News & Analysis as of

Investment Adviser Internal Revenue Code (IRC) Employee Benefits

Katten Muchin Rosenman LLP

QPAM Exemption Initial Notification Deadline Nearing

On April 2, 2024, the US Department of Labor (DOL) issued an amendment establishing new rules (New QPAM Rules) for what is commonly referred to as the "QPAM Exemption." The QPAM Exemption is the main exemption relied upon by...more

Carlton Fields

The DOL Fiduciary Rule Is Here – Are You an Investment Advice Fiduciary?

Carlton Fields on

The Department of Labor’s final definition of “investment advice” fiduciary regulation makes many more individuals fiduciaries under both the Employee Retirement Income Security Act and the Internal Revenue Code. Where for...more

Groom Law Group, Chartered

DOL Amends Fiduciary Advice Definition Regulation 

On April 23, 2024, the U.S. Department of Labor (“DOL” or “Department”) issued a final regulatory package amending its fiduciary investment advice regulation and revising numerous existing prohibited transaction exemptions...more

Carlton Fields

DOL Releases New Fiduciary Rule, Broadens Definition of Investment Advice Under ERISA

Carlton Fields on

On April 23, 2024, the Department of Labor published its long-awaited final retirement security rule broadening the definition of who is an “investment advice fiduciary” under section 3(21) of the Employee Retirement Income...more

Hogan Lovells

Department of Labor issues final regulation on investment advice fiduciaries

Hogan Lovells on

On April 23, 2024, the Department of Labor (the “DOL”) issued a final regulation (the “Final Rule”) that describes the circumstances under which a person will be considered a fiduciary for purposes of the Employee Retirement...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOL Finalizes Investment Advice Fiduciary Rule

On April 23, 2024, the U.S. Department of Labor (DOL) released its final amendments to the regulations under Section 3(21) of the Employee Retirement Income Security Act of 1974 (ERISA) defining an “investment advice...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #91: Rollover Recommendations to Participants in Government Plans

The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more

Kilpatrick

PTE 2020-02 for Investment Advice Fiduciaries: Overview and Checklist

Kilpatrick on

Overview: In general, the prohibited transaction rules (in ERISA and the Tax Code) (1) prohibit fiduciaries that provide investment advice to plans subject to Title I of ERISA (including 401(k) plans, pension plans and...more

Snell & Wilmer

With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?

Snell & Wilmer on

The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy. In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was...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.

DOL Announces Temporary Enforcement Policy and Proposes to Extend Application of Rules Under Best Interest Contract Exemption by...

Jackson Lewis P.C. on

In response to a February 3, 2017 memorandum by the President to the Secretary of Labor, on March 2, 2017, the DOL proposed to extend for 60 days the applicability date for final rules on the Best Interest Contract Exemption...more

Mintz - Employment Viewpoints

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: The Principal Transactions Exemption

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our prior posts discussed the newly expanded definition of “investment advice fiduciary” and the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

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