On June 27, 2017, the U.S. Department of Labor (“DOL”) announced that it has reinstated the issuance of Opinion Letters by its Wage & Hour Division and unveiled a new website to guide employers and employees in requesting an Opinion Letter. The agency also redesigned the website housing its Opinion Letters and other sub-regulatory guidance.
Articles Discussing The General Services Administration.
DOL Fiduciary Rule – A Proposed Delay and Uncertain Future
We’ve previously written about the Department of Labor’s new fiduciary rule, which expands the definition of who is considered a fiduciary under the Employee Retirement Income Security Act, as amended (“ERISA”) and the Internal Revenue Code of 1986, and which addresses related prohibited transaction exemptions. The rule was finalized in April 2016 and is currently set to become applicable on April 10, 2017. The rule’s implementation, however, has been a specific focus of President Donald J. Trump and his administration. As discussed here, on February 3, 2017, President Trump issued a Presidential Memorandum ordering the DOL to examine the rule, requiring in particular an updated economic and legal analysis of the impact of the rule (though the Memorandum did not specifically call for a delay to the rule’s applicability date, as many had expected).
R. Alexander Acosta Picked to Head Department of Labor
President Donald Trump has nominated R. Alexander Acosta to be Secretary of Labor. His nomination comes one day after Andrew Puzder, Trump’s first pick to lead the Department of Labor, withdrew his nomination.