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Benefit Plan Sponsors › Department of Labor (DOL) › Financial Institutions

Bricker Graydon LLP

The Uncashed Check Conundrum - What Employers Need to Do

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A terminated employee moves and doesn’t tell you and the check for the small benefit forced out of your retirement plan gets returned. A participant requests a distribution and the check gets delivered, but it is never...more

Jackson Lewis P.C.

Missing Participants – New State Unclaimed Property Fund Option for Small Balances

Jackson Lewis P.C. on

On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more

K&L Gates LLP

QPAM Exemption Amendment—Key Takeaways and Action Steps for Advisors and Other Stakeholders

K&L Gates LLP on

Executive Summary - Many investment advisers and other financial institutions rely on the Department of Labor’s QPAM Exemption when providing services to, and transacting with, employer-sponsored retirement plans, individual...more

Faegre Drinker Biddle & Reath LLP

The New DOL Fiduciary “Rule” For Investment Advisers and Broker-Dealers and the December 20 Deadline: The Time to Act is Now

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The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #44

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The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 9) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #43

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The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 8) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

Goodwin

U.S. Department of Labor Formalizes Reinstatement of “Five Part Test” For Fiduciary Investment Advice and Proposes Broad Principal...

Goodwin on

On June 29, 2020, the U.S. Department of Labor (the Department) formally reinstated its “five-part test” for determining what constitutes “investment advice” under ERISA and Section 4975 of the Internal Revenue Code (the...more

Proskauer Rose LLP

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

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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

Burr & Forman

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

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The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

Skadden, Arps, Slate, Meagher & Flom LLP

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

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On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

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