Crypto may be back on the table for 401(k) plans, but fiduciary duties remain as demanding as ever. On May 28, 2025, the U.S. Department of Labor Employee Benefits Security Administration (DOL) issued Compliance Assistance...more
In light of a new DOL audit initiative and increasing cybersecurity threats to ERISA benefit plans, ERISA plan sponsors and fiduciaries should be prepared to answer some important questions: Do the cybersecurity programs of...more
6/24/2021
/ 401k ,
Audits ,
Cybersecurity ,
Data Protection ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fraud ,
Individual Retirement Account (IRA) ,
New Guidance ,
Popular ,
Retirement Plan ,
Third-Party Service Provider
The Fifth Circuit Court of Appeals’ rejection of the DOL’s Fiduciary rule reintroduces the 1975 five-factor fiduciary test and creates uncertainty for plan sponsors, plan fiduciaries and investment advisors.
After years of...more
6/29/2018
/ Administrative Procedure Act ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Chevron Deference ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Regulatory Oversight ,
Retirement Plan
The future of the Department of Labor’s Fiduciary rule is in limbo following the Fifth Circuit’s decision striking it down “in toto.”
The future of the Fiduciary rule is uncertain, particularly in light of the Fifth...more
4/12/2018
/ Administrative Procedure Act ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Legislation enacted in recent months should result in fewer operational errors and expanded participant opportunities.
The Tax Cuts and Jobs Act extends the period a participant may make a tax-free loan rollover to an IRA...more
3/9/2018
/ 401k ,
Benefit Plan Sponsors ,
Bi-Partison Balanced Budget Act (BBA) ,
Employee Benefits ,
Hardship Distributions ,
IRA Rollovers ,
QMAC ,
QNEC ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Wildfires
The department extends non-enforcement policy until July 1, 2019 and plans to propose a new streamlined class exemption under the Fiduciary rule.
The DOL finalized its delay of certain portions of the Fiduciary rule until...more
12/15/2017
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Trump Administration
On April 7, 2017, the Department of Labor (DOL) published a final rule delaying the applicability date of the “Fiduciary” rule and certain “Prohibited Transaction Exemption” rules (the Rules) for 60 days from April 10, 2017...more
5/3/2017
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
First Amendment ,
Free Speech ,
Investment Adviser ,
Retirement Plan ,
Trump Administration
On March 2, 2017, the Department of Labor (DOL) proposed to delay the applicability date of the “Fiduciary” rule by 60 days. The DOL issued the proposal in response to the February 3, 2017, Presidential Memorandum...more
The Employee Retirement Income Security Act of 1974, as amended (ERISA), protects plan participant benefits and account balances by imposing high standards of care on the plan’s fiduciaries. Fiduciaries who do not follow...more
9/6/2016
/ Cybersecurity ,
Department of Health and Human Services (HHS) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Duty ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HITECH Act ,
PHI ,
Retirement ,
Retirement Plan
On May 18th, the U.S. Supreme Court unanimously held in Tibble et al. v. Edison International et al., No. 13-550 (S. Ct. May 18, 2015) that ordinary principles of trust law impose on ERISA fiduciaries a duty to continually...more
In IRS Notice 2014-19 and accompanying FAQs, the Internal Revenue Service (“IRS”) issued long-awaited guidance addressing the treatment of same-sex spouses under qualified retirement plans such as 401(k) and defined benefit...more