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.