Fiduciary

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On April 14, 2026, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued Field Assistance Bulletin No. 2026-01 (FAB) which sets out four enforcement priorities and guiding principles that are designed to ensure that EBSA’s enforcement “is fair, even-handed, responsive, and focused” and its enforcement authority is used in a manner…

On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended…

As has been discussed and written about extensively, the U.S. Supreme Court lowered the pleading standard for claims alleging violations of ERISA’s prohibited transaction rules. Cunningham v. Cornell University, 604 U.S. 693 (2025). A recent decision addressing a motion to dismiss prohibited transaction claims serves as a good reminder to plan sponsors and…

Starting March 17, 2025, the Employee Benefits Security Administration’s Voluntary Fiduciary Correction Program (“VFCP”) will have a “self-correction” option.  Although the new option eliminates the need to wait for formal approval of a correction submission, participating fiduciaries will still need to satisfy a notice requirement and submit information to the Department of Labor.  The applicable…