Michael A. Schloss
Prior to joining The Wagner Law Group, Michael was the Director of the Office Enforcement at the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), where he served as EBSA’s principal advisor regarding policy and program matters pertaining to civil and criminal enforcement of Title I of the Employee Retirement Income Security Act of 1974 (ERISA) as well as related provisions of other Federal laws. He also provided executive leadership and direction in the formulation of policies, development of programs and execution of activities conducted by the four Divisions within EBSA’s Office of Enforcement. Michael also served as EBSA’s Philadelphia Regional Director, where he planned and executed a civil and criminal program enforcing ERISA, oversaw outreach, education and participant assistance programs in six states, supervised the activities of over 60 investigative, advisory and other staff based in offices in Philadelphia and Silver Spring and spearheaded EBSA’s “terminated vested” (a.k.a., missing participant) initiative that, in just a few years, produced record-setting multi-billion-dollar recoveries for tens of thousands of American retirees and their families. He also oversaw investigations involving employee stock ownership plans (ESOPs), mental-health parity, digital assets, multiple employer welfare arrangements, improper claims denial practices, bankruptcies, 401(k) plan mismanagement, abandoned plans, and other activities and plans covered by ERISA. For 25 years, Michael worked in DOL’s Office of the Solicitor, Plan Benefits Security Division, as Counsel for Financial Litigation and as a trial attorney, during which time he handled all phases of complex trial and appellate litigation arising under ERISA. Such litigation experience included matters related to imprudent investments in company stock by ESOPs (including serving as the lead trial attorney in the Enron litigation), as well as securities cross-trading, imprudent investments in derivatives (mortgage-backed securities), prohibited transactions, foreign-exchange transactions, retiree health and fiduciary misrepresentations.
Michael is also a highly sought-after speaker on a wide range of topics relating to Title I of ERISA and DOL activities and is the recipient of multiple awards for his service at the DOL, including the prestigious Alan D. Lebowitz Award, recognizing managers and supervisors who exemplify dedication, a distinguished career of excellence and commitment to mentoring future leaders.
- Yellow: Pension Plan Unjustly Seeking ‘Free Money’ From Bankruptcy Case – FleetOwner, December 15, 2023 (PDF)
- Merrill Edge in Hot Seat Over Rates Paid on IRAs – Financial Planning, December 14, 2023 (PDF)
- If You Buy Pension Risk Transfers, Don’t Buy a Pig in a Poke – Bloomberg Tax, August 10, 2023 (PDF)
- Pension Benefits at Yellow Corp. Secured by Teamsters Fund Bailout This Year – Pensions & Investments, August 1, 2023 (PDF)
- ERISA Allows Plan Fiduciaries to Pursue More Than Just Money – Bloomberg Tax, July 10, 2023 (PDF)
- Benjamin N. Cardozo School of Law, New York, New York
- J.D. - 06/1987
- Yeshiva College, New York, New York
- B.A. - 09/1983
- Major: History
- Supreme Court of the United States of America
- District of Columbia
- U.S. District Court Central District of California
- U.S. District Court Eastern District of California
- U.S. District Court Northern District of California
- U.S. District Court Southern District of California
- U.S. District Court Eastern District of Wisconsin
- U.S. Court of Appeals 2nd Circuit
- U.S. Court of Appeals 9th Circuit
- U.S. Court of Appeals 10th Circuit
Sought-after speaker on a wide range of topics relating to Title I of ERISA and Department of Labor activities before a variety of audiences including:
- Administration on Aging
- Pension Rights Center
- The ESOP Association
- Financial Industry Regulatory Authority
- In-House Benefits Counsel Network (“IBCN”)
- American Bar Association sections and committees
- Mid-Sized Pension Management Conference
- American Society of Pension Actuaries
- Greater Valley Forge Human Resource Association
- Fordham International Derivatives & Risk Management Symposium
- The National Society of Compliance Professionals.
- U.S. Department of Labor Alan D. Lebowitz Award, 2019 - Award to recognize managers and supervisors who exemplify Alan Lebowitz’s dedication, distinguished career of excellence, and commitment to mentoring future leaders
By Michael Schloss and Stephen Wilkes On August 4, 2023, a Ninth Circuit panel reversed a District Court decision in favor of AT&T - holding that AT&T breached its fiduciary duties by, among other things, failing to consider whether Fidelity’s compensation...
By Barry Salkin, Michael Schloss and Mark Greenstein Recently, several class action lawsuits have been filed challenging the permissibility of plan language providing discretion as to how forfeitures should be used. These suits allege that the plan fiduciaries...