Take a Break! Watch and Learn More about DOL’s New Retirement Security Rule and Associated Prohibited Transaction Exemption Amendments

The U.S. Department of Labor (DOL) issued final rules in late April regarding its definition of fiduciary investment advice and associated prohibited transaction exemptions (PTEs). The rule and amended PTEs will protect retirement investors by requiring trusted advice providers to follow high standards of care and loyalty when making investment recommendations—particularly to participants moving their plan assets to an IRA or annuity. These exemptions allow investment advice fiduciaries to receive compensation for their services that would otherwise be treated as prohibited transactions. Learn more by watching this Current Awareness video recorded with Fred Reish of Faegre Drinker.

Watch now »

Related Content

• The New Fiduciary Rule and Amended PTE 2020-02: Effective Date Considerations
  Reference this article by Fred Reish and Joan Neri of Faegre Drinker regarding DOL's new fiduciary advice rule. As first effective on September 23, 2024, the rule will cause many one-time recommendations to be fiduciary advice.

• DOL Final Fiduciary Rule Released
  Learn more about the background of the final rule. In 2016, DOL issued a regulatory package with similar aims which was vacated by the U.S. Court of Appeals for the Fifth Circuit. The DOL under the Trump administration diluted the rule. Now it’s back.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.     

• Employee Benefits & Executive Compensation Key Legal Developments Tracker (Current)
  Stay informed on new developments.
  • Retirement Plans. IRS provided guidance on the application of the exceptions to the 10% additional tax on early retirement distributions under R.C. § 72(t)(1)for emergency personal expense distributions and domestic abuse victim distributions.  Notice 2024-55.
  • Health and Welfare Plans. IRS issued a fact sheet providing answers to frequently asked questions (FAQs) related to educational assistance programs under I.R.C. § 127 (tax-effective educational assistance programs). IRS FAQs.
• Health and Welfare Plans. The U.S. Court of Appeals for the Fifth Circuit upheld a lower-court ruling that preventive-care mandates for ACA health plans are unconstitutional. But the court said the ruling should apply only to the plaintiffs, who had objected on religious grounds to providing coverage of certain services. Braidwood Mgmt. v. Becerra, 2024 U.S. App. LEXIS 15140 (5th Cir. June 21, 2024).
• For Practical Guidance content on important recent trends, please review easy-to-use Resource Kits on these emerging topics:
  • Environmental, Social, and Governance (ESG) Resource Kit
  • Environmental Protection Resource Kit

• • Public Interest, Pro Bono, and Non-Profit Resource Kit
  • Bank Failure Resource Kit
• Generative Artificial Intelligence (AI) Resource Kit is a frequently updated collection of current Practical Guidance materials on generative AI, ChatGPT, and similar tools.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts. 
• Review this guidance, AI and Legal Ethics: What Lawyers Need to Know, in the Summer Edition of the Practical Guidance Journal. Explore insights from a judge into the use of GenAI in civil litigation, including discovery issues, use cases, and key takeaways. Also advance your career with professional and business development guidance.
• Learn about the 2000+ leading attorney authors contributing to our 26 practice areas in the Practical Guidance Author Center. Interested in becoming a Practical Guidance author? Click here for details. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 

• New and Updated Practical Guidance Content
  • ACA Preventive Services Coverage Rules
  • Forfeitures in Qualified Retirement Plans
  • SECURE 2.0 Act Implementation Timeline for Retirement Plan Sponsors
  • Transparency Reporting and Compliance Rules for Group Health Plans
  • In-Service Distributions Chart for Defined Contribution Plans
  • Surprise Medical Billing Disclosure to Participants (Group Health Plan)
  • Multiemployer Pension Plans in Mergers and Acquisitions
  • When Your Plan Doesn't Need an Audit, but You Want to Act Like It Does …. Best Practices for a Self-Audit of Your Retirement Plan

PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+