best interest contract exemption Archives

What the Demise of the DOL’s Fiduciary Rule Means for Plan Sponsors

by Brian Tiemann | May 29, 2018 | Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

The Department of Labor’s fiduciary rule has recently been rendered unenforceable following a recent 5th Circuit Court of Appeals decision. In an article published by the Society for Human Resource Management, McDermott partner Brian Tiemann weighs in on what this means for plan sponsors. “As a result of the Fifth Circuit’s ruling, the suitability standard is effectively restored” for advising plan participants on investments, distributions and rollovers, Tiemann observed. He also points out that advisors may want to revise service agreements with plan fiduciaries to clarify the scope of advice that fiduciaries will provide participants.

Access the full article.

Originally published by the Society for Human Resource Management, May 2018.

DOL Proposes 60-Day Delay of Fiduciary Rule in Response to White House Directive

by Brian Tiemann | Mar 7, 2017 | Employee Benefits, Retirement Plans

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and consider rescinding the controversial new fiduciary rule on February 3, 2017. In response to the White House, the acting US Secretary of Labor announced that the DOL will now consider its legal options to delay the applicability date to comply with the President’s directive. McDermott’s ERISA practice will closely monitor these developments and provide additional guidance as it becomes available. Read the full article.

White House Urges Suspension of DOL Fiduciary Rule

by Brian Tiemann | Feb 21, 2017 | Employee Benefits, Fiduciary and Investment Issues, Retirement Plans

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and consider rescinding the controversial new fiduciary rule on February 3, 2017. In response to the White House, the acting US Secretary of Labor announced that the DOL will now consider its legal options to delay the applicability date to comply with the President’s directive. McDermott’s ERISA practice will closely monitor these developments and provide additional guidance as it becomes available.

Read full article here.

White House Urges Suspension of DOL Fiduciary Rule

by Brian Tiemann | Feb 8, 2017 | Employee Benefits, Fiduciary and Investment Issues, Retirement Plans

The future of the fiduciary rule—originally set to be implemented this upcoming April—remains uncertain after the White House directed the United States Department of Labor (DOL) to reevaluate, defer implementation and consider rescinding the controversial new fiduciary rule on February 3, 2017. In response to the White House, the acting US Secretary of Labor announced that the DOL will now consider its legal options to delay the applicability date to comply with the President’s directive. McDermott’s ERISA practice will closely monitor these developments and provide additional guidance as it becomes available.

Read full article here.

Employee Benefits Innovators Roundtable: Fiduciary Update and the DOL Fiduciary Rule

by McDermott Will & Emery | Jul 7, 2016 | Fiduciary and Investment Issues, Labor, Retirement Plans

The US Department of Labor’s new fiduciary rule is aimed at financial advisors, including brokers, who provide retirement plan services. However, the new rule will impact compliance obligations and potentially, costs for plan sponsors, as highlighted in the following presentation.

View presentation slides.