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District Court Finds That Rollover Solicitations to ERISA Plan Participants Are Not Fiduciary Acts

"[The court] rejected claims that TIAA-CREF acted as an ERISA fiduciary in connection with soliciting, as part of a sales campaign, participants in employer-sponsored retirement plans for which TIAA-CREF served as recordkeeper to roll their balances out of the plans and into individual, fee-paying TIAA-CREF products. While the case deals with events that occurred prior to the DOL's most recent pronouncements, the decision provides a lengthy, fully reasoned analysis of ERISA's governing statutory and regulatory provisions and may affect how courts assess both current conduct and DOL's restrictive position." [Carfora v. Teachers Insurance and Annuity Association of America, and TIAA-CREF Individual & Institutional Services, LLC, No. 21-8384 (S.D.N.Y. Sep. 27, 2022)]

The Corporate Governance and Executive Compensation Provisions in the Dodd-Frank Act: What to Do Now (PDF)

Pages 93-103 of 103 pages. Excerpt: The Act requires the SEC to issue more than 90 rules and 15 studies, many of them relating to corporate governance and executive compensation. In some cases there is nodeadline set for when the SEC must issue rules, while in other cases the SEC must adopt rules not later than a certain number of days or months after enactment of the legislation.

Federal Banking Agencies Issue Final Guidance on Incentive Compensation (PDF)

Excerpt: The Final Guidance is substantially similar to the proposed guidance ... issued by the Federal Reserve in October 2009, and establishes three general principles for incentive compensation arrangements.