DOE Hydrogen Updates after Bipartisan Infrastructure Bill Passage12.12/Alert
Results of Department of Energy’s June 2021 Request for Information on potential hydrogen demonstration project locations will influence agency as it develops a National Clean Hydrogen Strategy and Roadmap as required by the recently enacted bipartisan infrastructure law.
DOL Ups Its Game on Cybersecurity Program Oversight, Begins Audit Initiative06.23/Alert
On April 14, 2021, the Employee Benefits Security Administration of the U.S. Department of Labor (DOL) issued cybersecurity guidance for the first time aimed at ERISA plans and fiduciaries. The DOL highlighted that, as of 2018, there are 34 million persons covered by private sector defined benefit pension plans and 106 million persons covered by defined contribution plans (e.g., 401(k) plans) covering estimated assets of $3.4 trillion. The DOL emphasized that sufficient protections are needed to protect participants and plan assets from internal and external cybersecurity threats.
The Future of the ERISA Fiduciary Rule04.11/Alert
With the future of the Fiduciary rule still uncertain, retirement plan fiduciaries must stay apprised of the rule's viability and carefully monitor the services provided by their plans’ investment advisors.
Department of Labor Changes Rules on Unpaid Internships01.11/Alert
The U.S. Department of Labor has announced a new seven-factor test to determine whether an intern is entitled to payment under the FLSA’s minimum wage provisions.
DOL Again Delays Implementation of ERISA Fiduciary Rule12.14/Alert
The latest postponment comes amid Department of Labor concerns that financial institutions and advisors may incur undue expense. Is a more comprehensive revision--or total repeal--next?
Without Further Delay: The ERISA Fiduciary Rule06.09/Alert
On April 7, 2017, the Department of Labor (DOL) published a final rule delaying the applicability date of the “Fiduciary” rule and certain related “Prohibited Transaction Exemption” rules until June 9, 2017. Although there was speculation as to whether the DOL would further delay the applicability date of the Rules, on May 22, 2017, the DOL issued Field Assistance Bulletin 2017-02 and Conflict of Interest FAQ (the May 2017 Guidance) confirming that the applicability date will remain June 9, 2017.
Possible Further Delay of ERISA Fiduciary Rule08.21/Alert
In August, the Department of Labor (DOL) and Secretary of Labor submitted a proposal to the Office of Management and Budget (OMB) to delay the applicability date of certain parts of the “Fiduciary” rule until July 1, 2019. While the full rule’s future is unclear, until the DOL issues further guidance, plan sponsors and named fiduciaries should expect that its remaining portions, including BICE and the Principal Transactions Exemption, will become applicable January 1, 2018.