New DOL Fiduciary Rule: Key Provisions of the New Regulations and Challenges for Counsel, Plan Sponsors, and Service Providers

Strafford

This CLE webinar will guide employee benefits counsel in understanding the practical implications for retirement plan sponsors, advisers and other service providers of the U.S. Department of Labor’s (DOL) proposed regulation defining who is an investment advice fiduciary for purposes of ERISA. The panel will examine key provisions of the proposed regulation, as well as proposed amendments to prohibited transaction class exemptions available to investment advice fiduciaries and address potential compliance challenges.

Description

The DOL has made several attempts in recent years to amend the regulation defining who is an investment advice fiduciary for purposes of ERISA. These efforts have faced strong opposition from key stakeholders as well as legal challenges, creating a level of uncertainty in determining fiduciary status. Benefits counsel must understand the potential impact of the proposed rule on retirement plan sponsors, advisers, and other service providers to advise their clients on compliance and implementation best practices.

On Oct. 31, 2023, the DOL released the most recent fiduciary rule proposal with provisions that significantly impact plan sponsors, advisers and other service providers an, such as a revised definition of "investment advice fiduciary" that would replace the current “five-part test,” and proposed amendments to several prohibited transaction class exemptions available to investment advice fiduciaries. Benefits counsel must understand the potential impact of the proposed rule on retirement plan sponsors, advisers, and other service providers to advise their clients on compliance and implementation best practices.

Listen as our panel discusses the key provisions of the prosed rule and proposed class exemption amendments and addresses potential compliance challenges.

Outline

1. Overview of recent attempts by DOL to revise the regulatory definition of investment advice fiduciary and related litigation
2. Overview of new proposed fiduciary rule
3. Overview of proposed amendments to class exemptions
4. Key considerations for plan sponsors, advisers and other service providers
5. Compliance planning
6. Implementation

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