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Fiduciary Duty Benefit Plan Sponsors Investment Adviser

Miller Canfield

DOL’s Latest Regulatory Package Expands Definition of Fiduciary

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The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more

A&O Shearman

DOL Issues Final Rule Amending QPAM Exemption

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On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (23): The Final Rule Has Been Sent to the OMB

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - December 2023

Happy Holidays! The December Monthly Minute includes a fiduciary checkup reminder and a look at HHS’ recent settlement stemming from a phishing attack that impacted ePHI of nearly 35,000 individuals....more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit: Changes to a Services Agreement Require Consideration of Indirect Compensation

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing...more

Good2bSocial

Podcast Episode 189: Adding Context to Compliance and Color To Your Legal Practice

Good2bSocial on

In this episode of the Legal Marketing 2.0 Podcast, Guy is joined by Patrick Hayes. Patrick Hayes is a partner and chair of the Investment Management practice at Calfee, Halter & Griswold LLP where he supports investment...more

Morgan Lewis - ML Benefits

ERISA Cybersecurity Compliance: SEC Proposed Rule May Provide Metrics for Evaluating Certain SEC-Regulated Plan Service Providers

In 2021, the US Department of Labor (DOL) issued cybersecurity guidance (the DOL Guidance) that sets out the DOL’s views on what processes fiduciaries of benefit plans regulated by the Employee Retirement Income Security Act...more

Burns & Levinson LLP

Client Advisory: ERISA Fiduciaries and ESG Investing

Burns & Levinson LLP on

Fiduciaries responsible for the investment of almost $30 trillion in U.S. retirement funds are required by federal law (ERISA) to discharge their duties “solely in the interest of participants and beneficiaries” for the...more

Foley Hoag LLP

DOL Eases Restrictions on Use of ESG Factors in Retirement Plan Investment Decisions

Foley Hoag LLP on

The U.S. Department of Labor (“DOL”) has issued a final rule (the “Final Rule) addressing how ERISA fiduciaries may consider environmental, social and governmental (ESG) factors in making investment decisions for retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - November 2022

Unfiltered 401(k) Views On What Is Going On Now - For years, dating back to college and law school, I had an unfiltered view of things. I have strong opinions and the opinions are based on my experiences. The problem,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - August 2021

You Have To Deal With Some Unpleasant Facts About Your 401(k) Plan. The greatest benefit you can provide as an employer is a qualified retirement plan, such as a 401(k) plan. The problem is that most employers treat a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - July 2021

As Retirement Plan Provider, Think Differently - It’s odd, but I do get some great ideas from professional wrestling in my business approach as an ERISA attorney/retirement plan provider. Like in pro wrestling, becoming a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Communication is key

I get along with people for the most part because I make the effort. It’s also a lot easier to function in the retirement plan business when you have more friends than enemies. Unfortunately, there has been a number of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hire an advisor when you get an employee

I’m still amazed when I find participant-directed 401(k) plans without a financial advisor. While I understand how solo 401(k) plans don’t have an advisor because individuals think they can do it on their own, it makes no...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #44

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 9) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #43

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 8) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Best defense is good procedures and following them

Having a great 401(k) plan doesn’t mean that a former participant won’t sue you or the government won’t audit you. The reason is that you have no control over what other people may do....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - February 2021

The Problems and Perils In Changing Your 401(k) TPA - I hate moving and I’ve only had to do it a handful of times in my life. I’ve always said that moving can be a traumatic experience. Packing away items over time isn’t...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 3.0 - Exemption and investment advice fiduciary definition

On December 18, 2020, the US Department of Labor (DOL or Department) adopted with limited changes its Proposal 3.0 regarding ERISA fiduciary investment advice, focused on the fiduciary status of rollover advice and a “best...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - December 2020

Big Concepts That 401(k) Plan Providers Forget About. Whether it was working for others or working for charitable organizations, it seems that there is a culture out there that seems to forget why these businesses and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

They will always be selling

When I was a kid, there were two varieties of Cheerios, one version of Listerine, and one type of Crest toothpaste. If you got to the supermarket these days, there are about a dozen varieties of Cheerios, more than a half...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t let grudges get in the way of doing right

I always joke that I get rid of old grudges to make way for new ones. Recently, an advisor asked about a well-known third-party administrator (TPA) for a plan that I serve as a fiduciary. This TPA has a very good reputation...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Check the provider’s credentials

After Hurricane Sandy decimated my house with five feet of water downstairs, I needed to replace our hot water heater and furnace. My plumber got us a new hot water heater, but couldn’t find a new furnace. A neighbor had a...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

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