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The American Retirement Association issued the following news release:. The American Retirement Association, the nation's leading advocacy organization of retirement plan professionals and plan sponsors, commends the decision by the Department of Labor to confirm that its exemption for investment advice fiduciaries will go into effect, as scheduled..
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The Employee Benefits Practice is pleased to present the Employee Benefits Developments Newsletter for the month of January 2021.
U.S. Department of Labor Issues Final Prohibited Transaction Exemption Regarding Compensation for Fiduciary Investment Advisers of Retirement Plans and IRAs
Consolidated Appropriations Act, 2021 (CAA): Retirement Plan Relief
DOL Issues Proxy Voting Regulations for Plan Fiduciaries
Retirement Plan Elections/Consents: IRS Extends Temporary Relief From the Physical Presence Requirement for Participant Elections/Consents Witnessed by a Notary Public or Plan Representative
Court Dismisses COBRA Lawsuit
U.S. Department of Labor Issues Final Prohibited Transaction Exemption Regarding Compensation for Fiduciary Investment Advisers of Retirement Plans and IRAs
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On December 15, 2020, the U.S. Department of Labor (DOL) released a final prohibited transaction class exemption for certain fiduciary investment advice actions. Issuance of the exemption is the latest in the tug of war of what began as the DOL’s Fiduciary Rule under the Obama administration. The exemption will become effective 60 days after publication by the DOL unless the Biden administration takes action to delay or modify it. The final exemption is broader than the proposed exemption issued by the DOL [see our client alert, “U.S. Department of Labor Proposes New (Simpler) Fiduciary Rule Exemption”].
ERISA Fiduciary Rule 2.0: U.S. Department of Labor Finalizes New Prohibited Transaction Exemption
December 21, 2020
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On December 15, 2020, the U.S. Department of Labor (DOL) issued the final version of a reproposed fiduciary rule to regulate “investment advice fiduciaries” under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The rule is meant to replace the DOL’s previous rule on this topic, which was promulgated in 2016 but vacated in 2018 by the U.S. Court of Appeals for the Fifth Circuit.
The final rule, which closely resembles the version initially proposed during summer 2020, officially confirms the reinstatement of the five-part test for determining whether a person renders investment advice for purposes of ERISA and sets forth a new prohibited transaction class exemption for investment advice fiduciaries that is based on the “impartial conduct standards,” which were generally adopted as a temporary policy after the prior iteration o