The View from Proskauer on Developments in the World of Employee Benefits, Executive Compensation & ERISA Litigation
As we previously reported here, there have been five lawsuits challenging the U.S. Department of Labor’s new fiduciary rule. (Our Client Alert on the new rule is available here.)
On July 8, 2016, the U.S. Department of Labor (DOL) filed its first formal response to these lawsuits in The National Association for Fixed…
On April 6, 2016, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment advice that is subject to ERISA’s fiduciary standard. As discussed in our Client Alert, available here, the rule expanded the types of communications that are subject to the fiduciary standard, extended fiduciary obligations to IRAs, and added new and revised prohibited transaction exemptions, one of which is the Best Interest Contract Exemption.
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