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About this Blog
Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans
In Compliance Assistance Release No. 2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in ERISA-covered retirement plans. In particular, the Release articulates the Department’s view … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 2022-01, audit, Bitcoin, brokerage window, Compliance assistance release, crypto, cryptocurrency, Department of Labor, DOL, EBSA, ERISA, fiduciary, investigation
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More is Not Always Better: Supreme Court Reexamines Fiduciary Duty of Prudence
In what may be one of the shortest decisions this term, the Supreme Court handed down a unanimous six-page opinion on January 24, 2022 in Hughes v. Northwestern University. Vacating the Seventh Circuit’s decision, the Court further defined an ERISA … Continue reading
Posted in Employee Benefits
| Tagged duty, ERISA, fiduciary, fiduciary duty, hughes, northwestern, SCOTUS, Supreme Court
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Final DOL Rule Imposes Fiduciary Limitations on Social Investing
The DOL recently issued a final rule (“Rule”) providing guidance on the long-standing issue of whether ERISA fiduciaries are permitted to consider non-pecuniary factors while making investments (or selecting investment funds) that promote one or more environmental, social or corporate … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged DOL, environmental, ERISA, ESG, ESG Investments, fiduciary, governance, social
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Fiduciary Rule to Go Into Effect but DOL Provides Temporary Non-Enforcement Policy
As reported in our April 18th blog, the Department of Labor (“DOL”) officially delayed the applicability of the Fiduciary Rule for 60 days, until June 9, 2017. Given the multiple delays leading up to the proposed June 9th date and … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged Acosta, DOL, exemption, FAB 2017-02, fiduciary, fiduciary rule, June 9, non-enforcement
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The Official Delay of the Fiduciary Rule: A Compromise
On April 7, 2017, the DOL published a final rule, officially delaying the applicability of the Fiduciary Rule for 60 days, until June 9, 2017. The DOL noted that a full review of the Fiduciary Rule and its impact is … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged BICE, DOL, executive memorandum, fiduciary, fiduciary rule, Impartial Conduct Standards, Rule
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Dealing with Long-Winded Out-of-Network Provider Nuisance Letters
Over the past couple years, more and more of my clients with self-funded plans have received letters from out-of-network providers appealing denied claims. The letters are usually 20 to 30 pages long, not very specific, and make various accusations against … Continue reading
Posted in Employee Benefits, Health & Welfare Plans
| Tagged anti-assignment, due diligence, ERISA, fiduciary, fiduciary duty, out of network, out of network provider, provider
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Five Lawsuits Filed Against DOL’s Fiduciary Rule (so far)
As we previously discussed in our May 19, 2016 SW Benefits Update, the Department of Labor (“DOL”) recently issued final regulations on fiduciary conflicts of interest in retirement programs. Since 2010 when the DOL first proposed regulations addressing self-interested advice … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged Benefits Update, conflict of interest, Congress, Department of Labor, DOL, fiduciary, fiduciary rule, final regulations, Obama, President Obama, regulations, Senate, veto
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401(k) Plan Fiduciaries – Have you thought about your continued offering of the PIMCO Total Return Fund?
The abrupt departure of Bill Gross from PIMCO leaves many investors pondering their next move. Should an investor stay the course and see how PIMCO’s new investment team performs? Should an investor leave and follow Mr. Gross to Janus Funds? Should … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401k) plans, Bill Gross, fiduciary, fiduciary duty, fiduciary standards, PIMCO, prudent person standard, qualified retirement plans
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Plan Fiduciaries Get an Assist from the DOL
Since 2012, covered service providers (“CSPs”) such as recordkeepers and investment advisors have had to provide annual service and fee disclosures to plan fiduciaries under Section 408(b)(2) of ERISA. Plan fiduciaries cannot remain idle after receiving these disclosures — review … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 408(b)(2), DOL, fiduciary, participant level disclosures, qualified retirement plans
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