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Articles by Allison Itami
Insurance NewsNet Cites Groom Publication On Final Fiduciary Rule
Groom's summary of the Department of Labor's ("DOL") final fiduciary rule was highlighted in the Insurance NewsNet article, "Annuities Selling Strong, but For How Long?" Insurance NewsNet recapped the portion of the publication that read, "DOL has recognized that a variety of sales activity does not give rise to fiduciary status...This opens up a range of possibilities for interactions amongst sophisticated parties to remain non-fiduciary in nature in a way that may not have been possible...
DOL Finalizes PTE 2020-02 Amendments
On April 25, 2024, the U.S. Department of Labor ("DOL") published its much-anticipated final regulation on the definition of "fiduciary" under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
DOL Finalizes PTE 84-24 Amendments | JD Supra
On April 25, 2024, the U.S. Department of Labor (“DOL”) published its much-anticipated final regulation on the definition of “fiduciary” under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
DOL Amends Fiduciary Advice Definition Regulation | JD Supra
On April 23, 2024, the U.S. Department of Labor (“DOL” or “Department”) issued a final regulatory package amending its fiduciary investment advice regulation and revising numerous existing prohibited transaction exemptions used by investment advice fiduciaries.
DOL Finalizes PTE 2020-02 Amendments | JD Supra
On April 25, 2024, the U.S. Department of Labor (“DOL”) published its much-anticipated final regulation on the definition of “fiduciary” under section 3(21)(a)(ii) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
DOL Final Fiduciary Rule Released
On April 23, 2024, the Department of Labor ("DOL") released its new fiduciary investment advice definition in a package titled the "Retirement Security Rule" (the "2024 Package"). The 2024 Package is made up of four different components and represents a continuation of DOL's efforts to expand the types of interactions between retirement savers and financial professionals that are subject to ERISA's rules.
Retirement Lost & Found: DOL Proposes Voluntary Reporting
The SECURE 2.0 Act of 2022 directed the Department of Labor ("DOL") to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and Found (the "Lost & Found") – was originally intended to leverage existing filing requirements, but the Internal Revenue Service ("IRS") determined it could not legally share Form 8955-SSA data with DOL.
Retirement Lost & Found: DOL Proposes Voluntary Reporting | JD Supra
The SECURE 2.0 Act of 2022 directed the Department of Labor (“DOL”) to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and Found (the “Lost & Found”) – was originally intended to leverage existing filing requirements, but the Internal Revenue Service (“IRS”) determined it could not legally share Form 8955-SSA data with DOL.
DOL Finalizes More Stringent Procedures For Requesting Prohibited Transaction Exemptions
The Department of Labor's ("DOL") prohibited transaction exemption procedures provide an opportunity for plan sponsors, service providers, industry groups, or others to apply for permission to engage in a variety of transactions involving employee benefit plans covered by the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and IRAs. On January 24, 2024, the DOL published final amendments to its regulations governing these procedures (the "Final Amendments").
DOL Finalizes More Stringent Procedures for Requesting Prohibited Transaction Exemptions | JD Supra
The Department of Labor’s (“DOL”) prohibited transaction exemption procedures provide an opportunity for plan sponsors, service providers, industry groups, or others to apply for permission to engage in a variety of transactions involving employee benefit plans covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and IRAs. On January 24, 2024, the DOL published final amendments to its regulations governing these procedures (the “Final Amendments”).
A Condensed History Of The DOL's Fiduciary Rule
The Employee Retirement Income Security Act of 1974 is less than one year away from turning 50. For nearly the entirety of those 50 years, it has defined fiduciary investment advice using a five-part test. Attempts in 2010 and 2016 to modify the 1975 regulation containing the definition were unsuccessful.
A Condensed History of the DOL’s Fiduciary Rule
The Employee Retirement Income Security Act of 1974 is less than one year away from turning 50. For nearly the entirety of those 50 years, it has defined fiduciary investment advice using a five-part test. Attempts in 2010 and 2016 to modify the 1975 regulation containing the definition were unsuccessful.
BREAKING: DOL Sends New Fiduciary Rule to OMB | JD Supra
The Department of Labor (“DOL”) has sent a new, proposed fiduciary rule to the Office and Management and Budget (“OMB”) for review. The text of the proposal is not yet public. OMB must first conduct an interagency review process. The proposal will then be returned to DOL and published in the Federal Register. The entire process can be completed in a matter of weeks, but it typically takes a number of months.
Breaking: DOL Sends New Fiduciary Rule To OMB
The Department of Labor ("DOL") has sent a new, proposed fiduciary rule to the Office and Management and Budget ("OMB") for review. The text of the proposal is not yet public. OMB must first conduct an interagency review process. The proposal will then be returned to DOL and published in the Federal Register. The entire process can be completed in a matter of weeks, but it typically takes a number of months.
What Plan Fiduciaries Should Know About SEC's Final Form PF Amendments
On May 3, 2023, the Securities & Exchange Commission ("SEC") adopted amendments to Form PF (the "Final Amendments"). Plan fiduciaries that utilize private equity funds, and regulated entities that serve these plan sponsors, should take note of these changes, as some have the potential to materially alter and increase reporting costs. We highlight some of the more consequential points regarding the Final Amendments and related regulatory developments below.
What Plan Fiduciaries Should Know About SEC’s Final Form PF Amendments | JD Supra
On May 3, 2023, the Securities & Exchange Commission (“SEC”) adopted amendments to Form PF (the “Final Amendments”). Plan fiduciaries that utilize private equity funds, and regulated entities that serve these plan sponsors, should take note of these changes, as some have the potential to materially alter and increase reporting costs. We highlight some of the more consequential points regarding the Final Amendments and related regulatory developments below.
EXPERT INSIGHTS—Texas: District court vacates DOL interpretation of investment advice
© 2023 CCH Incorporated and its affiliates and licensors. All rights reserved.
EXPERT INSIGHTS-TEXAS: DISTRICT COURT VACATES DOL INTERPRETATION OF INVESTMENT ADVICE
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District Court Vacates DOL Interpretation of Investment Advice | JD Supra
Does combining a recommendation to take a rollover from a retirement plan with post-rollover advice mean that advice is being provided on a “regular basis” under the Department of Labor’s (“DOL”) five-part test for fiduciary investment advice status? In American Securities Ass’n v.
IRS Guidance on Excise Tax on Buybacks Clarifies Some Benefits Issues | JD Supra
New Section 4501 of the Internal Revenue Code imposes a 1% excise tax on certain corporate stock repurchases or “corporate buybacks” in excess of $1 million in the taxable year. The new tax is imposed on the fair market value (“FMV”) of any stock repurchased by a “covered corporation” during the tax year, effective for repurchases after December 31, 2022. Section 10201 of the Inflation Reduction Act (Pub. Law 117-169, Aug. 16, 2022) (the “Inflation Reduction Act”).
Vermont and New Hampshire Employers Take Note: New State Voluntary Paid Family and Medical Leave Programs | JD Supra
This month, Vermont adopted the Vermont Family and Medical Leave Insurance Plan (“Vermont Program”), a voluntary paid family and medical leave program. The Vermont Program is substantially similar to the New Hampshire Granite State Paid Leave Plan, a program that New Hampshire that goes into effect on January 1, 2023 (“New Hampshire Program”). The Vermont Program goes into effect for most employers in July 2024 (July 2023 for state employees).
DOL Suggests Changes To Its Voluntary Fiduciary Correction Program And Related Exemption
November 18, 2022, the Department of Labor ("DOL") released a number of changes to its Voluntary Fiduciary Correction Program ("VFCP") in both an update of VFCP and related guidance. VFCP is a comprehensive fiduciary correction program designed to help plans, their fiduciaries, and service providers avoid civil enforcement and penalties through proactive corrective steps.
DOL Suggests Changes to Its Voluntary Fiduciary Correction Program and Related Exemption | JD Supra
November 18, 2022, the Department of Labor (“DOL”) released a number of changes to its Voluntary Fiduciary Correction Program (“VFCP”) in both an update of VFCP and related guidance. VFCP is a comprehensive fiduciary correction program designed to help plans, their fiduciaries, and service providers avoid civil enforcement and penalties through proactive corrective steps.
DOL Finalizes ESG, Proxy Voting Regulation
The Department of Labor (the “DOL”) recently finalized a regulation amending the rules under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), related to the selection of plan investments and the exercise of shareholder rights (the “Rule”).
Deference Declined: Fiduciary Status for Rollovers Not a Given and New Developments in Uses of Plan-Related Data Under ERISA | JD Supra
October 4, 2022 William Delany, Jennifer Eller, Allison Itami, Michael Kreps, David Levine, Thomas Roberts, George Sepsakos, Kevin Walsh Groom Law Group, Chartered + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: A September 27, 2022 decision by the Southern District of New York addresses several key theories recently advanced by the plaintiffs’ bar in ERISA-based lawsuits against plan service providers. In Carfora v.
Cryptocurrency and Retirement Plans
As advisors, TPAs, recordkeepers and other service providers are dipping their toes into including cryptocurrency solutions to their clients, the regulators and legislators are wading in as well.
EXPERT INSIGHTS—DOL Cybersecurity Investigations: The Trap Door to Endless Document Requests?
© 2022 CCH Incorporated and its affiliates and licensors. All rights reserved.
DOL Cybersecurity Investigations: The Trap Door to Endless Document Requests? | JD Supra
Parties involved in a Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) investigation often ask a simple question: how much information am I obligated to provide the DOL in response to an administrative subpoena? A recent decision, in the United States Court of Appeals for the Seventh Circuit, Walsh v. Alight Solutions, LLC, provides some guidance. I. Background EBSA served Alight with a subpoena seeking documents related to Alight’s cybersecurity practices.
EXPERT INSIGHTS—Division Of Fiduciary Duties Proves Key To Success In Stock Drop Lawsuit
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Division of Fiduciary Duties Proves Key to Success in Stock Drop Lawsuit | JD Supra
On August 1, 2022, the United States Court of Appeals for the Seventh Circuit affirmed the lower court’s dismissal of a “stock drop” lawsuit against Boeing. The Seventh Circuit based its conclusion on the fact that an independent fiduciary, rather than the Boeing defendants, had exclusive fiduciary responsibility for the company stock fund and therefore had no duty to disclose corporate insider information to the participants or the independent fiduciary.
DOL Proposes Amending QPAM Exemption | JD Supra
August 4, 2022 Jennifer Eller, Allison Itami, Michael Kreps, Scott Mayland, Anthony Onuoha, Kevin Walsh, Jeanne Wilson Groom Law Group, Chartered + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: The Department of Labor (“DOL”) recently proposed an amendment (the “Proposed Amendment”) to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”).
Crypto Freefall Gives Retirement Plans New Reason to Avoid Risk
Upheaval in the cryptocurrency market puts teeth in a US Labor Department push to discourage retirement plans from adding digital assets to their 401(k) plan lineups. Crypto markets lost more than $270 billion just weeks after the department’s Employee Benefits Security Administration issued strongly worded guidance (CAR No. 2022-01) all but banning retirement plans from offering crypto assets.
Crypto Freefall Gives Retirement Plans New Reason to Avoid Risk
Upheaval in the cryptocurrency market puts teeth in a US Labor Department push to discourage retirement plans from adding digital assets to their 401(k) plan lineups. Crypto markets lost more than $270 billion just weeks after the department’s Employee Benefits Security Administration issued strongly worded guidance (CAR No. 2022-01) all but banning retirement plans from offering crypto assets.
DOL Proposes to Significantly Tighten Prohibited Transaction Exemption Procedures | JD Supra
Over the decades since the enactment of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), many plan sponsors, service providers, and industry groups have applied for, and been granted, prohibited transaction exemptions permitting a variety of transactions involving employee benefit plans and IRAs. However, the process for obtaining an exemption may soon become substantially more difficult.
DOL Threatens to Investigate Fiduciaries Over Cryptocurrency in 401(k)s | JD Supra
One day after President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets, the Department of Labor’s Employee Benefits Security Administration (“DOL”) issued Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in Cryptocurrencies (the “Release”). Unlike the Executive Order, the Release sends a clear signal that DOL largely opposes benefit plans’ investment in cryptocurrencies.
Executive Order Directs Development Of National Policy On Digital Assets
United States: Executive Order Directs Development Of National Policy On Digital Assets 14 March 2022 by Jacob W. Eigner , Allison Itami , Michael Kreps , Arsalan Malik and George Sepsakos Groom Law Group To print this article, all you need is to be registered or login on Mondaq.com. On March 9, 2022, President Biden issued the highly-anticipated Executive Order on Ensuring Responsible Development of Digital Assets ("Executive Order").
Executive Order Directs Development of National Policy on Digital Assets | JD Supra
March 10, 2022: Further guidance from the DOL has just been released. Groom’s summary is coming soon. On March 9, 2022, President Biden issued the highly-anticipated Executive Order on Ensuring Responsible Development of Digital Assets (“Executive Order”). The Executive Order is in response to the significant growth and development of digital assets, which the Administration notes “necessitate an evolution and alignment” of the United States’ approach to digital assets.
DOL Delays Advice Exemption Enforcement Against Good Faith Fiduciaries | JD Supra
On October 25, 2021, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2021-02 announcing: A new nonenforcement policy in effect from December 21, 2021 through January 31, 2022 for certain prohibited transactions that may arise because of the provision of fiduciary investment advice; and That DOL will not enforce the documentation and disclosure requirements applicable to rollover recommendations a financial institution makes while otherwise relying on PTE 2020-02 through June...
Cybersecurity Requests Appear in DOL Audits | JD Supra
Plan sponsors, fiduciaries, and service providers are being asked by DOL investigators how their ERISA governed plans address cybersecurity concerns with increasing frequency. These requests may take the form of production requests or be included as questions in an interview.
Is a New Era Coming for Robo-Advice? SEC Requests Information | JD Supra
On August 27, 2021, the Securities and Exchange Commission (“SEC”) issued its Request for Information (“RFI”) on matters related to broker-dealer and advisory firm’s usage of digital engagement practices (“DEPs”), which includes, among other things, design elements and features intended to engage with retail investors on digital platforms and the analytical and technological tools behind them, as well as usage of technology to develop and provide investment advice to retail investors.
5 things to do today to improve cybersecurity
(Photo: Shutterstock) Don’t wait until one of your plan participants calls saying that their 401(k) account has been zeroed out to take steps to secure plan information technology systems. Each day there is a risk that your plan will be targeted by cyber criminals or be subject to a Department of Labor (“DOL”) investigation. Over the last few years, a number of participant accounts have been hacked and emptied; plans have been sued; bad press and settlements have followed.
Developing a Prudent Process for Cybersecurity
As the Department of Labor (DOL) expands the Swiss Army knife of skills it expects a retirement plan fiduciary to have, it becomes more important than ever for fiduciaries to focus on having verifiable processes in place. We’ve previously said that having a verifiable administrative process can be helpful when the DOL investigates.
DOL Issues Cybersecurity Guidance For Plan Sponsors, Plan Fiduciaries, Recordkeepers, And Plan Participants
To print this article, all you need is to be registered or login on Mondaq.com. On April 14, 2021, the U.S. Department of Labor ("DOL") issued a cybersecurity guidance package directed to plan sponsors; fiduciaries regulated under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"); recordkeepers and other service providers; and participants and beneficiaries. This is DOL's first guidance directly addressing cybersecurity.
DOL Releases FAQs On PTE 2020-02, Foreshadows Future Activity On Investment Advice
To print this article, all you need is to be registered or login on Mondaq.com. On April 13, 2021, the Department of Labor ("DOL") issued a set of Frequently Asked Questions ("FAQs") on the DOL's new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption ("PTE") 2020-02.
Cybertheft Lawsuit: Court Dismisses Fiduciary Breach Claims Against Plan Sponsor For A Second Time
United States: Cybertheft Lawsuit: Court Dismisses Fiduciary Breach Claims Against Plan Sponsor For A Second Time 14 June 2021 by Allison Itami , Anthony Onuoha , Michael Kreps , David Levine and Arsalan Malik Groom Law Group To print this article, all you need is to be registered or login on Mondaq.com.
DOL Releases FAQs on PTE 2020-02, Foreshadows Future Activity on Investment Advice | JD Supra
On April 13, 2021, the Department of Labor (“DOL”) issued a set of Frequently Asked Questions (“FAQs”) on the DOL’s new class exemption for the provision of investment advice, known as Prohibited Transaction Exemption (“PTE”) 2020-02.
DOL Issues Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Recordkeepers, and Plan Participants | JD Supra
On April 14, 2021, the U.S. Department of Labor (“DOL”) issued a cybersecurity guidance package directed to plan sponsors; fiduciaries regulated under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); recordkeepers and other service providers; and participants and beneficiaries. This is DOL’s first guidance directly addressing cybersecurity.
Cybertheft Lawsuit: Court Dismisses Fiduciary Breach Claims Against Plan Sponsor for a Second Time | JD Supra
On February 8, 2021, in the latest turn in the saga of a closely-watched ERISA cybersecurity lawsuit, the Northern District of Illinois again dismissed fiduciary breach claims against Abbott Laboratories (“Abbott Labs”) relating to the cyber theft of $245,000 from a participant’s account in the Abbott Laboratories Stock Retirement Plan (the “Plan”). The decision marks the second time the court has dismissed claims against Abbott Labs.
Health Plan Broker & Consultant Service Provider Fee Disclosure
To print this article, all you need is to be registered or login on Mondaq.com. The Consolidated Appropriations Act, 2021, Public Law 116-260 ("CAA"), signed into law by President Trump on December 27, 2020, imposes new compensation disclosure requirements upon brokers and consultants to group health plans covered by the Employee Retirement Income Security Act of 1974. Additionally, new disclosures in the individual market related to compensation were added to the Public Health Service Act.
Health Plan Broker & Consultant Service Provider Fee Disclosure | JD Supra
The Consolidated Appropriations Act, 2021, Public Law 116-260 (“CAA”), signed into law by President Trump on December 27, 2020, imposes new compensation disclosure requirements upon brokers and consultants to group health plans covered by the Employee Retirement Income Security Act of 1974. Additionally, new disclosures in the individual market related to compensation were added to the Public Health Service Act.
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