On April 17, 2025, the Supreme Court ruled in Cunningham v. Cornell University that, to state a claim under ERISA section 406(a), plaintiffs need only allege the elements contained in section 406(a). Prior to the Supreme...more
On April 25, 2024, the U.S. Department of Labor (“DOL”) published its much-anticipated final regulation on the definition of “fiduciary” under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as...more
On April 23, 2024, the U.S. Department of Labor (“DOL” or “Department”) issued a final regulatory package amending its fiduciary investment advice regulation and revising numerous existing prohibited transaction exemptions...more
On April 25, 2024, the U.S. Department of Labor (“DOL”) published its much-anticipated final regulation on the definition of “fiduciary” under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as...more
The SECURE 2.0 Act of 2022 directed the Department of Labor (“DOL”) to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and...more
The Department of Labor’s (“DOL”) prohibited transaction exemption procedures provide an opportunity for plan sponsors, service providers, industry groups, or others to apply for permission to engage in a variety of...more
In a September 29, 2023 Advisory Opinion issued to Citigroup Inc. (“Citi”), the Department of Labor (“DOL”) addressed several key ERISA implications arising in connection with a Citi Racial Equity Program (the “Program”). ...more
In the past month, plaintiffs have filed two separate lawsuits – Dimou v. Thermo Fisher Scientific, Inc. and Rodriguez v. Intuit, Inc – accusing plan fiduciaries of violating the Employee Retirement Income Security Act of...more
Does combining a recommendation to take a rollover from a retirement plan with post-rollover advice mean that advice is being provided on a “regular basis” under the Department of Labor’s (“DOL”) five-part test for fiduciary...more
Yesterday, the Senate passed the Consolidated Appropriations Act of 2023 (the “CAA”) to fund the government through September 30, 2023. Division T of the legislation is the SECURE 2.0 Act of 2022 (“SECURE 2.0”), which builds...more
The Department of Labor (the “DOL”) recently finalized a regulation amending the rules under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), related to the selection of plan investments and the...more
A September 27, 2022 decision by the Southern District of New York addresses several key theories recently advanced by the plaintiffs’ bar in ERISA-based lawsuits against plan service providers. In Carfora v. TIAA, S.D.N.Y....more
On September 6, 2022, the Department of Labor (the “Department”) published an Interpretive Bulletin entitled “Independence of Employee Benefit Plan Accountants” (the “Bulletin” or “IB 2022-01”) superseding previous guidance...more
Parties involved in a Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) investigation often ask a simple question: how much information am I obligated to provide the DOL in response to an...more
On August 1, 2022, the United States Court of Appeals for the Seventh Circuit affirmed the lower court’s dismissal of a “stock drop” lawsuit against Boeing. The Seventh Circuit based its conclusion on the fact that an...more
One day after President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets, the Department of Labor’s Employee Benefits Security Administration (“DOL”) issued Compliance Assistance Release No....more
The Employee Benefits Security Administration (“EBSA”) issued its enforcement fact sheet showing that EBSA recovered $1.9 billion from its investigations during the fiscal year ended September 30th, 2021, underscoring that...more
On April 13, 2021, the Department of Labor (“DOL”) issued a set of Frequently Asked Questions (“FAQs”) on the DOL’s new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption (“PTE”)...more
On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or...more
On November 14, 2020, the Department of Labor (“DOL”) published the final rule “Registration Requirements for Pooled Plan Providers” (the “Final Rule”). The Final Rule describes the registration requirements for those seeking...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (Pub. L. 116-94, Division O, the “SECURE Act”) created a new structure through which completely unrelated employers can participate in a single defined...more
8/28/2020
/ Comment Period ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Form 5500 ,
PEP ,
Proposed Rules ,
Retirement Plan ,
Retirement Plan Providers ,
Rulemaking Process ,
SECURE Act
On June 23, 2020, the Department of Labor (“DOL”) issued a proposed regulation (the “Proposed Rule”) defining plan fiduciaries’ duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) when considering...more
Join Groom attorneys on Tuesday, June 30, 2020 from 2:00 – 2:45 p.m. ET to discuss the Department of Labor’s proposed rule clarifying plan fiduciaries’ duties when considering investments that incorporate environmental,...more
Brief Takeaway -
As a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), plan sponsors and service providers across the country are bracing for a flurry of participant activity with respect to...more
4/16/2020
/ Breach of Duty ,
CARES Act ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fraud ,
Relief Measures ,
Retirement Plan