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DC plan outsourcing

Senator Tuberville introduces Financial Freedom Act

On May 5, 2022, Senator Tuberville (R-AL) introduced the “Financial Freedom Act of 2022.” The bill would push back on recent positions the Department of Labor has taken with respect to, e.g., “climate related financial risk,” private equity, and cryptocurrency investments, particularly in participant directed defined contribution plans.

Parsing DOL Guidance On Private Equity In DC Plans

In June 2020, the (Trump Administration) Department of Labor issued an Information Letter with respect to the inclusion of private equity investments as a “component” of a fund (e.g., a target date fund) included in a fund menu in a participant directed defined contribution plan. On December 21, 2021, the (Biden Administration) DOL issued a “Supplemental Statement” with respect to the 2020 Information Letter, qualifying and limiting the application of the (2020) Information Letter in some respects.

Multiple employer plans – fiduciary litigation risk – introduction

Multiple employer plans (MEPs) are emerging as a provider-based alternative to single employer 401(k) plans, particularly for smaller employers. It seems likely that, as these MEPs accumulate assets, they will begin to be the target of the same sort of fiduciary litigation that has afflicted the single employer 401(k) plan community. In this introductory article…Read More

DOL finalizes MEP regulation

On July 22, 2019, the Department of Labor published a final regulation on the definition of “employer” under ERISA, intended to expand the sorts of organizations that may sponsor a “multiple employer plan.” In this article we briefly review the legal background and the final regulation. We then review DOL’s discussion, in the preamble to…Read More

MEP update: IRS proposes exception to IRS “one bad apple” rule

On July 3, 2019, IRS proposed a regulation under which it would not apply its “one bad apple” rule – that a qualification failure of one employer in a multiple employer plan disqualifies the entire plan – if certain conditions are met. In this article we begin with a review of the current status of…Read More

DOL clarifies what groups may adopt MEPs

On October 22, 2018, the Department of Labor released a proposed regulation that clarifies (and in some regards expands) rules for which groups may adopt multiemployer plans (MEPs) under ERISA. In this article we provide a brief note on the proposal. We begin with a discussion of the ERISAstatutory/regulatory issue that has made MEPs in…Read More

Legislative update — October 2018

Possible retirement savings legislation in lame duck session On September 27, 2018, the House passed the Family Savings Act (FSA) (part of House Republicans’ Tax Reform 2.0 proposal), after making two significant retirement policy related changes to the bill approved by the Ways and Means Committee. There are several other significant retirement savings policy initiatives in…Read More