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Benefit Plan Sponsors › Fiduciary Duty › Financial Services Industry

Carlton Fields

Considerations for Plan Sponsors in the Wake of Cunningham v. Cornell

Carlton Fields on

Excessive fee cases against plans governed by the Employee Retirement Income Security Act (ERISA) have been on the rise for the last decade. ERISA litigation is expanding with novel theories such as forfeiture litigation....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

Pullman & Comley - Labor, Employment and...

Retirement Plan Update – Forfeitures are New Focus of Fiduciary Breach Litigation

Pullman & Comley - Labor, Employment and... on

Many employer-sponsored defined contributions plans, including 401(k) profit sharing plans and money purchase pension plans include a vesting schedule – a period over which a plan participant earns a nonforfeitable right to...more

Seyfarth Shaw LLP

The DOL May Not Actually Want to Hear From You: New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The DOL updated its voluntary fiduciary correction program (“VFCP”) which was introduced over 20 years ago to allow plan sponsors to corrected enumerated fiduciary breaches. The amended VFCP now allows for self-correction of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t Fall For These 401(k) Plan Provider Gimmicks

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

A “sales gimmick” is a term that refers to a method a business employs to immediately generate demand for its product or service. I just bought Fan Fest tickets 6 months in advance because they were giving me a $30...more

A&O Shearman

DOL Issues Final Rule Amending QPAM Exemption

A&O Shearman on

On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between...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

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – DOL: What’s ahead

Eversheds Sutherland (US) LLP on

Over the next year, the Department of Labor (DOL) will likely be issuing guidance in a number of areas that could impact asset managers and financial services companies. In this Bottom Line videocast, Carol McClarnon and...more

Pillsbury Winthrop Shaw Pittman LLP

The DOL’s Fiduciary Rule Is Dead! Now What

Pillsbury Winthrop Shaw Pittman LLP on

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

Steptoe & Johnson PLLC

Retirement Plans: The Fiduciary Landscape and Best Practices to Avoid Liability for Plan Investments

Steptoe & Johnson PLLC on

The landscape surrounding retirement plans maintained by institutions of higher education has been changing in recent years, although certain critical responsibilities that are imposed on plan sponsors have been in place...more

Carlton Fields

The DOL’s Fiduciary Rule: An Update And Practical Advice

Carlton Fields on

This updates our August 15 blog entry, which targeted employers who sponsor retirement or welfare plans and are concerned about their fiduciary liabilities for properly selecting service providers....more

Bradley Arant Boult Cummings LLP

Plan Sponsors Should Take Action during the New Fiduciary Rule Transition Relief Period

Bradley Arant Boult Cummings LLP on

On November 29, the Department of Labor (DOL) announced an extension to July 1, 2019, of the previously established deadline for transition relief from many provisions of the new fiduciary rule applicable to investment...more

Katten Muchin Rosenman LLP

Department of Labor Finalizes 18-Month Extension for Simplified Compliance With the BIC Exemption Under the ERISA Fiduciary Advice...

Katten Muchin Rosenman LLP on

On November 29, the US Department of Labor (DOL) finalized its 18-month extension of the transition period under the Best Interest Contract Exemption (the "BIC Exemption"). As described in Katten's earlier advisory,...more

Eversheds Sutherland (US) LLP

The Final Rule: DOL Proposes to Extend Transition Period until July 1, 2019, and Issues Additional Non-Enforcement Policy for...

Eversheds Sutherland (US) LLP on

By a notice published in the Federal Register on August 31, 2017, the Department of Labor proposed to extend from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment...more

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