News & Analysis as of

Retirement Plan Department of Labor (DOL) Investment Management

Seyfarth Shaw LLP

The Department of Labor’s Expanded Cybersecurity Guidance: What ERISA Plan Sponsors and Fiduciaries Need to Know

Seyfarth Shaw LLP on

On September 6, 2024, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2024-01, titled “Cybersecurity Guidance Update.” The updated guidance clarifies that the DOL cybersecurity guidance applies to...more

Patterson Belknap Webb & Tyler LLP

DOL Updates and Confirms Cybersecurity Guidance Applies to All ERISA Plans

In September 2024, the U.S. Department of Labor (the “DOL”) released Compliance Assistance Release No. 2024-01 and its updated cybersecurity guidance for employers that sponsor employee benefit plans governed by the Employee...more

Carlton Fields

Changes for Producer Award Trips at IMOs? Fiduciary Rule Suggests Turbulence Ahead

Carlton Fields on

In April 2024, the U.S. Department of Labor issued its long-awaited retirement security rule, also known as the fiduciary rule, broadening the definition of who is an “investment advice fiduciary” under the Employee...more

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

Carlton Fields on

The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

Goodwin

Minding the Store: Unanticipated ESG Issues Affecting ERISA Fiduciary Supervision

Goodwin on

A recent summary judgment decision from the U.S. District Court for the Northern District of Texas in an ERISA (Employee Retirement Income Security Act) class action challenging the alleged impact of environmental, social,...more

Morrison & Foerster LLP

Amendment To QPAM Exemption

The Department of Labor (DOL) recently issued a final amendment (“Final Amendment”) to Prohibited Transaction Exemption (PTE) 84-14, which is otherwise known as the “QPAM Exemption.” The QPAM Exemption is a prohibited...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (36): Confusion about Annual Retrospective Reviews

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more

Lowenstein Sandler LLP

Staying Compliant: Understanding the New QPAM Exemption Rules

Lowenstein Sandler LLP on

In today’s episode, Andrew E. Graw, Megan Monson, and Jessica I. Kriegsfeld address the U.S. Department of Labor’s final amendment to Prohibited Transaction Class Exemption 84-14, commonly known as the QPAM exemption, and its...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

Bricker Graydon LLP

DOL Fiduciary Investment Advice - We Have Tread This Road Before, Has Anything Changed for Advisors?

Bricker Graydon LLP on

The Department of Labor (DOL) recently released the Retirement Security Rule - yet another iteration of its updated fiduciary rule that has been kicking around the agency for over a decade....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (33): The DOL’s Final PTE 84-24

On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (32): The DOL’s Final PTE 2020-02

On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more

Polsinelli

New Final Department of Labor Rules on Investment Advice are Immediately Challenged in Court

Polsinelli on

The U.S. Department of Labor (“DOL”) recently issued final, new regulations (the “rules”) regarding who is considered an investment advice fiduciary that are slated to become generally effective on September 23, 2024, as well...more

Seyfarth Shaw LLP

A Matter of Trust – DOL Issues Final Amendment Broadly Expanding Definition of Investment Advice Fiduciary

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Seyfarth Synopsis: On April 23, 2024, the Department of Labor released its latest attempt to amend its 1975 “fiduciary rule” and seven prohibited transaction class exemptions issued between 1975 and 2020 that investment...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

Brownstein Hyatt Farber Schreck

Fiduciary Rule 4.0 Released

On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more

Latham & Watkins LLP

Raising the Bar: DOL’s Amendment Sets Higher Standards for QPAM Qualification

Latham & Watkins LLP on

The DOL’s final amendment to the QPAM Exemption sets forth more rigorous compliance requirements and expands the circumstances of ineligibility, potentially affecting the operations and compliance procedures of investment...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

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

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (22): Can Wholesalers Become Fiduciaries

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

Goodwin

Rushing to Chaos: The U.S. Department of Labor’s Well-Intentioned, Yet Unworkable Proposal to Redefine Fiduciary Investment Advice

Goodwin on

In November 2023, the U.S. Department of Labor (DOL) released a new proposed regulation changing the definition of fiduciary “investment advice” under Title I of ERISA and Section 4975 of the Code. ...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (10): What is An Investment? (Part 2)

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

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - New Federal Rule Aims to Hold Investment Advisors to a Higher Standard

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Ali Pino, a principal and retirement plan consultant with Spherient Advisors, who discusses the proposed Department of Labor rule...more

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