The New DOL Fiduciary Rule: Key Provisions and Challenges for Counsel, Advisers, and their Clients
New Definition of Investment Advice Fiduciary, Amendments to Prohibited Transaction Class Exemptions, Compensation, and More
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will guide employee benefits counsel and legal counsel to financial services providers in understanding the practical implications of the U.S. Department of Labor’s (DOL) new fiduciary rule and prohibited transaction exemption amendments for retirement plan sponsors, plan advisers, financial services providers, and other key groups that deal with ERISA-covered plans and IRAs. The panel will examine key provisions of the latest DOL fiduciary rule, the definition of "investment advice fiduciary" under the rule, modifications to prohibited transaction exemptions, significant responsibilities faced by advisers, plan providers and sponsors, and methods for maintaining compliance moving forward.
Outline
- Overview of new DOL fiduciary rule
- Key considerations for sponsors, administrators, and advisers
- Compliance planning
- Implementation
Benefits
The panel will discuss these and other key issues:
- Unpacking the DOL fiduciary rule and key issues for advisers
- The new definition of ”investment advice fiduciary” and its exclusions
- Exemptions from the prohibited transaction provisions of ERISA and the Internal Revenue Code
- Compliance planning tactics
Faculty
David C. Kaleda
Principal
Groom Law Group
Mr. Kaleda's broad range of experience includes handling fiduciary matters impacting plan sponsors, investment... | Read More
Mr. Kaleda's broad range of experience includes handling fiduciary matters impacting plan sponsors, investment and other fiduciary committees, investment managers/advisors, recordkeepers, broker-dealers, banks and other financial services firms. He advises clients on the avoidance and resolution of prohibited transaction issues, the structuring of alternative investment funds, and day-to-day compliance issues arising under ERISA and the Internal Revenue Code. He also counsels clients on compliance with the Department of Labor’s final “investment advice” regulation and related exemptions.
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David C. Olstein
Partner
Hogan Lovells
Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction... | Read More
Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules, in connection with the investment of pension plan assets. Mr. Olstein regularly advises fund sponsors on the application of ERISA’s “plan asset” rules as they relate to the establishment and operation of private investment funds. From representing issuers and underwriters in connection with marketing securities to investors, to advising plan sponsors and independent fiduciaries in connection with the selection of annuity providers, he offers substantial experience at the intersection of ERISA and fiduciary responsibility. Mr. Olstein is an active member of the American Bar Association’s Section of Taxation and the New York City Bar Associati
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Alexander P. Ryan
Partner
Willkie Farr & Gallagher
Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I... | Read More
Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters. He advises plan sponsors and plan service providers with respect to a range of fiduciary issues arising under ERISA and the Internal Revenue Code, including Department of Labor guidance and regulations. Mr. Ryan's work focuses on a variety of investment-related matters, including issues arising under the fiduciary and prohibited transaction provisions of ERISA related to the structure, design, and implementation of various investment products, such as private equity, real estate, hedge funds, commodity and real assets funds, and many others. He has substantial experience applying ERISA’s prohibited transaction rules to these types of investment products. In addition to his transactional work, he represents clients in DOL enforcement actions and investigations. Mr. Ryan has been recognized as a leading lawyer in Chambers USA (2023) for Employee Benefits & Executive Compensation (District of Columbia).
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