Publication - 07/29/2013

Drinker Biddle Response to Controversial Yale Letters

Drinker Biddle Memorandum

We have reviewed a number of Yale Law School Professor Ian Ayers' letters to 401(k) plan sponsors, as well as the report of his study. Based on our work for plan sponsors, as well as recordkeepers and other service providers, our conclusion is that plan sponsors should not rely on his letters and study. Instead, they should engage in a prudent process to evaluate the services to their plans and participants, the compensation of service providers, and the costs of those services as well as the costs of the plan's investments.

To read our analysis, please click here. To read our letter accompanying that analysis, please click here.

Another Warning to Mind the Non-GAAP

Client Alert
Elizabeth A. Diffley

By Elizabeth A. Diffley As we have previously reported, over the past few months, SEC officials and numerous other observers have voiced concern about the pervasive and, perhaps abusive, use of non-GAAP financial measures by public companies.  Continuing on that theme, during a panel presentation at the Garrett Corporate and Securities Law Institute held at Northwestern University’s Pritzker School of Law, Mark Kronforst, Associate Director of the SEC’s Office of the Chie...

Investment Trusts, the Power to Vary, and Holding Partnership Interests

Journal of Taxation
Thomas Gray

“Investment Trusts, the Power to Vary, and Holding Partnership Interests” by Thomas Gray, Journal of Taxation, 2016.

Overcoming Compliance II

Thomas M. Dawson, Joseph L. Seiler III

New York and London partner Tom Dawson and New York partner and DBR General Counsel Joe Seiler published an article in Reactions titled, “Overcoming Compliance II.” The article is a continuation of their 2013 article, “Overcoming Compliance,” which discussed the challenges for insurers' boards of directors due to then-developing array of state regulatory disclosure and reporting requirements. In this follow-up article, Tom and Joe address still-developing federal r...

Socially Responsible Investing in ERISA Plans: The Legal Perspective

Institutional Investor: Foundation & Endowment Money Management
Bruce L. Ashton

Institutional Investor: Foundation & Endowment Money Management

IRS Denies Tax Exemption to Commercial ACO

Health Care Insight
Matthew Amodeo, Taylor Romigh Harrison, Linda S. Moroney, T.J. Sullivan

On April 8, 2016, the IRS released a final adverse exemption determination with respect to an accountable care organization (ACO) formed by an unnamed nonprofit health care system.