On September 9, 2025, the Department of Labor (DOL) issued Advisory Opinion 2025-03A addressing the following question: Are awards of restricted stock units (RSUs) that permit post-employment vesting considered a “pension plan” subject to the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)? For the reasons discussed below, the DOL answered, no, the RSUs are not subject to ERISA.
Department of Labor
IRS Issues Additional Guidance on Withholding and Reporting for Uncashed Retirement Plan Checks
By Lori Basilico & Anca Vintu on
Uncashed checks can be an administrative headache for retirement plans, potentially raising fiduciary and compliance concerns. Why?
Back to 1975: New Delays to the DOL’s Investment Fiduciary Advice Rule
By Lori Basilico on
Posted in Department of Labor
Two Texas federal court decisions have stalled the U.S. Department of Labor’s (“DOL”) “investment advice fiduciary rule” under Section 3(21) of the Employee Income Security Act of 1974, as amended (the “Fiduciary Rule”) from its September 23, 2024 effective date (see our previous alert).…
The DOL’s Final Investment Advice Fiduciary Rule Is Here
By Lori Basilico on
Posted in Department of Labor
In its latest attempt in a fourteen-year old quest to update the circa-1975 definition of a fiduciary who renders “investment advice for a fee or other compensation, direct or indirect” (an “investment advice fiduciary”) under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), on April 25, 2024, the U.S. Department of Labor (the “Department”) released final regulations (the “Final Rule”) defining an investment advice fiduciary, as well as amendments to several prohibited transaction class exemptions (“PTE”). This post summarizes the key provisions of the Final Rule and the amendments to the PTEs.…
US Dept. of Labor Announces Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers and Plan Participants
By Laura Ferguson & E. Phillip Bush on
The U.S. Department of Labor (“DOL”) recently issued guidance on best practices for maintaining cybersecurity directed to plan sponsors, fiduciaries, record-keepers and participants of employee benefit plans governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). While some prior cybersecurity guidance has been issued for certain…