On September 11, 2020, the United States Department of Labor (“DOL”), citing the “pressing need for clarity,” issued revised Family First Coronavirus Response Act (“FFCRA”) regulations following the August 3, 2020 New York Federal District Court decision that struck provisions interpreting the FFCRA. The regulations will be published and take effect on today, September 16, 2020.
On August 12, 2020, the Tennessee General Assembly passed the COVID-19 Recovery Act (the “Act”), which was enacted into law by Governor Bill Lee’s signature on August 17, 2020.
On August 12, 2020, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) delivered a harsh blow to lenders and consumers in the residential mortgage market when they announced they would impose a .5% fee (i.e., a 1/2 “point” in mortgage finance parlance) on refinance mortgages purchased by Fannie Mae and Freddie Mac after September 1, 2020.
Retirement plan sponsors and other fiduciaries are required by ERISA to discharge their duties with the “care, skill, prudence, and diligence” under the circumstances as would a prudent man. This means, among other things, fiduciaries should ensure that all fees paid by the plan for recordkeeping and investment management services are competitive and reasonable.