Cybersecurity has become an integral concern for employers and employee benefit plans alike. With an increase in DOL cybersecurity audits, plan fiduciaries are looking to strengthen their cybersecurity practices more than ever before. What specific risks are plans facing? Who is responsible for keeping plans safe, and what legal duties do they have? What steps
Coffee Talk With Benefits Episode 5: Cryptocurrency Investments in Retirement Plans
Retirement plan investment in cryptocurrencies has been a hot topic of discussion in recent months. The Department of Labor’s reaction to Super Bowl commercials with celebrities touting crypto-investments, followed by Fidelity’s announcement that it would make cryptocurrency available for plan investment in the near future, has sparked some hot debate. In this episode of Coffee
Between A Rock and A Hard Place… ESG Investments in 401(k) Plan Line-Ups
Seyfarth Synopsis: The ever evolving landscape of environmental, social and governance (ESG) factors and 401(k) plan investment options may have just become even more complicated.
As we’ve covered on our blog over the last few years, the DOL’s guidance on whether environmental, social and governance (ESG) investments are an appropriate investment for ERISA plans has
How Do You Really Feel? DOL Talks ESG and Crypto
Seyfarth Synopsis: In keeping with their recent more vocal stance on fiduciary duties, the Department of Labor has weighed in on the wisdom of 401(k) plans including an ESG fund or a crypto investment option in its line-up. And, it’s complicated.
As we’ve covered in this space, over the last few years the DOL has
Another Swing in DOL Investment Position
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
Hello… Goodbye… Hello Again: New IRS FAQs Discuss Rehires and Bona Fide Retirements In Light of COVID-Related Labor Shortages
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
Feeling Like a Yo-Yo? Latest Swing in ESG Investments and ERISA’s Fiduciary Duties
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
Howard Pianko and Linda J. Haynes Participating in PLI’S Pension Plan Investments 2021: Advanced Perspectives
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
Write Well – ERISA Plan Terms Control Against Defendants Too
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
The Biden Administration Removes Limits on Agency “Guidance” – And Creates A New Agenda Enforcement Tool
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