Sponsorships and Speaking Engagements | 16 December 2024

Law Practice CLE - The New DOL Retirement Security Rule: Overview, Potential Impact, and Current Developments

Employee Benefits and Executive Compensation partner, David Olstein, presented during Law Practice CLE’s The New DOL Retirement Security Rule: Overview, Potential Impact, and Current Developments, available on demand.

We will provide an in-depth CLE session on the Department of Labor’s recently issued Retirement Security Rule and related prohibited transaction exemption amendments affecting financial services providers that recommend investment products to retirement plans and individual retirement accounts. The Retirement Security Rule would, if it survives judicial scrutiny, establish a new test for determining when a person will be considered an investment advice fiduciary with respect to a retirement plan or individual retirement account, replacing a narrower test under regulations first issued in 1975.

We will discuss how the Retirement Security Rule would expand the definition of investment advice fiduciary under ERISA and the Internal Revenue Code such that financial institutions and investment professionals, such as broker-dealers, insurance companies and their sales agents and representatives, would provide “fiduciary” investment advice as part of their business in many more situations than they do today. We will also discuss recent legal challenges to the Retirement Security Rule and practical considerations for financial services providers and plan sponsors.

  • The evolving definition of investment advice fiduciary under ERISA and the Internal Revenue Code.
  • Overview of the Retirement Security Rule.
  • Impact of Retirement Security Rule on financial services providers.
  • Overview of amendments to the Department of Labor prohibited transaction exemptions.
  • Legal challenges to the Retirement Security Rule.
  • Practical considerations for financial services providers and plan sponsors.

For more information, please click here.


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From Hogan Lovells

David Olstein

David Olstein

Partner
New York