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DOL Reinstates Historic âFive-Partâ Fiduciary Test
On March 17, 2026, the U.S. Department of Labor (DOL) adopted a Final Rule defining who is a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The DOL confirmed in the regulatory release that it is returning to the historic âfive-part testâ (first adopted in 1975) for purposes of determining who is an ERISA fiduciary, w
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News & Perspectives3mo agoIRS Announces Interpretation of the Expanded Group of Nonprofit Employees Subject to Compensation Limitations Under Section 4960
Under Section 4960 of the Internal Revenue Code, a nonprofit organization is generally subject to a 21% excise tax on compensation paid to âcovered employeesâ in excess of $1 million in any year (and on certain severance and similar âparachute paymentsâ exceeding a defined threshold). Prior to the One Big Beautiful Bill (OBBB), âcovered employeesâ were gener
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News & Perspectives17d ago