News & Analysis as of

Investment Adviser Benefit Plan Sponsors Retirement Plan

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (40): Rollovers and the Insurance License Issue

The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more

Goodwin

The U.S. Department Of Labor’s New Definition of Fiduciary Investment Advice Is Finalized (Again)

Goodwin on

The Department of Labor (DOL) has issued a new regulation defining fiduciary “investment advice” under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and Section 4975 of the Internal Revenue Code of...more

Miller Canfield

DOL’s Latest Regulatory Package Expands Definition of Fiduciary

Miller Canfield on

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

Eversheds Sutherland (US) LLP

Department of Labor’s final Fiduciary Rule 4.0

On April 23, 2024, the US Department of Labor (DOL) released its Final Rule 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for conflicted investment advice. Our initial analysis of the Final...more

Davis Wright Tremaine LLP

Labor Department Finalizes Investment Advice Fiduciary Rule Under ERISA

For the second time in a decade, the Department of Labor (DOL) attempted to expand the reach (and requirements) of the Employee Retirement Income Security Act of 1974 (ERISA). On April 23, 2024, DOL succeeded and announced...more

K&L Gates LLP

QPAM Exemption Amendment—Key Takeaways and Action Steps for Advisors and Other Stakeholders

K&L Gates LLP on

Executive Summary - Many investment advisers and other financial institutions rely on the Department of Labor’s QPAM Exemption when providing services to, and transacting with, employer-sponsored retirement plans, individual...more

A&O Shearman

DOL Issues Final Rule Amending QPAM Exemption

A&O Shearman on

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

Quarles & Brady LLP

2023 Year-End Employee Benefits Updates

Quarles & Brady LLP on

This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...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

Eversheds Sutherland (US) LLP

DOL opines on plan sponsor’s diverse investment manager program

The Department of Labor (DOL) recently advised that a program under which Citigroup Inc. (Citi) subsidizes investment management fees for its employee benefit plans’ diverse investment managers could be implemented without...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

Verrill

Next Steps for Making Collective Investment Trusts Available to More Retirement Plans

Verrill on

Collective investment trusts (“CITs”) have become an increasingly popular choice for 401(k) plan investment menus over the past decade, consistent with a trend toward lower-cost investment options that has been driven, in...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.

Education is all about a process

Advisors ask me all the time about the role of education in participant-directed 401(k) plans. Participant-directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

That Flinstones tie

I was a first-year law student participating in moot court, just because all second-year students participated even when I knew I had zero interest in ever being a litigator. In those days, my mother would buy me these cheap...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure the plan custodian know who your plan trustees are

If you’re a closely held business or not, changes do happen. Whether it’s leadership or who serves as your plan’s trustee, change will likely happen. The problem sometimes is when the plan document has been updated to reflect...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Context is king

I had a great time on Joshua Itzoe’s podcast and one point, he brought up was that I was a proponent and defender of third-party administration (TPA) firms. If you followed me on LinkedIn when I started my practice 11 years...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just say you’re sorry

On Columbus Day, I was running an errand in my Prius V, and a woman in the right lane crossed over and hit my car. The woman immediately followed me into a parking lot. I was mad because I had damage and the car would have to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Putting yourself as #1 is when you get into trouble

If there is one situation that I see consistently with plan providers landing in trouble, a good chunk of the time is when they put their needs ahead of the needs of their clients. The needs of the client should always come...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The #1 metric has to be client satisfaction

The thing I hated most of my time at that certain Long Island law firm was that the only thing they ever seem to care about what how many hours you billed per month. I still contend that monthly billable requirement leads to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - September 2021

Don’t Be Like These 401(k) Plan Providers - The beauty of being an ERISA attorney is that when you think you’ve seen it all, you’ve seen something new. While most plan providers are professional, ethical, and competent,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t Nickel and Dime Plan Providers

I sell some stuff on eBay. I’m selling collectibles I no longer want for collectibles I do want (vintage graded sports cards). I set a starting bid and a buy it now price and occasionally I’ll get the eBay member who’ll ask...more

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