DOL Signals Changes to Fiduciary Rule; SEC Commissioner Calls Rule “Misguided”

in Fiduciary Issues, Fiduciary Rule

By: Sterling Perkinson and Harrison Taylor

The Department of Labor (DOL) has proposed an extension of the transition period of its Fiduciary Rule from January 1, 2018 to July 1, 2019. (See our prior blog post here). At the same time, the DOL signaled that significant changes will be made to the Fiduciary Rule and/or related exemptions prior to the end of the transition period.

  • Streamlined Exemption Anticipated. The DOL noted in the preamble to proposed regulations extending the transition...Continue Reading

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

in Fiduciary Rule, Retirement Plans

By: Sterling Perkinson and Harrison Taylor

Transition Period Extension

In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the “Fiduciary Rule”), including the Best Interest Contract (BIC) Exemption, to July 1, 2019. Previously, the transition period was set to end on January 1, 2018. The DOL’s extension of the transition period delays for at least 18 months...Continue Reading

New Disability Regulations: Wait-and-See or Move Forward?

in Disability Plans, Welfare Benefits

On December 19, 2016, the DOL issued final regulations modifying the claims procedures for adverse determinations relating to disability claims under ERISA. Most of the changes mirror the additional disclosure requirements that apply to health plan claims under the Affordable Care Act.  To allow employers, insurers and claims administrators time to comply, the final regulations apply to claims for benefits filed on or after January 1, 2018.

At the end of July, the DOL announced that it is...Continue Reading

Updated SBC Templates Apply for 2018 Open Enrollment

in Affordable Care Act, Health Benefits

The new SBC templates released last year are required for open enrollment periods beginning on and after April 1, 2017.  For health plans and employers with calendar year plans, this means the updated SBC templates and related requirements apply to 2018 open enrollment occurring this Fall.

Given the current House and Senate “repeal and replace” ACA legislation, many employers are wondering if they need to take the time to revise their SBCs to comply with the new template and...Continue Reading