A SUMMARY OF THE CONTROLLED GROUP OF EMPLOYERS RULES
The Internal Revenue Code of 1986, as amended (“Code”), generally provides that for purposes of the “tax qualification” requirements of the Code all employees of all companies which are members of a “controlled group of employers” are treated as employed by a single employer. In addition, the Code generally provides that a controlled group of…
2021 Predictions On Future Path of the DOL: Investment Advice Fiduciaries
1. The Definition of an Investment Advice Fiduciary Section 3(21)(A) of ERISA defines the term “fiduciary” for purposes of the Act by providing three categories of functions in connection with a plan that would cause a person to become a fiduciary. The “second” category sets forth that a fiduciary is someone who is providing “investment…
2021 Predictions on Future Path of the DOL: Proxy Voting
In a rulemaking which was separate from the Final ESG Rule but related to it, on December 16, 2020, the DOL issued a final rule confirming its position that ERISA’s fiduciary duties of prudence and loyalty apply to an ERISA plan fiduciary’s exercise of shareholder rights, including proxy voting, proxy voting policies and guidelines, and…
DOL Releases Cybersecurity Best Practices
On April 14, 2021, the DOL issued a package of cybersecurity guidance for retirement plan sponsors; fiduciaries who are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); recordkeepers and other service providers; and participants and beneficiaries. This is the first time that the DOL has issued guidance directly addressing cybersecurity. …
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