News & Analysis as of

Retirement Plan Investment Adviser Employee Benefits

Carlton Fields

Expect Focus - Volume II, May 2025

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Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty - The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more

Holland & Hart - The Benefits Dial

Truck on Fire … Supreme Court Relaxes ERISA Pleading Standards

by Alex Smith The Supreme Court recently issued a decision regarding the pleading standards for ERISA prohibited transactions claims in a case involving Cornell’s 403(b) plan to resolve a federal circuit court split. Under...more

Carlton Fields

Contingent Deferred Annuities: Time for Renewal?

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Contingent deferred annuities (CDAs) represent an interesting approach to securing lifetime income but have struggled for recognition in the marketplace since their introduction more than a decade ago. Recent developments,...more

Bradley Arant Boult Cummings LLP

How to Protect Your ESOP from Lawsuits Over Cash Holdings

At least four lawsuits have recently been filed against employee stock ownership plan (ESOP) fiduciaries alleging a failure to prudently invest cash held in the ESOP trust. While scrutiny of investments in company stock has...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When Your 401(k) Financial Advisor May Have To Be Fired

401(k) financial advisors are often handicapped by the fact that the nature of their position requires them to have an ERISA background when they don’t. It’s hard to fake an ERISA background when you don’t and it’s pretty...more

Faegre Drinker Biddle & Reath LLP

Things I Worry About (7): DOL Investigations and Unsuspecting Plan Sponsors

The DOL’s EBSA has a number of programs that can restore benefits to plans and participants. Those include: - Civil investigations. - Criminal investigations. - Informal compliant resolutions. - Correction programs. ...more

Proskauer - Employee Benefits & Executive...

401(k) Plan Fiduciaries Breached ERISA’s Duty of Loyalty By Allowing ESG Interests To Influence Management Of The Plan

Last week, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas, issued the first-of-its-kind ruling on the merits pertaining to environmental, social, and corporate governance (“ESG”) investing...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Sageview buys OnTrack 401(k)

SageView Advisory Group has announced its acquisition of OnTrack 401(k), based in Frederick, Maryland....more

Carlton Fields

Expect Focus - Volume IlI, September 2024

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Gone With the Wind? Closed-End Funds Risk Extinction - Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more

Carlton Fields

Changes for Producer Award Trips at IMOs? Fiduciary Rule Suggests Turbulence Ahead

Carlton Fields on

In April 2024, the U.S. Department of Labor issued its long-awaited retirement security rule, also known as the fiduciary rule, broadening the definition of who is an “investment advice fiduciary” under the Employee...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (49): Recommendations to Transfer IRAs (NAIC)

The stay of the effective dates of the amended fiduciary regulation and amended exemptions means that the “old” DOL fiduciary regulation (the 5-part test) and the existing exemptions continue in effect indefinitely....more

Carlton Fields

DOL Fiduciary Rule Saga Continues: 2024 Fiduciary Rule Halted by Texas District Courts

Carlton Fields on

The Federation of Americans for Consumer Choice v. Department of Labor case was the first case challenging the Department of Labor’s 2024 retirement security rule defining who is an investment advice fiduciary. It was...more

Lathrop GPM

Retirement Security Fiduciary Rule Stayed

Lathrop GPM on

Under recently finalized federal regulations (commonly referred to as the “Fiduciary Rule”) that were scheduled to become effective on September 23, 2024, the U.S. Department of Labor intended to expand the fiduciary...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

Quarles & Brady LLP

Employer’s Duty to Monitor Retirement Plan’s New Investment Advice Fiduciaries

Quarles & Brady LLP on

In April 2024, the U.S. Department of Labor (DOL) released final rules that are intended to protect retirement savings from disloyal or dishonest recommendations from investment advisors. The new rules treat an investment...more

Goodwin

The U.S. Department Of Labor’s New Definition of Fiduciary Investment Advice Is Finalized (Again)

Goodwin on

The Department of Labor (DOL) has issued a new regulation defining fiduciary “investment advice” under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and Section 4975 of the Internal Revenue Code of...more

Kilpatrick

The Department of Labor's Final Investment Advice Rule

Kilpatrick on

On April 25, 2024, the Department of Labor (“DOL”) published in the Federal Register its final regulation on its "fiduciary rule" (the "Final Regulation") clarifying when fiduciary status under the Employee Retirement Income...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (36): Confusion about Annual Retrospective Reviews

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more

Bond Schoeneck & King PLLC

Are You a Fiduciary? The New Definition of an Investment Advice Fiduciary

On April 25, 2024, the United States Department of Labor (USDOL) issued a final rule, the “Retirement Security Rule,” that significantly alters the definition of a “fiduciary” under the Employee Retirement Income Security Act...more

Miller Canfield

DOL’s Latest Regulatory Package Expands Definition of Fiduciary

Miller Canfield on

The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more

Carlton Fields

The DOL Fiduciary Rule Is Here – Are You an Investment Advice Fiduciary?

Carlton Fields on

The Department of Labor’s final definition of “investment advice” fiduciary regulation makes many more individuals fiduciaries under both the Employee Retirement Income Security Act and the Internal Revenue Code. Where for...more

Davis Wright Tremaine LLP

Excessive Fees or Incessant Litigation – Time for Legislative and Employer Action on Retirement Plans!

Commonly referred to as "excessive fee" litigation, class actions that allege retirement plan investments charge too much and earn too little have increased over the past two decades. Excessive fee cases are difficult to...more

Carlton Fields

Expect Focus - Volume II, May 2024

Carlton Fields on

Last Lap in SEC RILA Rulemaking Critical Unresolved Issues - Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (33): The DOL’s Final PTE 84-24

On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more

Polsinelli

New Final Department of Labor Rules on Investment Advice are Immediately Challenged in Court

Polsinelli on

The U.S. Department of Labor (“DOL”) recently issued final, new regulations (the “rules”) regarding who is considered an investment advice fiduciary that are slated to become generally effective on September 23, 2024, as well...more

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