Benefits Blast

On April 25, 2024, the U.S. Department of Labor’s Employee Benefits Security Administration (the Department) published the Retirement Security Rule: Definition of an Investment Advice Fiduciary (the 2024 Fiduciary Rule). The 2024 Fiduciary Rule defines when a person is considered a fiduciary under Title I and Title II of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with providing investment advice or making an investment recommendation to a retirement investor. In addition to the 2024 Fiduciary Rule, the Department also finalized amendments to certain Prohibited Transaction Exemptions (PTEs) to reflect the Department’s updated definition of an investment advice fiduciary.

The Benefits Bulletin provides timely and consistent updates on industry hot topics.

In a June 2020 Information Letter, the Department of Labor opened the window slightly for defined contribution retirement plans to offer indirect investment in private equity funds.

The Department of Labor (“DOL”) recently issued another set of proposed regulations seeking to address the perceived “artificial impediments” imposed by its two sets of final regulations finalized in late 2020.

On November 12, 2020, the Departments of Labor (DOL), Health and Human Services (HHS), and Treasury (collectively, the Departments) published the “Transparency in Coverage” final rule (Final Rule), imposing new transparency requirements on group health plans and health insurers in the individual and group markets to disclose cost-sharing information, in-network provider negotiated rates, historical out-of-network allowed amounts, and drug pricing information.

On August 31, 2020, the Department of Labor (DOL) closed its active summer by issuing proposed rules for plan fiduciaries with respect to voting proxies on behalf of a retirement plan. The DOL’s explanation of the reason for the proxy rules dovetails with the rationale behind its recent proposed rules on environmental, social, and governance (ESG) investments. s.

On May 21, 2020, the Department of Labor (the DOL) issued final regulations allowing plan sponsors of retirement plans covered by the Employee Retirement Income Security Act of 1974 (ERISA) to post plan disclosures online or deliver them to participants, spouses, and beneficiaries by email, as a default.

On March 24, 2020, the U.S. Department of Labor’s Wage and Hour Division published its “first round” of guidance on the newly enacted Families First Coronavirus Response Act. The Act takes effect on April 1, 2020.

The Department of Labor (DOL) recently proposed a new safe harbor for the electronic delivery of employee benefit plan information for plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).

The United States Department of Labor (DOL) recently issued a new version of the New Health Insurance Marketplace Coverage Options and Your Health Coverage notice (OMB No. 1210-0149).

On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued a mandate, consistent with its March 15 opinion, which officially vacates the United States Department of Labor’s (Department’s) Fiduciary Rule. The controversial Department rule from 2016 broadly expanding the definition of an ERISA fiduciary is now off the table.

Yesterday, in Field Assistance Bulletin No. 2018-02, the Department of Labor’s Employee Benefit Security Administration  issued a temporary non-enforcement policy with regard to the ERISA Fiduciary Rule.

The U.S. Department of Labor’s Employee Benefits Security Administration recently issued Field Assistance Bulletin No. 2018-01, in part intended to provide guidance to EBSA national and regional offices on prior DOL Interpretive Bulletins that addressed the appropriate role of environmental, social and governance factors when making plan investment decisions.