DOL-ing Out the Authority: A Busy Year for the Department of Labor

Level: Advanced
Runtime: 90 minutes
Recorded Date: January 12, 2021
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• Reinstatement of 1975 regulation defining "investment advice"
        - Final exemption
        - Preamble statements regarding the reinstated five-part test and I.B. 96-1
• Prudence/ESG regulation
• Proxy regulation
• Other Developments
        - Multiple employer plans
        - Lifetime income 

Runtime: 1 hour, 30 minutes
Recorded: January 12, 2020


Included among the Department's recent initiatives are the proposal of a new prohibited transaction exemption in connection with the judicial nullification of the amended fiduciary rule, the issuance of a final regulation that will affect environmental, social and governance (known as "ESG") investment strategies, and the proposal of a regulation that would govern proxy voting. The Department has also issued guidance concerning lifetime income, multiple employer plans, electronic disclosure and the anti-criminal provisions of the so-called "QPAM" Exemption.

The Department of Labor has been very active as the current presidential term comes to a close. Join us for a survey of the Department's activity during this busy time.

This program was recorded on January 12th, 2021.

Provided By

American Bar Association


Steven W. Rabitz

Dechert LLP

Steven W. Rabitz focuses his practice on the fiduciary responsibility, prohibited transaction and funding rules of ERISA, specifically how they relate to financial products and services, U.S. Federal income tax, securities and other legal matters concerning compensation and benefits. In addition, Mr. Rabitz assists clients on how ERISA rules are applicable to the design, implementation and ongoing operation of retirement and health benefits.

Mr. Rabitz advises clients such as broker-dealers, futures commission merchants, banks, investment managers, trustees, mutual fund complexes, alternative fund sponsors and other financial market participants on the conduct of their businesses as applied to U.S. retirement clients. He also represents both private and public companies in a variety of matters involving compensation and benefits, as well as cross-border related considerations. He is regularly featured in Chambers USA for his work in employee benefits and executive compensation and in Best Lawyers for his ERISA-related practice. He is nationally recommended by The Legal 500 and was named a “Leading Lawyer” in 2017, in addition to being ranked in Super Lawyers. Mr. Rabitz has been recognized as a top 20 practitioner in the area of Employee Benefits and ERISA by Lawdragon in 2019.

Mr. Rabitz’s writing on current legal topics and issues has appeared in numerous publications, including, Tax Management Compensation Journal, Pension & Benefits Daily, Derivatives: Financial Products Report, The Hedge Fund Law Report, and Neuberger Berman's DC Insights, and he has been quoted in such publications as The Wall Street Journal, Financial Times, Institutional Investor, Barron’s, Bloomberg, Hedge Fund Law Report, International Business Times and Law 360. In 2015, he received the Burton Award for excellence in legal writing. Mr. Rabitz frequently presents at conferences and webinars held by organizations, such as the Practising Law Institute (including one which he organized and currently chairs), IBA, SIFMA, the Institutional Investor Legal Forum, Regulatory Compliance Association and International Longevity Markets Association.

Prior to private practice, Mr. Rabitz pioneered and led the ERISA, executive compensation and benefits legal function at Lehman Brothers and served in a similar capacity at Barclays Capital. He also worked as part of a dedicated team of ERISA and compensation lawyers at Goldman Sachs earlier in his career. Prior to joining Dechert, Mr. Rabitz was a partner at a national leading law firm.

Andrew L. Oringer

Dechert LLP

Andrew L. Oringer is co-chair of Dechert’s ERISA and Executive Compensation group, and leads the firm’s national fiduciary practice in New York. He counsels clients on their employee benefit plans and programs, benefits-related tax matters and fiduciary issues arising in connection with the investment of employee benefit plan assets.

Mr. Oringer’s practice includes advising clients regarding ERISA and employee benefits generally, including 401(k) and other retirement plans as well as medical and other welfare plans. His advice to clients encompasses all aspects of corporate transactions and initial public offerings in which benefits and compensation issues play a central part. He regularly counsels financial institutions and plan fiduciaries regarding investments, and has been instrumental in designing complex investment structures to address difficult ERISA issues.

Mr. Oringer advises clients with respect to the design and implementation of arrangements relating to executive compensation, including stock option and other equity-based arrangements. His practice extends to the representation of employers and executives in the negotiation of executive employment and termination agreements.

Nationally known for his experience with ERISA and matters relating to executive compensation, Mr. Oringer is a frequent speaker and writer on a wide variety of topics. His written work includes the chapter on Releases in the Section 409A Handbook, and the chapter on Investment Funds and ERISA in ERISA Fiduciary Law. Publications including The Wall Street Journal, The New York Times, The Financial Times, Crain’s Pensions & Investments, Newsday, USA Today and The Chicago Sun Times have quoted him in articles on employee benefits issues. He has authored, co-authored or contributed to numerous bar comment letters and reports to regulators on both fiduciary and compensation issues, and has testified at the request of Congress regarding certain proposed Department of Labor regulations.

Mr. Oringer holds leadership roles for the American Bar Association and the New York State Bar Association and is on the advisory boards for a number of leading publications covering ERISA and executive compensation. He also teaches ERISA as an adjunct professor at the Maurice A. Deane School of Law at Hofstra University, and since 2017 has been a guest lecturer at the Fordham University School of Law.

Major legal directories have recognized Mr. Oringer's expertise, including Chambers USA (2005-2018 (repeatedly in Band One in both New York and nationwide listings)), The Best Lawyers in America (2006-2017), Thomson Reuters' New York Super Lawyers (nine times between 2006-2018, including repeated listings among New York City’s Top 100 lawyers across all practice areas) and the Practical Law Company’s Labour and Employee Benefits Cross-Border Handbook (2007, 2010-2012). The Legal 500 (2014-2018)? lists him as a leading lawyer and includes him in The Legal 500 Hall of Fame.

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