Bibek Pandey

Jul 3, 2024 | mondaq.com | Patrick Menasco |Bibek Pandey |John Cleary

The Department of Labor (DOL) has issued a new regulation defining fiduciary "investment advice" under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and Section 4975 of the Internal Revenue Code of 1986 (Code), as amended.1 This is DOL's third serious attempt in the past 15 years to overhaul the definition of investment advice under ERISA and the Code. Unless blocked by the courts or Congress, the new regulation will go into effect on September 23, 2024.

Jul 2, 2024 | jdsupra.com | John Cleary |Patrick Menasco |Bibek Pandey

The Department of Labor (DOL) has issued a new regulation defining fiduciary “investment advice” under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and Section 4975 of the Internal Revenue Code of 1986 (Code), as amended.1 This is DOL’s third serious attempt in the past 15 years to overhaul the definition of investment advice under ERISA and the Code. Unless blocked by the courts or Congress, the new regulation will go into effect on September 23, 2024.

Apr 15, 2024 | mondaq.com | Patrick Menasco |Bibek Pandey |John Cleary

On April 3, 2024, the Department of Labor (DOL) published final changes to Prohibited Transaction Class Exemption 84-14, commonly known as the "QPAM Exemption".1 The changes make reliance on the QPAM Exemption more burdensome and challenging and may result, over time, in fewer choices for ERISA and IRA plan investors, their managers and their counterparties.2 The changes go into effect on Monday, June 17, 2024.

Apr 9, 2024 | jdsupra.com | John Cleary |Patrick Menasco |Bibek Pandey

On April 3, 2024, the Department of Labor (DOL) published final changes to Prohibited Transaction Class Exemption 84-14, commonly known as the “QPAM Exemption”.1 The changes make reliance on the QPAM Exemption more burdensome and challenging and may result, over time, in fewer choices for ERISA and IRA plan investors, their managers and their counterparties.2 The changes go into effect on Monday, June 17, 2024.

Jan 8, 2024 | mondaq.com | Patrick Menasco |Bibek Pandey |John Cleary |Melissa Sandak

In November 2023, the U.S. Department of Labor (DOL) released a new proposed regulation changing the definition of fiduciary "investment advice" under Title I of ERISA and Section 4975 of the Code. Like the DOL's last unsuccessful attempt in 2016, the proposal seeks to broaden the circumstances under which advice or a recommendation to a plan investor will be deemed subject to ERISA's fiduciary duties and the prohibited transaction rules under ERISA and/or Section 4975 of the Code.