Hot button ERISA fiduciary issues remain a focus for investment committees of 401(k) plans in 2022. From “excessive” fee litigation – including litigation over the duty to monitor the fees charged by various mutual funds made available to plan participants (the U.S. Supreme Court reaffirmed this duty in January 2022) – to the U.S. Department
DOL; Fiduciary Rule
The Fiduciary Rule Applicability Date is Finally Here! What now?
By Jackson Lewis P.C. on
Posted in DOL, Fiduciary duties
The applicability date for the long-awaited, much-debated Fiduciary Rule (see prior Jackson Lewis coverage here) is now upon us. So what does it mean?
The Secretary of the Department of Labor Alexander Acosta recently said in a Wall Street Journal piece that the Fiduciary Rule “may not align” with the President’s goals and that…
DEPARTMENT OF LABOR ANNOUNCES FIDUCIARY RULE DELAY: WHAT DOES IT MEAN FOR EMPLOYERS WHO SPONSOR RETIREMENT PLANS?
By Jackson Lewis P.C. on
Posted in DOL, Fiduciary duties
The Department of Labor (“DOL”) recently published a final regulation providing a 60-day extension (from April 10th to June 9th) of the applicability date for the Fiduciary Rule — the rule that expands the definition of an employee benefit plan “fiduciary” to include members of the financial services industry — as well as exemptions from…
DOL Announces Temporary Enforcement Policy and Proposes to Extend Application of Rules Under Best Interest Contract Exemption by 60 Days
By Jackson Lewis P.C. on
Posted in DOL, Fiduciary duties
In response to a February 3, 2017 memorandum by the President to the Secretary of Labor, on March 2, 2017, the DOL proposed to extend for 60 days the applicability date for final rules on the Best Interest Contract Exemption (the “BIC Exemption”), the Principal Transactions Exemption, certain other prohibited transaction exemptions, and the definition…
The New Fiduciary Rule: From the Perspective of the Plan Sponsor
By Jackson Lewis P.C. on
Posted in DOL, Fiduciary duties
Just one month ago the U.S. Department of Labor released its long awaited final rule re-defining who is considered a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the Code). The final rule (which can be found here) targets those that give…