On January 16, 2025, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released two pieces of guidance that, if finalized, would dramatically change the landscape for fiduciaries responsible...more
2/5/2025
/ Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ESOP ,
Executive Orders ,
Fiduciary Duty ,
Legislative Agendas ,
New Regulations ,
Pensions ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Regulatory Agenda ,
Retirement Plan ,
Trump Administration
Earlier this spring, McDermott Partner Erin Turley delivered a presentation about the impacts of recent Employee Retirement Income Security Act of 1974 (ERISA) litigation. Lawsuits now target both large and small employee...more
On May 18, 2021, the Internal Revenue Service (IRS) issued much-anticipated Notice 2021-31 (the Notice) regarding the Consolidated Omnibus Budget Reconciliation Act (COBRA) premium subsidy provisions of the American Rescue...more
6/3/2021
/ American Rescue Plan Act of 2021 ,
Beneficiaries ,
COBRA ,
Coronavirus/COVID-19 ,
Covered Employees ,
Department of Labor (DOL) ,
Eligibility ,
Employee Benefits ,
Employer Group Health Plans ,
IRS ,
Premium Subsidies ,
Time Extensions
On October 30, 2020, the US Department of Labor (the DOL) issued a final rule to codify standards for how plan fiduciaries must consider financial factors when selecting and monitoring plan investments (the “Financial Factors...more
The 2019 ESOP National Conference, an annual gathering for employee owners from all levels, association volunteer leaders and expert professionals, took place May 22–24. Two McDermott partners, Theodore (Ted) M. Becker and...more
Overview of Benefit Plan Audits (Agencies Conducting Audits) -
..Internal Revenue Service (IRS)
– Reviews both health and welfare plans and qualified retirement plans
– Primary jurisdiction over qualified status of retirement...more
The US Department of Labor has taken the position that certain indemnification clauses are void against public policy under Section 410 of ERISA. This policy has been adopted by private plaintiff classes; as evident from a...more
Through a series of recent settlements, the US Department of Labor has outlined the process steps fiduciaries should follow in connection with a transaction involving a purchase from, or sale to, an employee stock ownership...more
The US Department of Labor’s new fiduciary rule is aimed at financial advisors, including brokers, who provide retirement plan services. However, the new rule will impact compliance obligations and potentially, costs for plan...more
7/9/2016
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Duty to Monitor ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Retirement Plan ,
Retirement Plan Providers ,
Tibble v Edison Int