fiduciary will not violate his fiduciary duties under the Employee Retirement Income...more

Morgan Lewis

Recent Developments in ERISA Plan Investment Regulation

Morgan Lewis on

The US Department of Labor has issued guidance on private equity in 401(k) plan designated investment alternatives and a proposed regulation on environmental, social, and governance investing....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL to allow private equity investments in DC Plans

The Department of Labor (DOL) released some new guidance that might facilitate the inclusion of private equity (PE) exposure in participant-directed defined contribution (DC) plans ERISA. The guidance contemplates the...more

Burns & Levinson LLP

Private Equity Investments in Retirement Plans: DOL Information Letter

Burns & Levinson LLP on

Private Equity Investments in Defined Contribution Plans - The US Department of Labor (DOL) recently concluded in Information Letter 06-03-2020 that, if properly structured, offering a professionally managed fund with a...more

Fox Rothschild LLP

The DOL: The New Securities Regulator?

Fox Rothschild LLP on

The United States Department of Labor (“DOL”) has had a very active summer regulating the securities industry. Yes, you heard it right, the DOL has made certain pronouncements that have considerable effect on the securities...more

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