News & Analysis as of

Prohibited Transactions Benefit Plan Sponsors

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

Dorsey & Whitney LLP

Splitting with Other Circuit Courts, the Ninth Circuit Revives an ERISA Prohibited Transaction Claim

Dorsey & Whitney LLP on

ERISA’s prohibited transaction rules are notoriously complex and opaque. On August 4, 2023, the Ninth Circuit issued an important decision on those prohibited transaction rules that arguably conflicts with decision from the...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Regulatory Agenda and a New Fiduciary Rule

The DOL has not appealed the decision in the Florida Federal District Court that vacated its fiduciary “re-interpretation.” That re-interpretation, in effect, said that ongoing investment advice to a rollover IRA could be...more

Morgan Lewis - ML Benefits

Assessing Your Health Plan’s Service Provider Compensation

Based on new ERISA disclosure rules, now is a good time to review the compensation paid to your health plan’s consultant and broker. ERISA Section 408(b)(2)(B) requires brokers and consultants expecting $1,000 or more in...more

McDermott Will & Emery

DOL Proposes Significant Changes to VFCP Program

McDermott Will & Emery on

On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a...more

Eversheds Sutherland (US) LLP

Unlocking the process: Guide to ERISA individual prohibited transaction exemptions

Since 1996, the US Department of Labor granted more than 1,200 individual exemptions from the ERISA prohibited transaction rules. One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more

Faegre Drinker Biddle & Reath LLP

The New DOL Fiduciary “Rule” For Investment Advisers and Broker-Dealers and the December 20 Deadline: The Time to Act is Now

The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Beware of that bribe

I have been a New York Giants football since the days of Ray Perkins, Brad Van Pelt, and Joe Danelo. 4 Super Bowl victories have been far more rewarding than my time as a Mets fan....more

Mintz - Employment Viewpoints

Khan v. PTC, Inc.—Three Important Lessons From An Otherwise Unremarkable 401(k) Fee Case

According to Bloomberg Law, class actions challenging 401(k) plan fees are increasing at a record pace. The underlying claims in these class action suits fall into predictable categories that are all too familiar: excessive...more

Eversheds Sutherland (US) LLP

2020 in review – ERISA guidance

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

Alston & Bird

Investment Management, Trading & Markets Updates – January 2021

Alston & Bird on

SEC Final Rule on Derivatives Use by Registered Funds and BDCs - On October 28, 2020, the SEC passed a final rule to modernize the regulatory framework for derivatives used by registered investment companies, including mutual...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.

PEP world will still be a new frontier

It is amazing that with the advent of Pooled Employer Plans (PEPs) just a few weeks away, there is still a great unknown....more

Genova Burns LLC

How to Comply with ERISA’s Prohibited Transactions Requirements For Group Benefit Plans

Genova Burns LLC on

The Employee Retirement Income Security Act of 1974 (“ERISA”), the principal federal law which regulates the benefit plans marketed to employers in this country, imposes specific requirements on most employer-sponsored...more

Proskauer - Employee Benefits & Executive...

American Airlines 401(k) Plan Not Required To Offer Stable Value Fund

Among the many claims brought by plaintiffs challenging investment offerings in defined contribution plans is the claim that plans should offer stable value funds in lieu of more conservative capital preservation funds, such...more

Goodwin

U.S. Department of Labor Formalizes Reinstatement of “Five Part Test” For Fiduciary Investment Advice and Proposes Broad Principal...

Goodwin on

On June 29, 2020, the U.S. Department of Labor (the Department) formally reinstated its “five-part test” for determining what constitutes “investment advice” under ERISA and Section 4975 of the Internal Revenue Code (the...more

Jackson Lewis P.C.

Is Personal Information Of Retirement Plan Participants An ERISA Plan Asset?

Jackson Lewis P.C. on

A little more than one year ago, we reported on a settlement (Cassell et al. v. Vanderbilt University, et al.) involving the alleged wrongful use of personal information belonging to retirement plan participants, claimed to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It just doesn’t look right

I am always against conflict of interest, going back to the day pre-fee disclosure when producing third party administrators (TPAs) were not transparent about the revenue sharing they collect. Beyond that, I’m also against...more

Proskauer Rose LLP

DOL Provides Guidance Regarding 401(k) Plans Offering Limited Exposure to Private Equity Within a Diversified Investment Option

Proskauer Rose LLP on

On June 3, 2020, the Department of Labor (the "DOL") published an Information Letter confirming that an investment option under a 401(k) plan (or other defined contribution plan) may include a limited allocation to private...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with insurance with 401(k) plans

I have life insurance and it’s an important financial tool to protect your loved ones. I’ve never been a fan of maintaining a life insurance policy within a qualified plan and that bias against it is because of the compliance...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Per head charges are eye popping in MEP case

National Rural Electric Cooperative Association (NRECA) is a national service organization that represents more than 1,000 rural electric cooperatives around the United States. NRECA sponsors a 401(k) multiple employer plan...more

ArentFox Schiff

Buyer Beware: Health Plans Need to Exercise Caution in Retaining Third-Party Administrators and Medical Claim Reviewers

ArentFox Schiff on

A federal court in Nebraska recently rejected a health plan’s fiduciary breach claims under the Employee Retirement Income Security Act of 1974 (ERISA) against third-party service providers, holding that the service providers...more

Proskauer - Employee Benefits & Executive...

[Podcast]: ERISA’s Bonding Requirements

In this episode of the Proskauer Benefits Brief, partner Ira Bogner and senior counsel Adam Scoll discuss ERISA’s bonding requirements. ERISA’s bonding rules generally require that every fiduciary of an ERISA-covered employee...more

Proskauer - Employee Benefits & Executive...

401(k) Plan Participant Cannot Pursue Claims On Behalf Of Plans In Which She Did Not Participate

A federal district court in Ohio concluded that a 401(k) plan participant could assert fiduciary breach and prohibited transaction claims only on behalf of the plan in which she participated, and not on behalf of other plans....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The Beginning of the End for 401(k) Class Actions? Ninth Circuit Enforces Individual Arbitration

In Dorman v. Charles Schwab Corp., No. 18-15281 (August 20, 2019), the Ninth Circuit Court of Appeals recently held that a 401(k) plan participant was required to individually arbitrate his claims regarding the plan’s fees...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

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