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Fiduciary Duty Department of Labor (DOL) Corporate Counsel

Snell & Wilmer

Five Things to Know about the DOL’s New VFCP Self-Correction Feature Taking Effect Next Week

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By Amberlee Lapointe On January 14, 2025, the DOL’s Employee Benefits Security Administration (“EBSA”) released updates to its Voluntary Fiduciary Correction Program (“VFCP”), along with a News Release and Fact Sheet...more

Warner Norcross + Judd

Key Update on WARN Act: Bankruptcy Court Limits Employer Liability in Mass Layoffs

The Federal Worker Adjustment Retraining Notification (WARN) Act requires employers to give workers 60 days’ written notice of a plant closing or mass termination. In the latest update to an important case interpreting the...more

Kaufman & Canoles

ESOPs, Benefits & Compensation Client Alert - January 2025

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On January 16, the Department of Labor released long-awaited guidance on how to determine the value of employer stock in purchase and sale transactions involving an ESOP. Unfortunately for those in the ESOP community hoping...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

ArentFox Schiff

Airline 401k Decision Illustrates Continued Takeoff of ESG Litigation

ArentFox Schiff on

A Texas federal judge recently permitted an environmental, social, and governance- (ESG) related Employee Retirement Income Security Act (ERISA) case filed by an airline pilot against his employer and its benefits plan to...more

McDermott Will & Schulte

Takeaways from a Recent COBRA Notice Class Action Settlement

Recent years have seen a barrage of class action lawsuits alleging that group health plan continuation coverage election notices, required under the Consolidated Omnibus Budget Reconciliation Act (COBRA), are deficient in one...more

Latham & Watkins LLP

DOL Final Rule on ESG Factors to Take Effect February 1, 2023

Latham & Watkins LLP on

The Final Rule clarifies the application of ERISA’s fiduciary duties of prudence and loyalty to the selection of plan investments that incorporate ESG goals. On November 22, 2022, the US Department of Labor (DOL) released a...more

Mintz

Department of Labor Enables Consideration of ESG Factors in ERISA Investments

Mintz on

Yesterday, the Department of Labor "released a final rule under the Employee Retirement Income Security Act (ERISA) . . . [that] clarif[ied] that fiduciaries may consider climate change and other environmental, social, and...more

Groom Law Group, Chartered

DOL Cybersecurity Investigations: The Trap Door to Endless Document Requests?

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

Seyfarth Shaw LLP

Between A Rock and A Hard Place... ESG Investments in 401(k) Plan Line-Ups

Seyfarth Shaw LLP on

Seyfarth Synopsis: The ever evolving landscape of environmental, social and governance (ESG) factors and 401(k) plan investment options may have just become even more complicated....more

Fisher Phillips

The Top 14 Workplace Law Stories from January 2022

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It’s hard to keep up with all the recent changes to labor and employment law. While the law always seems to evolve at a rapid pace, there have been an unprecedented number of changes for the past few years—and this past month...more

Akerman LLP

DOL to Begin Enforcement of New Fiduciary Advice Exemption

Akerman LLP on

On December 18, 2020, the United States Department of Labor (the DOL) adopted Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees (PTE 2020-02 or the Exemption), a new prohibited...more

Seyfarth Shaw LLP

Another Swing in DOL Investment Position

Seyfarth Shaw LLP on

Seyfarth Synopsis: Reminiscent of the DOL’s about-face on ESG investing by ERISA fiduciaries [discussed here], this week the DOL has issued a “supplemental statement” on its view of the use of private equity investments in...more

Seyfarth Shaw LLP

Feeling Like a Yo-Yo? Latest Swing in ESG Investments and ERISA’s Fiduciary Duties

Seyfarth Shaw LLP on

Seyfarth Synopsis: For those of you following the saga of ERISA’s fiduciary duties and ESG investing, we are nearing a possible finish line. The latest turn in the saga came when the DOL issued a new set of proposed...more

Verrill

Thoughts on the DOL’s Proposed ESG Regulation

Verrill on

The latest installment in the regulatory back-and-forth over the investment of ERISA-governed retirement plan assets based on environmental, social, and corporate governance (“ESG”) factors arrived on October 14, 2021 in the...more

Kilpatrick

Fiduciary Duty IS Coming to Privacy – Through Your Benefit Plans!

Kilpatrick on

While all businesses have been grappling with cybersecurity challenges for years, cybersecurity has recently come into focus for retirement plans, health and welfare plans and other ERISA plans due to a new Department of...more

Jackson Lewis P.C.

About That Pension Check… A Miscalculation Case With Broader Implications

Jackson Lewis P.C. on

The Ninth Circuit Court of Appeals recently addressed several issues of first impression in Bafford v. Northrop Grumman (9th Cir. April 15, 2021), a lawsuit involving retirees who received vastly overstated pension benefit...more

Latham & Watkins LLP

US Department of Labor Puts ESG Investing on Ice

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In its finalized rule amending ERISA, the DOL makes financial factors paramount in a fiduciary’s responsibility to investors. On October 30, 2020, the US Department of Labor (DOL) published Financial Factors in Selecting...more

Faegre Drinker Biddle & Reath LLP

DOL Issues Guidance on Private Equity Investments in 401(k) Plans

The Department of Labor (DOL) recently issued guidance in the form of an Information Letter describing the process that plan fiduciaries should undertake in determining whether an investment fund having a private equity...more

Groom Law Group, Chartered

DOL Presses Forward With Lifetime Income Disclosure in Defined Contribution Plans

On August 18, 2020, the Department of Labor (the “DOL”) issued an interim final rule (the “IFR”) implementing Section 203 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), which...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You Can Learn Something New Every Day

As an ERISA attorney, I always have an open phone policy with plan sponsors, financial advisors, accountants, TPAs, and other attorneys from around the country on questions they may have about their plan or a client’s...more

McDermott Will & Schulte

Oracle Granted Partial Summary Judgment in 401(k) Fees/Investment Option Case

The US District Court for the District of Colorado granted partial summary judgment to 401(k) fiduciaries, holding that ERISA’s six-year statute of repose barred some claims and rejecting challenges to the plan’s fees....more

McDermott Will & Schulte

ERISA Plan Controversy: Rising Stakes for Those Unprepared

WHAT’S THE EXPOSURE? • Settlements up to $140 million • Last year alone, settlements of $17 million, $22 million, $24 million, and among others • Plaintiffs’ lawyers generally get 1/3 of the settlement amounts • Plaintiffs’...more

Fox Rothschild LLP

Hunting For Retirement Plan Participants? New IRS Guidance And The Expanded PBGC Missing Participants Program Should Help

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Plan administrators might feel it is the participant’s responsibility to keep a plan administrator informed of their address changes; however, it is the view of the Department of Labor (DOL) that a plan administrator’s...more

Littler

Labor Secretary Discusses DOL Priorities During House Committee Hearing

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Labor Secretary Alexander Acosta fielded a range of questions on the DOL's priorities during a November 15 hearing before the House Committee on Education and the Workforce. Although members of the Committee inquired about...more

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