Positive news for employers: the Department of Labor (DOL) announced it will no longer enforce the 2024 Biden-era independent contractor final rule that aimed to reclassify gig workers as employees rather than independent...more
On June 24, 2020, the U.S. Department of Labor (DOL) issued a Field Assistance Bulletin changing the DOL’s typical practice of seeking liquidated damages in settlements in lieu of litigation. Specifically, Field Assistance...more
Although the document itself is fairly dense and complex, specifically focusing on the home-care registry industry, the Labor Department’s latest field assistance bulletin could provide a helpful clue to gig economy companies...more
On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing...more
If you have an account in a retirement plan where you work or you own an Individual Retirement Account, you may get investment advice from an investment advisor. You might expect that advisor to give you advice that was in...more
The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more
Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule. The fiduciary rule – a vestige of the Obama Administration – was thought to...more
The Department of Labor (DOL) released Field Assistance Bulletin 2017-01 on March 10, 2017, which outlines a temporary enforcement policy related to its final fiduciary rule. Background - On February 3, 2017,...more
On March 10, 2017, the Department of Labor (“DOL”) issued “Field Assistance Bulletin No. 2017-01,” notifying financial services firms that the DOL will not, “in the short term,” pursue enforcement of its proposed new...more
As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. ...more
The DOL issued a Field Assistance Bulletin addressing both a situation in which the final rule delaying the prior fiduciary rules is not issued before April 10, 2017 when those rules take effect and a situation in which the...more