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Retirement › Prohibited Transactions › Department of Labor (DOL)

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (34): The “Hire Me” Exception

Faegre Drinker Biddle & Reath LLP on

The DOL’s final regulation defining non-discretionary fiduciary advice will be effective on September 23 of this year. If a conflicted fiduciary recommendation is made, the requirements (called “conditions”) of PTEs...more

Jones Day

Another 401(k) Plan Sponsor Faces Novel Suit Regarding its Use of Forfeiture Funds

Jones Day on

The Employee Retirement Income Security Act ("ERISA") plaintiffs' bar has found a new way to allege that 401(k) plan sponsors have breached their fiduciary duty....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (8): Special Issues—Robo Advice and Investment Education

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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 advice to plans, participants...more

Proskauer - Employee Benefits & Executive...

TRICK-or-TREAT? DOL Proposes Spooky New “Retirement Security Rule” That Would Expand the Scope of Fiduciary “Investment Advice”

Proskauer - Employee Benefits & Executive... on

Responding to the “terrifying” reality that conflicted investment advice is costing retirement savers billions of dollars each year, on October 31, 2023, the Department of Labor (“DOL”) issued proposed rules representing its...more

Faegre Drinker Biddle & Reath LLP

Compliance with PTE 2020-02: Mitigating Conflicts of Interest

Faegre Drinker Biddle & Reath LLP on

The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees), allows broker-dealers and their registered representatives (advisors) to receive conflicted compensation resulting...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #87: Specific Reasons for Rollover Recommendations That Won’t Work (Part 1)

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The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in...more

Mintz - Employment Viewpoints

Labor Department Issues FAQs Explaining Aspects of the 2016 Final Fiduciary Rule

Mintz - Employment Viewpoints on

In April of this year, the Department of Labor issued a suite of rules (i) expanding the class of persons and entities who are fiduciaries for purposes of ERISA and the Internal Revenue Code; (ii) providing two new prohibited...more

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