Last week, the U.S. Departments of Labor and Treasury issued a Joint Notice requiring the extension of certain benefit plan deadlines for individuals affected by Hurricanes Helene and Milton and Tropical Storm Helene.[1] The deadline extensions echo relief issued during the COVID-19 pandemic, but apply to a more limited group of individuals. The
DOL Updates Guidance on Pension and Health & Welfare Plan Cybersecurity Best Practices
By Katrina McCann on
In 2021, the U.S. Department of Labor (DOL) issued 3 documents outlining guidance on cybersecurity practices for benefits plans, which we discussed in a blog post at the time. The DOL recently issued revised versions of the original three documents in its Compliance Assistance Release No. 2024-01. The revised versions of these documents clarify…
The Never-Ending Fiduciary Rule Story Continues: Effective Date of DOL’s Newest Fiduciary Investment Advice Rule Delayed by Federal Court in Texas
By Adam Scoll on
Update: Following the U.S. District Court for the Eastern District of Texas’s stay of the Final Rules and related amendments to PTE 84-24 in Fed’n of Americans for Consumer Choice (discussed below), the very next day the U.S. District Court for the Northern District of Texas issued a broader stay in American Council of Life …
A Pop Culture Guide to the Final Amendments to the QPAM Exemption Taking Effect on June 17, 2024
By Adam Scoll on
The DOL recently finalized amendments to the QPAM exemption that will considerably alter the exemption’s conditions effective as of June 17, 2024 (for a detailed summary of the changes, please see our post here). There are a number of immediate action items for investment managers and ERISA plan fiduciaries under the revised exemption, so…