ERISA & Employee Benefits

DOL Confirms June 9th Applicability Date of The Fiduciary Rule and Exemptions

The U.S. Department of Labor ("DOL") has confirmed that it will not seek to further delay the June 9, 2017 applicability date of the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE") and other related exemptions. The DOL has issued a temporary enforcement policy ("FAB No. 2017-02") and a new set of Conflict of Interest FAQs (the ...

The Wagner Law Group Receives IRS Approval of its Volume Submitter 403(b) Plan

The Wagner Law Group has again broken new ground by receiving IRS approval of its volume submitter 403(b) plan. The IRS's new pre-approved 403(b) plan program represents the first opportunity for tax-exempt 403(b) plan sponsors, such as charitable and educational organizations, public schools, churches and church-related organizations, to bring certainty of compliance to the their 403(b) ...

DOL Announces 60-day Delay to Fiduciary Rule and Exemptions, and Makes Significant Changes to Transition Period Compliance

The U.S. Department of Labor's ("DOL") proposed 60-day delay to the new fiduciary rule defining investment advice ("Fiduciary Rule"), the Best Interest Contract Exemption ("BICE"), and other related exemptions was finalized today. The final rule codifying the delay will appear in the Federal Register on Friday, April 7, 2017 and take effect on Monday, April 10, 2017. This completes the delay ...

Hardship Distributions

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...

IRS Proposes Update to Mortality Tables for Defined Benefit Pension Plans

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...

DOL Seeks Fiduciary Rule Delay

In recent months, the IRS has provided guidance with respect to hardship withdrawals from tax-qualified plans. In an October 2016 entry on its website, Hardship Distribution Tips from EP Exams, the IRS advised plan sponsors that a common operational error in connection with hardship distributions is permitting participants to take hardship withdrawals when the plan does not specifically provide ...

President Trump Issues Memorandum Delaying Fiduciary Rule

Friday, February 3, 2017 - The waiting and speculation as to the actions that the Trump Administration might take with respect to the DOL Fiduciary Rule ("Fiduciary Rule") has ended. This afternoon, President Trump issued an Executive Memorandum that delays the implementation of the Fiduciary Rule for 180 days while the DOL conducts a review and determines whether and how it should go into ...

Updated Law Alert on Fiduciary Rule

We would like to update the ERISA LAW ALERT sent earlier today. In the Alert, which was based on a draft version of the Executive Memorandum, we stated that the DOL Fiduciary Rule would be delayed for 180 days. The final version of the Executive Memorandum, like the draft, directs the DOL to review the Fiduciary Rule, but unlike the draft, does not specify the time period for review or the ...

President Trump Issues 'Two-for-One' Regulations Executive Order

On Monday, January 30th, President Trump issued an executive order providing that, unless otherwise prohibited by law, in the event an executive department or agency proposes or promulgates a new regulation, it must identify at least two existing regulations to be repealed. Additionally, the order provides that for fiscal year 2017, the total incremental cost of all new regulations, including ...

The DOL's New Fiduciary Rule Becomes Applicable on April 10, 2017 - Are you Ready?

Dear Clients and Friends: The U.S. Department of Labor's new fiduciary "Conflict of Interest Rule" applicability date of April 10, 2017, is fast approaching and the implications of being a fiduciary (whether you have always been one or are going to become one for the first time) are significant.