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  • ON-DEMAND

The New DOL Retirement Security Rule: Overview, Potential Impact, and Current Developments (On-Demand)

General Credits:
Original Date Of Course:

$179.00

Course Description

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.

Syllabus

  • 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.

Credit Details

Course Type

Course Instructor

Alexander P. Ryan, Esq., David C. Kaleda, Esq., David C. Olstein, Esq.
Original Date Of Course

General Credits

1.5
Alexander P. Ryan, Esq.
Alexander P. Ryan, Esq.
Alexander P. Ryan, Esq. is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters and advising plan sponsors and service providers on fiduciary issues under ERISA and the Internal Revenue Code. His practice encompasses investment-related matters including the structure and implementation of private equity, real estate, hedge funds, and other investment products, as well as representation in Department of Labor enforcement actions and investigations.
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David C. Kaleda, Esq.
David C. Kaleda, Esq.
David C. Kaleda, Esq. is a Principal at Groom Law Group with extensive experience in fiduciary matters serving plan sponsors, investment committees, financial services firms, and other institutional clients. He was appointed to the DOL's ERISA Advisory Council by the Secretary of Labor and is a frequent speaker, author, and editorial board member for publications including The Investment Lawyer, with articles appearing in numerous industry journals and presentations delivered to organizations such as SIFMA, the ABA Tax Section, and the Society of Actuaries.
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David C. Olstein, Esq.
David C. Olstein, Esq.
David C. Olstein, Esq. is a partner at Hogan Lovells US LLP whose practice focuses on ERISA fiduciary responsibility provisions and prohibited transaction excise tax rules under the Internal Revenue Code. He advises financial institutions, plan sponsors, investment committees, and high net worth individuals on ERISA compliance, fiduciary duties, and the investment of pension plan and IRA assets, and serves as an assistant chair of the American Bar Association's Fiduciary Responsibility/Plan Investments Subcommittee.
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