There continue to be developments on the Department of Labor’s (DOL’s) fiduciary rule. Recently, additional fiduciary rule transition FAQs were published, providing guidance on 408(b)(2) disclosure issues and when communications on plan or IRA contributions do not constitute fiduciary investment advice.
The US Department of Labor (DOL) released its “Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions” on June 29. Highlights from the RFI include the following:
On May 22, newly appointed Secretary of Labor Alexander Acosta announced that the US Department of Labor (DOL) will not delay the June 9 applicability date for the DOL’s regulation that revises who is a fiduciary when providing investment advice.
On April 7, the Federal Register published the latest twist in the long and winding journey to applicability of the Department of Labor’s (DOL’s) regulation revising the definition of “fiduciary” in the context of providing investment advice. The regulation was slated to become applicable on April 10, 2017.
Join Morgan Lewis in April for these upcoming programs on a variety of employee benefits and executive compensation topics
Join Morgan Lewis in March for these upcoming programs on a variety of employee benefits and executive compensation topics
Two years ago the US Internal Revenue Service (IRS) said in one of its Employee Plans newsletters that plan sponsors were required to retain—for production on audit—documentation to substantiate 401(k) hardship withdrawals.
The ERISA Advisory Council (Council) has been tackling the issue of cybersecurity as it relates to benefit plans since 2011, and just this last summer, the Council held two hearings where it heard testimony from various experts and interested parties on the issue.
On February 9, 2017 the Office of Management and Budget (OMB) received a proposed rule to delay the applicability date of the fiduciary rule the Department of Labor (DOL) finalized last year.