Shaylor R. Steele

Olay! Olay! Olay! Olay!…No Fiduciary Rule DELAAAAY! No Fiduciary Rule DELAAAAY!

By: Joseph P. Yonadi, Jr. and Shaylor R. Steele

The delays are over, the Fiduciary Rule’s applicability date will not be delayed past June 9, 2017. Accordingly, plan sponsors, and the financial services industry, should be prepared to comply with the rule beginning on June 9, 2017.

However, Secretary Acosta also indicated that the DOL will continue to seek industry and public input on how to revise the bill and eliminate its negative effects on the […]

2017-06-01T09:56:58+00:00 June 1st, 2017|0 Comments

To Delay or Not to Delay (the Fiduciary Duty Rule), That is the Question

By: Joseph P. Yonadi, Jr. and Shaylor R. Steele

This morning, the Office of Management and Budget (OMB) concluded its review of a proposed regulation entitled “Delay of Applicability Date” that would effectively delay the implementation of the Fiduciary Duty Rule (Rule). However, an odd turn of events took place when the OMB changed the designation of the delay to “economically significant.” This higher designation could potentially mean a longer comment period. The Department of Labor […]

2017-02-28T20:48:48+00:00 February 28th, 2017|0 Comments

5th Circuit Upholds Strict Pleading Standard in BP Stock Drop Case

Author: Shaylor Steele and Joe Yonadi

BP sponsored an investment and savings plan which contained an ESOP component comprised of BP stock as an investment option for participants.  On June 24, 2010, plaintiff-investors sued BP due to the sharp decline in BP stock after the Deepwater Horizon drilling rig explosion that caused a massive oil spill.  Plaintiffs alleged the following:  (1) that the plan fiduciaries breached their duties of prudence and loyalty by allowing the plans […]

2017-01-01T14:04:19+00:00 September 29th, 2016|0 Comments

IBM Stock Drop Case Illustrates Heightened Post-Dudenhoeffer Pleading Standard

Authors:  Shaylor Steele and Joe Yonadi

On September 7, 2016 the U.S. District Court for the Southern District of NY dismissed separate lawsuits challenging IBM’s stock drop under both ERISA and the federal securities laws.  In Jander v. IBM (S.D.N.Y. Sept 7, 2016), the Court clearly outlines the heightened Dudenhoeffer pleading standard where the plaintiff’s must allege:  (1) an alternative action that the defendant could have taken that would have been consistent with the securities laws, […]

2017-01-01T14:04:19+00:00 September 27th, 2016|0 Comments

Thinking About Converting Your Individually Designed Retirement Plan?  IRS Seeks Comments On Easing the Conversion Burden To Pre-Approved Plans

Authors:  Shaylor Steele and Joe Yonadi 

On September 16, in an effort to temper the anxiety that retirement plan sponsors are experiencing with respect to the impending elimination of  the qualified retirement plan determination letter program, the Internal Revenue Service (“IRS”) and Treasury Department published Announcement 2016-32 requesting comments on how they can make it easier for sponsors to satisfy qualified plan document requirements.

In particular and due to the increased interest to some plan sponsors, Treasury […]

2016-09-29T14:56:38+00:00 September 27th, 2016|0 Comments