News & Analysis as of

Employee Retirement Income Security Act (ERISA) Regulatory Requirements

Faegre Drinker Biddle & Reath LLP

Rollover Recommendations: PTE 2020-02 Compliance Considerations Following the DOL Fiduciary Rule Stay

The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE....more

Seward & Kissel LLP

DOL Publishes Final Regulation Expanding the Definition of an ERISA Fiduciary

Seward & Kissel LLP on

On April 25, 2024, the U.S. Department of Labor (the “DOL”) finalized a collection of regulatory changes in its ongoing quest to update the definition of a “fiduciary” under ERISA and Section 4975 of the Internal Revenue Code...more

Mayer Brown

US Department of Labor Publishes Final Amendment to QPAM Exemption

Mayer Brown on

On April 3, 2024, the US Department of Labor (“DOL”) published the final amendment (“Amendment”) to Prohibited Transaction Class Exemption 84-14, otherwise known as the “QPAM Exemption” (“Exemption”).1 The Exemption is...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (24): The DOL Fiduciary Rule Requires a Recommendation. What is That?

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

Smith Gambrell Russell

“Equivalent Benefits” Requirements for Illinois Staffing Employees Temporarily Enjoined

Smith Gambrell Russell on

The U.S. District Court for the Northern District of Illinois (the “District Court”) recently entered a temporary injunction halting enforcement of certain benefits-related provisions under the Illinois Day and Temporary...more

Pullman & Comley - Labor, Employment and...

Extended Time to Amend Tax Qualified Retirement Plans for SECURE 2.0 Act and other Legislation

On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 to “provide guidance on discreet issues” concerning the implementation of specific provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0)....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (14): The Timeline for the Final Regulation and Exemptions

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more

Foley Hoag LLP

DOL Issues Proposed Amendment to Investment Advice Fiduciary Regulation

Foley Hoag LLP on

On October 31, 2023, the Department of Labor (“DOL”) issued a much-anticipated proposal to amend its 1975 “investment advice fiduciary” regulation, which defines when a person who provides investment advice for a fee or other...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (2): The Impact

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Verrill

The Department of Labor Proposes Its New Fiduciary Rule

Verrill on

On October 31, 2023, the Department of Labor published a new proposed regulation (the “Proposed Rule”) defining “investment advice” for purposes of determining when someone advising an ERISA plan or participant or an IRA...more

Carlton Fields

Expect Focus - Volume III, September 2023

Carlton Fields on

Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get those affiliated service issues straightened out

As a 401(k) plan sponsor, you need to make sure that all your plan providers understand any ownership interests in other companies that you may have and make a determination whether those interests constitute a controlled...more

Foley & Lardner LLP

New IRS Determination Letter Approval Procedures for 403(b) Plans

Foley & Lardner LLP on

The IRS has had a determination letter process for qualified plans under Code section 401(a), like 401(k) and other defined contribution plans, for many years. A favorable IRS determination letter would give the sponsoring...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - May 2022

COVID-19 Testing Denial Serves as Basis for ERISA Litigation This month, a New Jersey district court allowed a provider’s ERISA claim for reimbursement against an insurer that refused to cover COVID-19 tests to continue....more

Proskauer - Employee Benefits & Executive...

DOL Announces Temporary Enforcement Policy and Guidance to Address New Compensation Disclosure Requirements for Service Providers...

On December 30, 2021, the U.S. Department of Labor (“DOL”) issued Field Assistance Bulletin No. 2021-03 (“FAB”), announcing its temporary enforcement policy for group health plan service provider disclosures under ERISA...more

Laner Muchin, Ltd.

DOL Issues Implementation FAQs Regarding the Lifetime Income Illustrations for Defined Contribution Plans

Laner Muchin, Ltd. on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) amended the Employee Retirement Security Act of 1974 (ERISA) to add two lifetime income illustrations, furnished at least annually, to plan...more

Stinson LLP

DOL Issues FAQs on SECURE Act Lifetime Income Illustrations and Interim Final Rule

Stinson LLP on

On July 26, 2021 the Department of Labor’s (DOL) Employee Benefits Security Administration issued a set of four frequently asked questions (FAQs) that address the implementation of Section 203 of the Setting Every Community...more

Robinson+Cole ERISA Claim Defense Blog

EBSA Issues Guidance On Disclosure of Phone Call Recordings

The Employee Benefits Security Administration issued Information Letter 06-14-2021 stating that 29 C.F.R. § 2560.503-1 requires plan fiduciaries to disclose, on request, recordings and/or transcripts of phone calls between...more

Akerman LLP - HR Defense

New Guidance from DOL Regarding the Suspension of Certain Employee Benefit Plan Deadlines Due to COVID-19

Last minute guidance affects employers sponsoring group health plans, and answers a much-discussed question as we approach the one-year anniversary of  past COVID guidance....more

Hogan Lovells

No Surprises Act prohibits balance billing, creates arbitration process for out-of-network providers

Hogan Lovells on

Effective January 1, 2022, the “No Surprises Act” signed into U.S. law as part of H.R. 133, “Consolidated Appropriations Act, 2021,” implicates (1) emergency services provided by non-participating providers at participating...more

Nossaman LLP

New Disclosure Requirements for Those that Contract with ERISA Group Health Plans

Nossaman LLP on

Included within the 5539 pages of statutory changes in the Consolidated Appropriations Act, 2021 (the COVID-19 relief bill signed into law at the end of December 2020) are important new “transparency” laws that affect third...more

Akerman LLP

United States Department of Labor Expands Electronic Delivery Rules for Retirement Plans

Akerman LLP on

The United States Department of Labor (DOL) finalized a new safe harbor rule for the use of electronic media to furnish information to participants and beneficiaries of employee retirement plans subject to the Employee...more

Seyfarth Shaw LLP

Finally! DOL Issues Final Regulations for the E-Delivery of Retirement Plan Disclosures

Seyfarth Shaw LLP on

After a long process, which stretched on for over a decade, on May 27, 2020, the Department of Labor (“DOL”) published final regulations regarding the electronic delivery of required disclosures under the Employee Retirement...more

Bradley Arant Boult Cummings LLP

Final Regulations on Electronic Disclosures by ERISA Plans: How Plans May Reduce Costs Using the New DOL Safe Harbor

Employee benefit plans increasingly look to electronic participant communications as a reliable and cost-effective way to satisfy disclosure requirements under the Employee Retirement Income Security Act (ERISA). Last...more

Morgan Lewis

COVID-19: DOL Issues Deadline Relief and Other Guidance for Retirement Plans

Morgan Lewis on

In response to the coronavirus (COVID-19) pandemic, the US Department of Labor’s Employee Benefits Security Administration (DOL) issued EBSA Disaster Relief Notice 2020-01 (EBSA Notice 2020-01) on April 28, providing deadline...more

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