Seyfarth Synopsis: Reminiscent of the DOL’s about-face on ESG investing by ERISA fiduciaries [discussed here], on December 21st the DOL issued a “supplemental statement” on its view of the use of private equity investments in participant-directed retirement plans, such as 401(k) plans.
As a refresh, in June 2020 the DOL issued an
Seyfarth Synopsis: The IRS recently sought to reassure employers that they will not jeopardize their retirement plan’s tax qualified status if they permit employees who have a bona fide separation from service to take a distribution from their retirement plan, even if they are rehired shortly thereafter by the same employer. The reassurance comes in
Seyfarth Synopsis: For those of you following the saga of ERISA’s fiduciary duties and ESG investing, we are nearing a possible finish line. The latest turn in the saga came when the DOL issued a new set of proposed regulations this month. The approach taken by the DOL comes as no surprise. Looking at the
On Tuesday, November 16, 2021, from 9:00 a.m. to 5:30 p.m. ET, Seyfarth attorneys Howard Pianko and Linda J. Haynes, along with a slate of other experienced ERISA practitioners in the area of plan investments, will share their insights a the Practicing Law Institute’s “Pension Plan Investments 2021: Advanced Perspectives.” Howard is a co-chair for
By: Mark Casciari and Michael Cederoth
Seyfarth Synopsis: The Court of Appeals for the Ninth Circuit recently rejected the application of the doctrine of equitable estoppel to prevent a plan trustee from enforcing the clear terms of the plan. So, it bears repeating that drafters of ERISA plans are well advised to draft as clearly
Synopsis: On January 20, 2021, the Biden Administration revoked the Trump Administration Executive Order (EO) which had restricted agency Guidance. On January 27, 2021, the Department of Labor (DOL) rescinded the “PRO Good Guidance” rule that it had issued pursuant to the Trump EO – a rule that limited the force of informal guidance in
Seyfarth Synopsis: In mid-December 2020, after a truncated comment period and without public hearings, the US Department of Labor (DOL) finalized its proposed regulations on a fiduciary’s responsibilities when exercising shareholder rights like proxy voting (summarized here). They were published in the Federal Register on December 16, 2020 (click here) and were designated
Seyfarth Synopsis: DOL final regulation on fiduciary implications of investing in ESG under review by the Biden administration.
You may recall our prior blog posts and Legal Update discussing the back-and-forth over the years surrounding the wisdom, or even ability, for plan fiduciaries to invest plan assets in funds with a strategy focused on factors
Seyfarth Synopsis: On October 30, 2020, the Department of Labor (“DOL”) released a final regulation amending the fiduciary regulations governing investment duties under the Employee Retirement Investment Security Act of 1974 (“ERISA”). This final regulation is clear that an ERISA fiduciary should not consider “non-pecuniary” factors such as environmental, social or corporate governance (“ESG”)
On Tuesday, October 13, 2020, 9:00 am to 5:00 pm ET, Seyfarth attorneys Howard Pianko and Linda J. Haynes will participate in the Practicing Law Institute’s Pension Plan Investments 2020: Current Perspectives program. Howard is a co-Chair for the program and Linda will present as part of the “Plan Governance Issues” panel. In this program,