News & Analysis as of

Department of Labor (DOL) Benefit Plan Sponsors Individual Retirement Account (IRA)

Ogletree, Deakins, Nash, Smoak & Stewart,...

What Will Trump 2.0 Mean for Employee Benefits? - One Place to Look for Clues: Project 2025

Even as high-priority issues such as diversity, equity, and inclusion (DEI), immigration, and Ukraine take center stage in the first months of the new presidential administration, many employers are wondering what the next...more

Jackson Lewis P.C.

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

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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

McCarter & English, LLP

DOL Issues Guidance on Retirement Plan Treatment of Missing Participants with Small Balances

The United States Department of Labor (DOL) has released Field Assistance Bulletin 2025-01 (the Bulletin), providing much-needed guidance to fiduciaries of retirement plans covered by the Employee Retirement Income Security...more

Seyfarth Shaw LLP

Missing Participants – What to do With Abandoned Accounts

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Over the years, plan sponsors and administrators have wrestled with the question of what to do with the accounts of participants who left employment years earlier and cannot now be located. ...more

Bricker Graydon LLP

Considering Auto-Portability for your Retirement Plan?

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We have noticed an increasing number of employers reaching out with questions about whether they should have their defined contribution plan join the auto-portability network. ...more

Davis Wright Tremaine LLP

Labor Department Finalizes Investment Advice Fiduciary Rule Under ERISA

For the second time in a decade, the Department of Labor (DOL) attempted to expand the reach (and requirements) of the Employee Retirement Income Security Act of 1974 (ERISA). On April 23, 2024, DOL succeeded and announced...more

Pillsbury Winthrop Shaw Pittman LLP

DOL Expands Investment Advice Subject to Fiduciary Liability

Following previous failed attempts to expand the fiduciary liability of financial services providers, the DOL released a new rule that broadens the definition of “fiduciary” under ERISA. The new rule is expected to face...more

Proskauer - Employee Benefits & Executive...

DOL Unveils Final Amendment to QPAM Exemption

On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more

Goodwin

The Department of Labor Finalizes Changes to the QPAM Exemption - A Favored Management Tool Gets Less User-Friendly

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On April 3, 2024, the Department of Labor (DOL) published final changes to Prohibited Transaction Class Exemption 84-14, commonly known as the “QPAM Exemption”. The changes make reliance on the QPAM Exemption more burdensome...more

Bricker Graydon LLP

Knock Knock, Is Anyone Home? Do You Know Where Your “Missing” Retirement Plan Participants Are?

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In the laundry list of retirement plan administrative and operational requirements, plan sponsors may sometimes overlook their obligations with respect to terminated vested employees. Even though these individuals have left...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Regulatory Agenda and a New Fiduciary Rule

The DOL has not appealed the decision in the Florida Federal District Court that vacated its fiduciary “re-interpretation.” That re-interpretation, in effect, said that ongoing investment advice to a rollover IRA could be...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2023 Client Update

Kaufman & Canoles on

Welcome to Spring! We hope the new season finds you ready for the upcoming benefits changes that 2023 has in store. ...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Act of 2022 Arrives: (Another) Landmark Retirement Package

The wait is over for SECURE 2.0, a long-awaited (and debated) package of retirement plan reforms.  Today, Congress passed the “SECURE 2.0 Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is...more

Eversheds Sutherland (US) LLP

Unlocking the process: Guide to ERISA individual prohibited transaction exemptions

Since 1996, the US Department of Labor granted more than 1,200 individual exemptions from the ERISA prohibited transaction rules. One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more

Epstein Becker & Green

[Webinar] Hot Topics and Trends in Employee Benefits: What Employers Need to Know - November 3rd, 12:00 pm - 1:30 pm ET

Epstein Becker & Green on

Attorneys from our Employee Benefits and Executive Compensation practice provide insights on current issues facing various types of employee benefits programs. Topics include: - Cybersecurity - DOL Audit Initiatives -...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

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 #43

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

Eversheds Sutherland (US) LLP

Moving On: The array of ERISA compliance solutions for rollover advice

The US Department of Labor’s (DOL) new interpretation that rollover advice may be fiduciary “investment advice” for purposes of the Employee Retirement Income Security Act of 1974, as amended (ERISA), will compel companies...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Fiduciary Interpretation and Exemption: Impact on Rollover Recommendations

On December 18, 2020, the Department of Labor published its expansion of the fiduciary interpretation and exemption for conflicted advice in the Federal Register. (Prohibited Transaction Exemption 2020-02, Improving...more

Burr & Forman

The Countdown Begins for Lifetime Income Disclosures

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The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Change the neglected part of automatic rollovers with FPS

One of the most forgotten parts of a 401(k) plan is the automatic rollover and who the automatic rollover provider is. I was going through a Department of Labor audit on a terminated plan and they asked me how the automatic...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SECURE Act bring the annuity thing back

I’m not a fan of annuities, especially in 401(k) plans. Yet, it seems that the insurance industry got their say with the addition of annuities in the SECURE Act. The SECURE Act includes three law additions that might...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - February 2020

The beauty of the retirement plan business is that it isn't static, it's constantly changing. One of the reasons that it constantly changes is changes in the Internal Revenue Code, ERISA, and regulations. The SECURE Act is...more

Vedder Price

The SECURE Act and Its Impact on Retirement Plans

Vedder Price on

On December 20, 2019, after months of uncertainty, the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act finally became law. The SECURE Act makes numerous changes to both the Internal Revenue Code (IRC) and...more

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