eRISA Update is an electronic current developments service, providing comprehensive summaries of the important developments in the retirmeent plan area.
Below is a description of the latest issue (Issue #74; Spring 2021)
In the latest issue of eRISA Update, we provide summaries of: (1) the President’s Executive Order requiring the review of certain regulations issued under the prior Administration, with instructions to rescind rules that do not comfort with the current Administration’s policy determinations and, if needed, reproposal new rules, (2) IRS guidance on legislative changes for cafeteria plans, (3) DOL’s explanation of how the one-year limitation on extending due dates interacts with ERISA deadlines extended in response to COVID, (4) DOL’s decision not to enforce recent regulations regarding fiduciary considerations in selecting investments, voting proxies and exercising other shareholder rights, (5) DOL’s decision not to postpone the effective date of PTE 2020-02, which grants prohibited transaction exemptions to certain transactions engaged in by investment advice fiduciaries (along with the release of guidelines for retirement investors and FAQs for investment advice fiduciaries), (6) the rescission of DOL and PBGC regulations regarding document guidance, (7) 2021 civil penalty dollar amounts released by DOL, (8) DOL’s disavowal of an earlier letter regarding foreign criminal convictions and how they affect a firm’s eligibility to be a Qualified Plan Asset Manager (QPAM), and (9) Federal appellate court cases on the definition of an ERISA fiduciary (pay-to-play fees for investment platform offered by mutual fund company did not make that company a fiduciary of the contracting plans), forum selection clauses in a plan (limitation to court in which plan is administered is permissible), QDROs (degree of specificity needed in divorce decree to constitute a QDRO), the exhaustion of administrative remedies (noncompliance with regulatory claims requirements can result in “deemed” exhaustion), attorney’s fees (cannot be imposed on opposing counsel), arbitration clause in employment agreement (does not bar ERISA §502(a)(2) fiduciary breach suit), and state law claims against an ESOP trustee that refused to participate in refinancing deal.
To order eRISA Update, click here and follow the instructions to print out an order form. You also may order the latest issue for $125 by completing Part 1 of the newsletter order form, print out the order form and then: (1) fax it (303-265-9100) (only if paying by credit card), or (2) mail your order to the TRI Pension Services address shown above (either with check enclosed or credit card information provided on the order form).