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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Wednesday, May 25, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

$347.00

This course is $0 with these passes:

CLE
ALL

This CLE course will provide ERISA counsel with an analysis of new Department of Labor (DOL) guidance on decisions to invest retirement plan assets in cryptocurrency. The panel will discuss ERISA compliance and general rules for plan investments and exposure for fiduciaries as well as the practical challenges posed by limitations on investment decisions. The panel will also put the topic into the broader context of investment decision-making for ERISA plan fiduciaries of all plans, not just 401(k) plans.

Faculty

Paul M. Hamburger
Partner
Proskauer Rose LLP

Mr. Hamburger is co-chair of the Employee Benefits & Executive Compensation Group and head of the Washington, DC office. He is also a leader of the Practice Center’s health and welfare subgroup and a member of Proskauer’s Health Care Reform Task Force.

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Jennifer Rigterink
Senior Counsel
Proskauer Rose LLP

Ms. Rigterink is a special employee benefits counsel in the Labor Department and a member of the Employee Benefits & Executive Compensation Group. In the employee benefits area, her practice focuses on an array of tax and benefits issues impacting both multiemployer and single-employer benefit plans and plan fiduciaries. Ms. Rigterink assists clients on matters pertaining to plan administration, design and qualification, as well as regulatory, legislative and legal compliance.

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Description

Cryptocurrency continues to be a widely used form of currency worldwide, attracting investors to various companies holding virtual assets. On March 10, 2022, the DOL published Compliance Assistance Release No. 2022-01, issuing a stern warning to plan fiduciaries to exercise extreme care before considering adding cryptocurrencies to a 401(k) plan investment lineup.

The guidance raises many issues for fiduciaries to consider, including (1) fiduciary duty of prudence and personal liability; (2) security risks; (3) recordkeeping and custody questions; (4) valuation challenges; and (5) liquidity and diversification concerns.

Program attendees will gain an in-depth understanding of the new DOL guidance on cryptocurrency, appreciation of the “on the ground” obstacles to offering cryptocurrency plan investments, and the ability to issue spot potential applications of the DOL’s cryptocurrency guidance to other types of retirement plan investments.

Listen as our panel discusses critical ERISA compliance issues for plan investments in cryptocurrency and other digital assets, exposure to fiduciaries, transaction and security risks, and best practices for ERISA counsel, plan sponsors, and fiduciaries.

Outline

  1. Recent DOL guidance on cryptocurrency investments and comparison to prior guidance on non-traditional investments
  2. Practical challenges for cryptocurrency plan investments
    1. Fiduciary risk
    2. Recordkeeping and custody issues
    3. Liquidity, diversification and valuation issues
    4. Impact of evolving government regulation
  3. Implications of DOL cryptocurrency guidance for retirement plan investments
    1. 401(k) plans vs. other retirement plans
    2. ESG, private equity, derivative investments, and other unique investments
    3. Implications for brokerage windows

Benefits

The panel will review these and other key issues:

  • What are the critical considerations for plan fiduciaries considering offering plan investments in cryptocurrency?
  • What are the practical challenges that apply to cryptocurrency plan investments?
  • What are the implications of the DOL’s new guidance on cryptocurrency for other types of retirement plan investments?
  • What can we learn about managing fiduciary responsibilities from the new DOL guidance?