The New DOL Fiduciary Rule: Key Provisions and Challenges for Counsel, Advisers, and their Clients

BARBRI

This CLE webinar will guide employee benefits counsel and legal counsel to financial services providers in understanding the practical implications of the U.S. Department of Labor’s (DOL) new fiduciary rule and prohibited transaction exemption amendments for retirement plan sponsors, plan advisers, financial services providers, and other key groups that deal with ERISA-covered plans and IRAs. The panel will examine key provisions of the latest DOL fiduciary rule, the definition of "investment advice fiduciary" under the rule, modifications to prohibited transaction exemptions, significant responsibilities faced by advisers, plan providers and sponsors, and methods for maintaining compliance moving forward.

Description

The DOL's fiduciary rule has undergone many revisions and challenges over the last few years, creating a level of uncertainty in determining fiduciary status. Counsel and advisers must understand the challenges associated with the most recent rendition of the fiduciary rules under ERISA and the Internal Revenue Code and methods to ensure compliance.

On Apr. 23, 2024, the DOL released a final regulation modifying the definition of "investment advice fiduciary" under ERISA and the Internal Revenue Code, as well as final amendments to certain related prohibited transaction class exemptions. Benefits counsel must understand the impact of the DOL's new fiduciary rule on retirement plan sponsors, advisers, and financial services providers to advise their clients on compliance and implementation best practices.

Listen as our panel discusses recent court decisions that significantly impact the application of the DOL fiduciary rule, courts' application of the five-part test to determine fiduciary status, and key considerations for financial advisers and plan sponsors.

Outline

1. Overview of new DOL fiduciary rule
2. Key considerations for sponsors, administrators, and advisers
3. Compliance planning
4. Implementation

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