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[Guidance Overview]

DOL Finalizes Fiduciary Investment Advice Guidance

"The Exemption applies to SEC- and state-registered investment advisers, broker-dealers, banks, insurance companies, and their employees, agents and representatives that are investment advice fiduciaries under the newly interpreted 'five-part' test of fiduciary status. It imposes certain conditions to protect the interests of retirement plans, participants, beneficiaries, and IRA owners. The Exemption is set to become effective February 16, 2021[.]" Icon to read more

Spencer Fane

[Guidance Overview]

DOL Finalizes Rules Prohibiting Proxy Voting Based on Non-Pecuniary Factors by ERISA Fiduciaries

"The final regulations also establish two safe harbors with respect to proxy voting policies.... The final regulations make clear that ERISA plan fiduciaries are not required to vote every proxy or exercise every shareholder right.... The final regulations also establish two safe harbors with respect to proxy voting policies." Icon to read more

Davis Wright Tremaine LLP

Understanding Private Equity Investments in Defined Contribution Plans

"In giving its green light to such investments, the DOL laid out several factors that plan sponsors should keep in mind, given potentially problematic features of private equity investing for some plan participants. These include the typical multiyear holding period for portfolio companies, and the challenge in providing an accurate stock valuation before a sale." Icon to read more



How PEPs Could Reshape the 401(k) and Retirement Space

"Ultimately, while the PEP may become a valuable tool for small business owners to be able to offer employees competitive retirement plan options, RIAs will need to carefully consider whether to choose to take on the role of a PPP for their small business clients plans and the associated ramifications if they do choose to do so.… including asking the question of whether branching out into plan administration would actually result in more business anyway, or if it will be better to find a third-party administrator (TPA) to partner with instead?" Icon to read more

Nerd's Eye View

Benefits in General

[Guidance Overview]

Exceptional Usefulness and Quality iconFinal UBIT Regs Likely to Affect Many Benefit Plan Investors

"While the Notice and Proposed Regulations provided some helpful approaches to simplify the new rules for benefit plan investors, the IRS resisted making additional changes along these lines in the Final Regulations. For example, the IRS did not increase the thresholds for 'qualifying partnership interests' described in the Proposed Regulations and rejected the request of some commenters to grandfather partnership interests held before August 21, 2018. Similarly, the IRS declined to allow aggregation of all investment activities by benefit plans, regardless of the ERISA policy considerations cited by commenters. Nevertheless, the Final Regulations did make some important changes to the Proposed Regulations[.]" Icon to read more

Groom Law Group

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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