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Retirement Plan › Fiduciary › Internal Revenue Service

Venable LLP

Self-Correction Now Available for Delinquent Participant Contributions and Loan Failures

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The DOL recently updated the Voluntary Fiduciary Correction Program (VFCP). The VFCP encourages employers to voluntarily correct certain violations of ERISA to avoid DOL civil enforcement penalties....more

The Wagner Law Group

Update – Recent Developments in Forfeiture Cases

The Wagner Law Group on

The Wagner Law Group continues to monitor the recent flood of retirement plan “forfeiture” litigation. This alert is our eighth update reporting on and analyzing the nature of the claims raised by plaintiffs, the defenses...more

DLA Piper

Qualified Retirement Plans Agenda

DLA Piper on

Our qualified retirement plans agenda outlines current legislative, litigation, and other developments concerning tax-qualified retirement plans. Sponsors are encouraged to be aware of these issues and assess whether any...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Faegre Drinker Biddle & Reath LLP

The DOL’s Fiduciary Interpretation and the Florida Court Decision

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In 2020, the Department of Labor (DOL) issued its Prohibited Transaction Exemption (PTE) 2020-02 to provide an exemption to most prohibited transactions resulting from nondiscretionary fiduciary advice to retirement plans...more

Proskauer - Employee Benefits & Executive...

DOL Proposes Self-Correction Option and Other Changes to Voluntary Fiduciary Correction Program

Proskauer - Employee Benefits & Executive... on

The U.S. Department of Labor (the “DOL”) proposed changes to its Voluntary Fiduciary Correction Program (the “VFCP”) in November for the first time since 2006. The most significant change is the addition of a self-correction...more

Faegre Drinker Biddle & Reath LLP

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

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When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more

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

ERISA Cybersecurity Lessons for Employers

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

Retirement plans are increasingly subject to cybersecurity issues, and the U.S. Department of Labor (DOL) is taking notice. On April 14, 2021, the DOL published cybersecurity guidance “for plan sponsors, plan fiduciaries,...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

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

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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

Woods Rogers

COVID-19 and Retirement Plan Fiduciary Obligations

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Under ERISA, the federal law that regulates retirement and 401(k) plans, plan fiduciaries are required to prudently administer the plan, select and monitor plan investments and sufficiently diversify plan assets to minimize...more

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