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Articles by Jacob Eigner
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.
DOL Drops Appeal In ASA Case
U.S. Department of Labor ("DOL") has accepted a new setback to its longstanding initiative to subject IRA rollover recommendations to ERISA's fiduciary standard and its prohibited transaction rules. On May 15, 2023, the DOL dropped its appeal in American Securities Ass'n v United States Dep't of Labor ("ASA")and accepted a Florida district court's interpretation of the five-part test for fiduciary status.
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.
DOL Drops Appeal in ASA Case | JD Supra
U.S. Department of Labor (“DOL”) has accepted a new setback to its longstanding initiative to subject IRA rollover recommendations to ERISA’s fiduciary standard and its prohibited transaction rules. On May 15, 2023, the DOL dropped its appeal in American Securities Ass’n v United States Dep’t of Labor (“ASA”)and accepted a Florida district court’s interpretation of the five-part test for fiduciary status.
DOL Finalizes Significant Form 5500 Changes for 2023 Year | JD Supra
March 14, 2023 Jacob Eigner, Ellen Goodwin, Malcolm Slee Groom Law Group, Chartered + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: On February 24th, the Employee Benefits Security Administration, Internal Revenue Service, Treasury, and Pension Benefit Guaranty Corporation (together, “the Agencies”) released Final forms revisions and Final Rules related to the Form 5500 (the “Final Rule”).
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”).
DOL Finalizes ESG, Proxy Voting Regulation | JD Supra
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”).
DOL (Somewhat) Unshackles Auditors from Stringent Independence Requirements | JD Supra
On September 6, 2022, the Department of Labor (the “Department”) published an Interpretive Bulletin entitled “Independence of Employee Benefit Plan Accountants” (the “Bulletin” or “IB 2022-01”) superseding previous guidance governing when the Department considers a qualified public accountant to be “independent.” The Department’s preamble statements in IB 2022-01 explain that the new guidance “remove[s] certain outdated and unnecessarily restrictive provisions.” The Employee Retirement Income...
Practical Tips for Plan Sponsors and ESG Investments
Regulatory and legislative developments continue to accelerate around investments incorporating environmental, social, and governance factors into retirement plans. Plan sponsors and fiduciaries should take note of the fast-changing landscape when selecting and monitoring investment options.
EXPERT INSIGHTS—DOL Cybersecurity Investigations: The Trap Door to Endless Document Requests?
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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.
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 Releases Field Assistance Bulletin On Disclosure Requirements for Brokerage and Consulting Service Providers Under ERISA 408(b)(2) | JD Supra
Background On December 30, 2021, the Department of Labor (“DOL”) released Field Assistance Bulletin No. 2021-03 (“FAB 2021-03”). FAB 2021-03 announces the DOL’s temporary enforcement policy for group health plan service provider disclosures under ERISA section 408(b)(2)(B), the statutory prohibited transaction exemption added by the Consolidated Appropriations Act, 2021, Public Law 116-260 (“CAA”) related to brokerage and consulting services provided to group health plans.
DOL Continues Emphasis On Enforcement In 2021
United States: DOL Continues Emphasis On Enforcement In 2021 06 December 2021 by Jacob W. Eigner and George Sepsakos Groom Law Group To print this article, all you need is to be registered or login on Mondaq.com. The Employee Benefits Security Administration ("EBSA") issued its enforcement fact sheet showing that EBSA recovered $1.9 billion from its investigations during the fiscal year ended September 30th, 2021, underscoring that that enforcement remains an important priority for the agency.
DOL Continues Emphasis on Enforcement in 2021 | JD Supra
The Employee Benefits Security Administration (“EBSA”) issued its enforcement fact sheet showing that EBSA recovered $1.9 billion from its investigations during the fiscal year ended September 30th, 2021, underscoring that that enforcement remains an important priority for the agency. This is the third consecutive year that EBSA’s recoveries from investigations totaled almost $2 billion and that total recoveries totaled almost $2.5 billion.
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...
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