Fiduciary Rules and Practices
In MarketBeat, John Iekel writes about a blog entry in which Winston & Strawn LLP partners Nancy Gerrie and Joanna Kerpen warn that what fiduciaries and committees do—and don’t do—are subject to greater scrutiny now, and discuss what plan fiduciaries can do to exercise prudence in governing a...
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The Department of Labor’s (DOL) Employee Benefits Security Administration has confirmed that the Trump administration’s “Improving Investment Advice for Worker & Retirees” Prohibited Transaction Exemption for investment advice fiduciaries will go into effect as scheduled on Feb. 16, 2021.
The...
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On Dec. 18, 2020, the (Trump) Department of Labor (DOL) released Prohibited Transaction Exemption (PTE) 2020-02, “Improving Investment Advice for Workers & Retirees.” Among other things, PTE 2020-02 radically “reinterpreted” (and broadened) the five-part test under DOL’s 1975 regulation...
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Citing the “change in administration,” the Department of Labor (DOL) has backed off its previous support for a lawsuit challenging the CalSavers Retirement Savings Program.
As recently as last summer, the DOL had affirmed concerns it had with the Golden State’s state-run IRA program for private...
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The Department of Labor has indicated, at least in one case, that it will allow defined contribution plans to offer indirect investment in private equities. In MarketBeat, John Iekel writes about a recent blog entry that offers food for thought regarding private equity and considerations concerning...
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On Jan. 25, the Senate confirmed one of President Biden’s top economic advisors, and a key Republican senator who has been a champion of retirement policy announced his intent to retire.
Janet Yellen was approved by the Senate in an 84-15 vote, becoming the first woman to lead the department in...
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We now know the settlement terms for one of the first university 403(b) suits—one in which plan fiduciaries prevailed at the lower court, lost on appeal, and then failed to gain a review by the Supreme Court. And, as is increasingly so with cases brought by the law firm of Schlichter Bogard &...
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Recent DOL guidance on missing participants seems to fall short of what plan fiduciaries want/need—but may offer fiduciaries some key insights to avoid future problems.
On Jan. 12, 2021, the Department of Labor (DOL) released a triple dose of guidance related to helping retirement plan fiduciaries...
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The Securities and Exchange Commission has announced that President Donald J. Trump has designated SEC Commissioner Elad L. Roisman as Acting Chairman of the agency.
He steps into the role vacated by Jay Clayton, who had previously announced his intention to conclude his tenure at the end of this...
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The Department of Labor’s newly finalized prohibited transaction exemption for offering investment advice was published in the Federal Register Dec. 18, yet questions remain about whether it will actually come to be.
Released on Dec. 16, the new, principles-based prohibited transaction class...
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A common remitter is a type of third party administrator service that:
Captures data from the employer’s payroll;
Compares the amounts remitted with expected employee contributions;
Compiles and reconciles exceptions with the payroll department;
Identifies employees eligible for “catch-up...
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In the first enforcement action of its fiduciary rule, Massachusetts has charged online trading platform Robinhood with, essentially, taking advantage of inexperienced investors.
More specifically, Secretary of the Commonwealth William F. Galvin has charged Robinhood Financial, LLC over the...
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The Department of Labor has rolled out a new prohibited transaction exemption for offering investment advice, and some good news on rollover advice—but it may be short-lived.
Less than 24 hours after the release from review by the Office of Management and Budget, the DOL has unwrapped a new...
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The Department of Labor’s proposed new fiduciary rule has moved one step closer to being finalized and could be released any day now.
The DOL sent the final version on its proposed advice package, “Improving Investment Advice for Workers & Retirees,” to the White House’s Office of Management...
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Once again, the Department of Labor has taken comments on a controversial proposal to heart, and pulled back on the letter, if not the impetus, in its final rule of plan proxy voting.
As had been the case with its recent rulemaking on Environmental Societal & Governance (ESG) investing (more...
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One of the first university 403(b) suits—one in which plan fiduciaries prevailed at the lower court, lost on appeal, and failed to gain a review by the Supreme Court—has settled.
The suit was filed in 2016—brought by participants in the $3.8 billion University of Pennsylvania Matching Plan against...
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In a year chock-full of proposed rules and final regulations, the Labor Department has apparently wrapped up its work on a new fiduciary rule.
According to a posting on the Office of Management and Budget website, the DOL on Nov. 24 dropped off its final rule on its proposed advice package, “...
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Thanksgiving has been called a “uniquely American” holiday—and so, even in a year in which there has been an unprecedented amount of disruption, stress, discomfort and loss—there remains so much for which to be thankful.
I’m thankful that so many employers (still) voluntarily choose to offer a...
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The Department of Labor’s final rule preventing plan fiduciaries from selecting investments based on non-pecuniary considerations and requiring them to base investment decisions on financial factors was published in the Nov. 13 Federal Register.
The final rule—which moved away from the proposed...
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The final rule on ESG investing by ERISA plans steps away from the proposed rule’s focus on ESG.
Indeed, the Department of Labor (DOL) notes that “unlike the proposal, the final rule’s operative text contains no specific references to ESG or ESG-themed funds.”
Rather, acknowledging the fluid...
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