The Department of Labor (“DOL”) recently issued final rules (the “Final Rules”) which expanded what it means to provide fiduciary “investment advice” under ERISA and Section 4975 of the Code (discussed here). The Final Rules...more
On April 23, 2024, the Department of Labor (“DOL”) issued final rules which expand what it means to provide fiduciary “investment advice” under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and...more
On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more
4/17/2024
/ Benefit Plan Sponsors ,
Criminal Convictions ,
Deferred Prosecution Agreements ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Individual Retirement Account (IRA) ,
Inflation Adjustments ,
Investment Management ,
Non-Prosecution Agreements ,
QPAM ,
Recordkeeping Requirements ,
Willful Misconduct
The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more
12/11/2023
/ Compliance ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
Proposed Amendments ,
Proposed Rules ,
Securities ,
Valuation
The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more
11/28/2023
/ 401k ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary-Standards ,
Individual Retirement Account (IRA) ,
Investment ,
Investors ,
IRA Rollovers ,
Proposed Amendments ,
Proposed Rules ,
PTEs ,
Securities and Exchange Commission (SEC)
In addition to the excitement of the upcoming outdoor concert season, Proskauer’s lawyers are anxiously awaiting VERY different forms of entertainment:
the next installment of the never-ending saga of U.S. Department of...more
5/19/2023
/ Appeals ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
Proposed Amendments ,
QPAM
On December 18, 2020, the U.S. Department of Labor (the “DOL”) published in the Federal Register a final prohibited transaction class exemption (the “Exemption”) that allows “investment advice” fiduciaries to provide advice...more
1/21/2021
/ Best Interest Contract Exemptions ,
Biden Administration ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
Regulation Best Interest ,
Retirement Plan
Proposed ERISA Restrictions on ESG Investing -
On June 23, 2020, the U.S. Department of Labor (the “DOL”) issued a proposed rule that would limit when and how fiduciaries of plans subject to the U.S. Employee Retirement...more
7/20/2020
/ 401k ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Management ,
New Guidance ,
Proposed Rules ,
Regulation Best Interest ,
Retirement Plan
The U.S. Department of Labor’s (the “DOL”) new “fiduciary rule” package, issued on June 29, 2020, and published in the Federal Register on July 7, 2020, has three important components...more
7/13/2020
/ Best Interest Standard ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Field Assistance Bulletins ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
New Rules ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Editor's Overview -
For over two decades, federal law has required covered health plans and insurers to ensure that certain mental health benefits are in parity with offered medical/surgical benefits. The meaning of...more
1/9/2018
/ 401k ,
Affordable Care Act ,
Attorney's Fees ,
Benefit Plan Sponsors ,
Claim Procedures ,
Compensation & Benefits ,
Cost-Sharing ,
Deferred Compensation ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Disability ,
Disability Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Health Savings Accounts ,
Healthcare Facilities ,
Healthcare Reform ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Mental Health ,
Mental Health Parity Rule ,
MHPAEA ,
Public Health Service Act ,
QMAC ,
QNEC ,
Securities and Exchange Commission (SEC) ,
Sexual Harassment ,
Shared Responsibility Rule ,
Statute of Repose ,
Tax Deductions ,
Tax Reform ,
User Fees
The U.S. Department of Labor's (DOL) final rule significantly expanding when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) as a...more
5/29/2017
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Final Rules ,
Fund Managers ,
Hedge Funds ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Popular ,
Private Equity ,
Retirement Plan
On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more
7/20/2016
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exclusions ,
Fees ,
Fiduciary Duty ,
Financial Institutions ,
Fund Managers ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Pensions ,
Private Investment Funds ,
PTEs ,
Retirement Plan ,
Retirement Plan Providers
On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more
4/20/2016
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
Broker-Dealer ,
CFTC ,
Compensation ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
PTEs ,
Retirement Plan ,
Securities ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers
On April 14, 2015, the U.S. Department of Labor (DOL) issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement...more