Fiduciary and ERISA Consulting

IRS Rules That Student Loan Program under 401(k) Plan Does Not Violate the Contingent Benefit Rule, but Important Compliance Issues Are Left Unanswered

NICHOLAS J. WHITE, October, 2018   Research shows that student loan debt is now second only to mortgages in consumer debt. More than 44 million Americans owe collectively $1.5 trillion in student loan debt, with the average student in the Class of 2016 owing over $37,000. Many of these individuals cite their outstanding student loans (or […]

DOL Fiduciary Rule – Still Very Much Alive

ROBERT R. GOWER, December 7, 2017   On November 29, 2017, the Department of Labor (the DOL) released a final rule (the “final rule”) extending the transition period for compliance with certain requirements of the Conflict of Interest Rulemaking package (commonly known as the “Fiduciary Rule”) by 18 months to July 1, 2019.1 While certain […]

Are Trustees’ Employees Fiduciaries Under ERISA?

JOSEPH FAUCHER, November 2016  ESOPs have been a “national project” of Department of Labor (DOL) enforcement since the 1980s. But unlike other regulatory agencies, the DOL has put off issuing clear guidance—other than a proposed regulation that has never been finalized—regarding how fiduciaries should meet the standards articulated in ERISA… Click to Read More.  Published […]

The Final Fiduciary Rule: Top Five Takeaways for Plan Sponsors

ADRINE ADJEMIAN, ROBERT R. GOWER and BENJAMIN F. SPATER, April 2016 – On April 8, 2016, the Department of Labor (“DOL”) published the final fiduciary advice regulatory package (the “Package”). The Package includes regulations introducing a dramatically revised definition of who is considered a “fiduciary” by rendering investment advice for a fee (the “Final Rule”), […]

DOL Issues Final Fiduciary Rule

ADRINE ADJEMIAN, April 2016 – On Wednesday, April 6, 2016, the Department of Labor (DOL) issued a pre-publication version of its long-awaited controversial final fiduciary advice regulatory package. The package is scheduled for publication in the Federal Register on April 8, 2016. This rule is the first meaningful update to retirement advice regulations since 1975, […]

The DOL Clarifies Its Safe Harbor Guidance for Selecting Annuity Providers and Contracts for Defined Contribution Plans

NICHOLAS J. WHITE, October 2015 — In 2008, the Department of Labor (DOL) issued a safe-harbor regulation for plan investment fiduciaries regarding a prudent process for selecting and monitoring annuity providers and contracts for defined contribution plans (the “Safe Harbor Rule”). In Field Assistance Bulletin (FAB) 2015-2 (the “FAB”), issued this past summer, the DOL […]