The Department of Labor’s Employee Benefits Security Administration reminded 401(k) plan fiduciaries of their duties to participants when considering plan investments involving cryptocurrencies.
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The DOL extended certain enforcement relief under a new temporary policy on prohibited transactions rules applicable to investment advice fiduciaries.
The DOL issued guidance on a February 2021 exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code.
A DOL class exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code went into effect on February 16, 2021.
The DOL adopted a prohibited transaction class exemption for persons who are fiduciaries under ERISA as a result of providing investment advice.