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U.S. DOL Issues Final Rule Defining Fiduciary Investment Advice

By Russell Hirschhorn, Robert Projansky, Ira G. Bogner & David Picon
April 6, 2016
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Today, the U.S. Department of Labor released its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. The new rule is expected to have significant consequences for broker-dealers and other financial professionals working with retirement accounts.

Click here to read the full post on Proskauer’s ERISA Practice Center Blog.

 

Photo of Russell Hirschhorn Russell Hirschhorn

Russell L. Hirschhorn represents plan fiduciaries, trustees, sponsors and service providers on the full range of ERISA and state law benefit and fiduciary issues. From single plaintiff to litigation and arbitration to complex class action litigation, he provides practical guidance, develops unique litigation…

Russell L. Hirschhorn represents plan fiduciaries, trustees, sponsors and service providers on the full range of ERISA and state law benefit and fiduciary issues. From single plaintiff to litigation and arbitration to complex class action litigation, he provides practical guidance, develops unique litigation defense strategies and, when appropriate, mediates successful resolutions.

Russell represents clients across a wide array of publicly-held, multi-national companies and privately owned companies across a multitude of industries including, banking, finance and investments, pharmaceuticals, retail products and construction, to name just a few. In addition, he also counsels benefit plan clients on a host of compliance and federal and state government agency enforcement matters, including complex and lengthy investigations and audits by the U.S. Departments of Justice and Labor.

Russell is management co-chair of the American Bar Association Employee Benefits Committee. He also writes on cutting-edge ERISA litigation issues, serving as the co-editor of the Firm’s Employee Benefits & Executive Compensation Blog and as a contributing author and a past chapter editor to Employee Benefits Law (BNA Third Edition).

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Photo of Robert Projansky Robert Projansky

Robert M. Projansky is a partner in Proskauer’s Employee Benefits & Executive Compensation Group, head of the Health Care Reform Task Force and co-head of the Hiring & Terminations Group.

Rob has a broad practice advising both multiemployer and single employer clients on…

Robert M. Projansky is a partner in Proskauer’s Employee Benefits & Executive Compensation Group, head of the Health Care Reform Task Force and co-head of the Hiring & Terminations Group.

Rob has a broad practice advising both multiemployer and single employer clients on all issues related to the legal compliance and tax-qualification of ERISA-covered pension and welfare plans. Rob’s clients include the largest and highest-profile U.S. media and entertainment industry clients, as well as a broad range of Fortune 500 companies.

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Photo of Ira G. Bogner Ira G. Bogner

Ira G. Bogner is chair of the firm’s Tax Department and a member of the Employee Benefits & Executive Compensation Group. Ira represents a varied list of clients, including financial service companies, entertainment industry clients, and tax-exempt organizations, and also actively represents individual…

Ira G. Bogner is chair of the firm’s Tax Department and a member of the Employee Benefits & Executive Compensation Group. Ira represents a varied list of clients, including financial service companies, entertainment industry clients, and tax-exempt organizations, and also actively represents individual executives in executive compensation matters.

Ira counsels clients with respect to the tax, securities law disclosure, corporate governance, stock exchange and other requirements relevant to executive compensation arrangements. Ira also provides advice regarding equity arrangements, employment agreements, change in control agreements and all other types of executive compensation arrangements, including guidance regarding “409A,” “162m,” “457A,” and “280G.”

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Photo of David Picon David Picon

David A. Picon is a seasoned advocate for financial services firms, as well as public and private companies. He is a partner in the Litigation Department and a trial lawyer who has led dozens of trials and arbitration hearings, primarily for financial services…

David A. Picon is a seasoned advocate for financial services firms, as well as public and private companies. He is a partner in the Litigation Department and a trial lawyer who has led dozens of trials and arbitration hearings, primarily for financial services firms. David’s practice covers a range of matters, including complex securities issues, fraudulent transfer actions, alleged Ponzi schemes, and contract and employment-related disputes. He is also co-chair of the Financial Services Group and a member of the Corporate Defense Group.

David appears in numerous judicial and administrative forums and represents financial services firms in investigations brought by the SEC, FINRA and other regulatory bodies. He also has broad experience in defending companies and directors in shareholder derivative actions and breach of fiduciary duty claims by shareholders.

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  • Posted in:
    Corporate & Commercial, Criminal, Financial
  • Blog:
    Corporate Defense and Disputes
  • Organization:
    Proskauer Rose LLP
  • Article: View Original Source

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