DOL Fiduciary Rule in Doubt after Trump Victory

The U.S. Department of Labor (“DOL”) recently issued a final rule that expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act (ERISA).[1] Under the rule, persons who provide investment advice or recommendations for a fee to retirement plans, plan fiduciaries, and individual retirement accounts (IRAs) will be required to abide by the ERISA’s fiduciary standard. That means investment advisers will be required to act in the sole interest of their client. ...


Stock options are a popular way for emerging companies to provide incentive pay to employees.  For some companies, however, stock option plans may not be feasible or may present tax or corporate difficulties that render them problematic.  For these companies, a phantom stock plan may be an attractive alternative. Generally, a phantom stock plan is an agreement whereby a company grants (or sells) to certain employees a contract right to fictional shares of stock (“phantom stock”) and agrees to pay the ...