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 On January 27, 2021, the Department of Labor (DOL) rescinded the “PRO Good Guidance” rule that it had issued pursuant to the Trump EO – a rule that limited the force of informal guidance in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,
By: Mark Casciari and Joy Sellstrom
Synopsis: On August 28, 2020, the federal Department of Labor (DOL) issued a final rule entitled “Promoting Regulatory Openness Through Good Guidance” (the “PRO Rule”) that establishes a data base with far fewer “Guidance” documents, thus placing a greater focus on statutory and regulatory interpretation.
Effective September 28, 2020,
By: Mark Casciari and Ronald Kramer
Seyfarth Synopsis: The courts have stated that their review of fiduciary decisions is both exacting and deferential. A recent decision from the Court of Appeals for the Seventh Circuit offers help to ERISA benefit professionals who prefer to maximize judicial deference in favor of the fiduciaries.
One of the
Seyfarth Synopsis: On June 23, 2020, the Department of Labor (“DOL”) issued a proposed regulation amending the fiduciary regulations governing investment duties under the Employee Retirement Investment Security Act of 1974 (“ERISA”). This proposed regulation provides guidance for an ERISA fiduciary considering an investment or investment strategy based on “non-pecuniary” factors such as environmental, social
By Namrata Kotwani and Ian H. Morrison
Seyfarth Synopsis: On February 26, 2020, the Supreme Court unanimously affirmed the Ninth Circuit’s ruling in Intel Corp. Investment Policy Committee, et al. v. Sulyma. 589 U.S. ___ (2020), holding that plan participants must read plan disclosures to have the “actual knowledge” required to trigger ERISA’s shorter 3-year