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ERISA

How do/should we “value” environmental and social governance (ESG) investments? Here’s how the Department of Labor (DOL) summarizes its final ESG regulation: “The amendments [revising ERISA fiduciary rules to restrict ESG investments] require plan fiduciaries to select investments and investment... READ MORE
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) on Feb. 26 issued guidance on the duration of the COVID-19-related relief provided by Disaster Relief Notice 2020-01 and a joint notice, the Notice of Extension of Certain Timeframes for Employee Benefit Plans,... READ MORE
On Dec. 18, 2020, the (Trump) Department of Labor (DOL) released Prohibited Transaction Exemption (PTE) 2020-02, “Improving Investment Advice for Workers & Retirees.” Among other things, PTE 2020-02 radically “reinterpreted” (and broadened) the five-part test under DOL’s 1975 regulation... READ MORE
A recent blog entry discusses the role of the Form 5500 in tripping the triggers for an investigation by the Employee Benefits Security Administration (EBSA). Jerry Kalish in the Retirement Plan Blog notes that the DOL, the IRS and the Pension Benefit Guaranty Corporation (PBGC) have released... READ MORE
(How) could the E-Delivery Rule open the door to cyber security/participant data suits? The Department of Labor (DOL) has simplified the delivery of retirement plan information to participants through its new Electronic Disclosure Rule (the E-Delivery Rule). Although the E-Delivery Rule promises... READ MORE
On Jan. 25, the Senate confirmed one of President Biden’s top economic advisors, and a key Republican senator who has been a champion of retirement policy announced his intent to retire.    Janet Yellen was approved by the Senate in an 84-15 vote, becoming the first woman to lead the department in... READ MORE
The target of a new 401(k) suit is familiar, as is the law firm representing the participant-plaintiffs—but the combination is new. The plan “target” this time is the $1.8 billion 401(k) plan of Takeda Pharmaceuticals USA Inc., more specifically the fiduciaries of that plan and their selection—and... READ MORE
The Department of Labor (DOL) has indicated, at least in one case, that it will allow defined contribution plans to offer indirect investment in private equities. A recent blog entry offers food for thought regarding private equity and considerations concerning such investments.  In “Understanding... READ MORE
Apparently, the obligations of a plan sponsor can live on (long) after the existence of the organization itself—at least if you continue to act as one. In a case just decided in the Eleventh Circuit (Pension Benefit Guaranty Corp. v. 50509 Marine LLC, No. 19-14968 (11th Cir. 2020)), the court... READ MORE
It was a short week, but a busy one for the Labor Department, as it dropped off a second final rule at the OMB for evaluation.  The final rule on “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights” was received at the Office and Management Budget on Nov. 25, just a day after the final... READ MORE
In a Nov. 17 comment letter on the Department of Labor’s (DOL) interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas.    “The ARA believes that the IFR strikes the right balance with... READ MORE
With the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the climate changed for multiple employer plans (MEPs) and pooled employer plans (PEPs). A Nov. 2 session of ASPPA All Access discussed factors facing service providers concerning these arrangements.  The... READ MORE
Kicking off the ASPPA All Access virtual conference Oct. 26, Brian Graff, CEO of ARA and Executive Director of ASPPA, ARA General Counsel Allison Wielobob and ARA Chief Government Affairs Officer Will Hansen offered their insights into some of the most important legislative and regulatory... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 26 posted the applicable present values for maximum guarantees for 2021 plan years.  The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Code Section 436(d)(3) restriction. ... READ MORE
In late June, the Labor Department issued a proposed rule innocuously titled “Financial Factors in Selecting Plan Investments.” While the proposed rule itself was relatively short and largely uncontroversial, the preamble and supporting analysis of costs left little doubt that the authors saw a... READ MORE
You might think there couldn’t be another multibillion-dollar 401(k) plan to be sued—and yet there is. This suit was filed by former participant Michael Johnson, “individually and as representative of a class of participants and beneficiaries of the Duke Energy Retirement Savings Plan,” a plan... READ MORE
When asked how many years they believe their retirement savings will last in retirement, a significant percentage of 401(k) plan participants indicate they have no idea, according to the results of a new survey.  Results from Schwab Retirement Plan Services’ 2020 401(k) Participant Survey of 1,000... READ MORE
After “…substantial discovery, the exchange and review of key documents, and arm’s-length negotiations between experienced ERISA class-action counsel directed by a seasoned and respected mediator,” the parties in a suit involving proprietary fund investments have come to terms. The cash settlement... READ MORE
Few professionals have a bird’s eye view of 401(k) plans like that of an auditor. One such professional offers his observations regarding issues and concerns 401(k) plans face and need to address.   In “401(k) Plan Concerns—from the Auditor Perspective,” Bradley Bartels, a partner at Mann, Urrutia... READ MORE
In the latest of a series of regulatory announcements, updates and proposals, the Department of Labor (DOL) has unveiled an Interim Final Rule on lifetime income disclosures under the SECURE Act.   Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using... READ MORE

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