As we celebrate the 50th anniversary of the Employee Retirement Income Security Act of 1974 (ERISA), it is important to reflect on the impact this legislation has had on private sector employee benefit plans such as...more
Two U.S. District Courts in Texas issued stays on July 25, 2024, and July 26, 2024, respectively, delaying indefinitely the effective date of the final fiduciary regulations and related prohibited transaction exemptions...more
On April 25, 2024, the U.S. Department of Labor (DOL) released regulations redefining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code...more
The U.S. Department of Labor (DOL) amended Prohibited Transaction Exemption 2020‑02 (Amended PTE 2020-02) on April 25, 2024. This amendment addresses administrative deficiencies cited in federal court decisions challenging...more
6/5/2024
/ Department of Labor (DOL) ,
Disclosure ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Policies and Procedures ,
Principal Transaction Exemption ,
Prohibited Transactions ,
Standard of Care
The U.S. Department of Labor (DOL) released its final “investment advice rule” on April 23, 2024 — set to become effective in September — after several failed attempts, years of deliberations and multiple lawsuits. If not...more
On November 27, 2023, the IRS published proposed regulations clarifying the rules for long‑term, part-time employees (“LTPT employees”).
The new rules — long-awaited since enactment of the SECURE Act in December 2019 —...more
12/8/2023
/ 401k ,
Eligibility ,
Full-Time Employees ,
IRS ,
Part-Time Employees ,
Proposed Regulation ,
Recordkeeping Requirements ,
Safe Harbors ,
Seasonal Workers ,
SECURE Act ,
Temporary Employees ,
Vested Benefits
The U.S. Department of the Treasury has recently proposed new regulations that clarify when and for what purposes defined contribution plans — such as 401(k) plans — may use forfeitures. These regulations are proposed to...more