There continues to be significant interest in the dynamic legal environment concerning fiduciary status and obligations by plan sponsors and service providers. One great question my panel received was what to expect from the states in light of the SEC release. I answered that title reform in the SEC proposal may address some state legislature concerns and could slow the introduction/advancement of bills dealing with that issue, but enforcement at state level remains an ongoing risk. I also told the audience to be on the look-out for the Nevada regulations any day now.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.