News & Analysis as of

Retirement Department of Labor (DOL)

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I wish the DOL would act over TPA termination

It’s all friendly between the plan sponsor and the Third-Party Administrator (TPA) until the plan sponsor wants to make a change. Then it could get nasty when the TPA wants to be compensated for doing work for the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL updates cybersecurity guidance

The Department of Labor (DOL) updated current cybersecurity guidance for plans governed by the Employee Retirement Income Security Act, including health and welfare plans....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Predictions In The 401(k) Space

Whether it’s a presentation or an article, predictions over the fu- ture don’t usually add up. Sure, then the 1964 World’s Fair predicted video phone calls, we all still don’t have our jet- packs, and an article on the Mets...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Essential Plan Providers Needed For A 401(k) Plan

When people are sick, especially with debilitating illnesses or diseases, it’s natural for them to travel far and wide to get the best medi- cal coverage possible. People who are ill will try to find the best medical coverage...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t use forfeitures to reduce

There are plenty of cases out there, arguing that plan sponsors that use forfeitures to reduce employer contributions rather than paying administrative expenses are creating a fiduciary breach and a prohibited transaction....more

The Wagner Law Group

Retirement Security Rule Stayed

The Wagner Law Group on

July 25 was not a good week for the Department of Labor (“DOL”) in Texas. On July 25, the District Court for the Eastern District of Texas, in a civil action filed by the Federation of Americans for Consumer Choice, placed a...more

Hogan Lovells

Court rulings put implementation of Department of Labor Fiduciary Rule on hold

Hogan Lovells on

Two federal district courts in Texas have issued orders staying the implementation of the United States Department of Labor’s (DOL) 2024 Fiduciary Rule (the Final Rule) and related prohibited transaction exemption amendments....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

In Praise Of Fee Disclosure

People who didn’t sponsor a plan or weren’t involved in the retirement plan industry before 2012, think some 401(k) industry veterans like myself, are part of some multiverse when we talk about life before fee disclosure. The...more

Nelson Mullins Riley & Scarborough LLP

Federal Court Finds Pension Plan “Established” by Hospital Authority is Exempt from ERISA

The case involves a dispute over the sponsorship and funding obligations for a pension plan formed by a Hospital Authority in Georgia. Our...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Mark my words: Crypto in 401(k) is inevitable

While some providers were offering Crypto windows in 401(k) plans, I was vehemently against it because the Department of Labor (DOL) was against it. The volatility of crypto was one thing, security was another issue....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

New DOL rule frozen by Texas Federal judge

U.S. District Judge Jeremy Kernodle, of the Eastern District of Texas, has frozen the new fiduciary rules, by issuing a preliminary injunction to freeze the Department of Labor’s (DOL’s) Retirement Security Rule, which is...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL creates online filing system for abandoned plans

The Department of Labor (DOL) has created an online system for qualified plan termination administrators to submit abandoned account information for benefits, including 401(k) plans....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Experts at Advisory Council push for annuities

What is old is new again. Experts at an ERISA Advisory Council hearing recommended that annuities should be part of a defined contribution plan’s default The council is a 15-member body that advises the Department of Labor...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (34): The “Hire Me” Exception

The DOL’s final regulation defining non-discretionary fiduciary advice will be effective on September 23 of this year. If a conflicted fiduciary recommendation is made, the requirements (called “conditions”) of PTEs...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL wants help on retirement plan lost and found

The Department of Labor (DOL) issued a proposed information collection request (ICR) to help implement a lost-and-found database to assist former plan participants with locating missing retirement accounts....more

Carlton Fields

Auto-Portability Providers Racing to Close Retirement Plan Gap

Carlton Fields on

For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...more

Jackson Lewis P.C.

Should We Submit Missing Participant Data to the DOL with the Plan’s Form 5500?

Jackson Lewis P.C. on

If the U.S. Department of Labor’s Notice of Proposed Information Collection Request, issued on April 15, 2024, becomes final, fiduciary retirement plan committees may be asked to evaluate the important question of whether the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Oh, The Brutal Mistakes That 401(k) Plan Sponsors Make

A 401(k) plan has so many moving parts, that errors do happen. I always say that if you want to find a mistake within a plan, you will eventually find one. However, there is a simple difference between common mistakes and...more

Faegre Drinker Biddle & Reath LLP

DOL Finalizes Changes to the Qualified Professional Asset Manager (QPAM) Exemption: What Investment Managers Need to Know

On April 3, 2024, the U.S. Department of Labor (DOL) published an updated final version of prohibited transaction class exemption 84-14, also known as the qualified professional asset manager exemption (PTCE 84-14 or the QPAM...more

Groom Law Group, Chartered

Retirement Lost & Found: DOL Proposes Voluntary Reporting

The SECURE 2.0 Act of 2022 directed the Department of Labor (“DOL”) to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t like ESG, don’t offer it

I hate to get political, but when people complain about something “woke,” they really should Google or use Wikipedia to find out what that means....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forgotten accounts is a big deal

According to a recent study, there are 29.2 million forgotten participant 401(k) accounts that hold $1.65 trillion in assets, up from 24.3 million and $1.35 trillion in 2021. That is 25% of all 401(k) plan assets....more

King & Spalding

Department of Labor Finalizes Changes to QPAM Exemption

King & Spalding on

Investment managers who manage private employee benefit plan and individual retirement account (collectively, “Plan”) assets have long relied on Prohibited Transaction Class Exemption 84-14 (commonly referred to as the “QPAM...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL claims TPA embezzled money

The Department of Labor (DOL) has sued Paul Palguta, the owner of RiversEdge Advanced Retirement Solutions LLC, a third-party administrator for embezzlement of plan assets....more

Jones Day

Another 401(k) Plan Sponsor Faces Novel Suit Regarding its Use of Forfeiture Funds

Jones Day on

The Employee Retirement Income Security Act ("ERISA") plaintiffs' bar has found a new way to allege that 401(k) plan sponsors have breached their fiduciary duty....more

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