Exploring the New DOL Fiduciary Investment Advice Rule: History, potential impact, and recent developments

Alexander P. Ryan | Willkie Farr & Gallagher LLP

Alexander P. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters. Alex advises plan sponsors and plan service providers with respect to a range of fiduciary issues arising under ERISA and the Internal Revenue Code, including Department of Labor guidance and regulations.

Alex’s work focuses on a variety of investment-related matters, including issues arising under the fiduciary and prohibited transaction provisions of ERISA related to the structure, design, and implementation of various investment products, such as private equity, real estate, hedge funds, commodity and real assets funds, and many others. He has substantial experience applying ERISA’s prohibited transaction rules to these types of investment products. In addition to his transactional work, Alex represents clients in DOL enforcement actions and investigations.

Alex has been recognized as a leading lawyer in Chambers USA (2023-2024) for Employee Benefits & Executive Compensation (District of Columbia).

David C. Kaleda | Groom Law Group

David C. Kaleda is a Principal with Groom Law Group. His broad range of experience includes handling fiduciary matters impacting plan sponsors, investment and other fiduciary committees, investment managers/advisors, recordkeepers, broker-dealers, banks, insurance companies and other financial services firms. In December of 2011, Mr. Kaleda was appointed by the Secretary of Labor to the DOL’s ERISA Advisory Council for a three-year term (2012-2014). Mr. Kaleda is a frequent speaker and author on a range of employee benefits-related topics. He is an editorial board member and a regular contributor to The Investment Lawyer. His articles have also appeared in PlanAdviser Magazine, Employee Benefit News, Employee Benefit Adviser, Plan Sponsor Magazine, Employee Benefits Law Journal, Journal of Pension Planning & Compliance, and others. He has presented on ERISA-related topics for number of organizations such as SIFMA, NSCP, Asset International, Society of Actuaries, ABA Tax Section, PLI and FIRMA. He has been quoted in numerous publications such as On Wall Street, PlanSponsor Magazine, PlanAdviser Magazine, Investment News, Pensions & Investments, and Financial Adviser.

David C. Olstein | Hogan Lovells US LLP

David C. Olstein is partner in the New York office Hogan Lovells US LLP. His practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules, in connection with the investment of pension plan assets. He also advises high net worth individuals in connection with the investment of IRA assets.

David has been recognized by Chambers USA as a leading ERISA attorney. He is a frequent speaker on ERISA topics and has written extensively on these topics as well, having contributed to the BNA treatise ERISA Fiduciary Law and authored or co-authored articles that have been published in the Employee Relations Law Journal, Employee Benefit News and Thompson Reuters Practitioner Insights.

David is an active member of the American Bar Association’s Section of Taxation, where he currently serves as an assistant chair of the Fiduciary Responsibility/Plan Investments Subcommittee, and the New York City Bar Association’s Employee Benefits & Executive Compensation Committee.

I. Legal and Regulatory History | 1:00pm – 1:20pm

II. Redefinition of “Fiduciary” Investment Advice Under ERISA and the Code | 1:20pm – 1:40pm

III. Impact on Financial Services Providers | 1:40pm – 2:00pm

Break | 2:00pm – 2:10pm

IV. Amendments to Prohibited Transaction Class Exemptions Under ERISA and the Code | 2:10pm – 2:30pm

V. Recent Court Decisions | 2:30pm – 2:50pm

VI. Practical Considerations for Financial Services Providers During this Time of Uncertainty | 2:50pm – 3:10pm