Updates
July 19, 2016
Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective.

Last month, several business groups filed a complaint in the Northern District of Texas, including, among others, the U.S. Chamber of Commerce, against the Department of Labor (DOL), seeking to revoke the new final regulations that become effective on April 10, 2017. The regulations define the term “fiduciary” under ERISA, along with the “Best Interest Contract Exemption” and related exemptions that fiduciaries will be required to follow to avoid entering into prohibited transactions under ERISA and corresponding provisions of the Internal Revenue Code as a result of providing certain investment advice to certain retirement plans and IRAs (Fiduciary Rules).  The Fiduciary Rules that were published on April 8, 2016, can be found at two links: click here and here.

To read the full alert, click here.