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Erica Rozow Quoted in Bloomberg Law on Changes to QPAM Exemption
06.18.24
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Partner Erica Rozow was quoted in a Bloomberg Law article titled, “Big Banks Rethink Legal Route to 401(k) Management With New Rule.” The article discussed the DOL’s recently finalized amendments to its qualified professional asset manager (QPAM) exemption and what impact the changes may have now that they have taken effect. Erica explained that while the QPAM exemption has long been considered the gold standard in ERISA compliance, the amended rule could prompt asset managers to seek other exemptions under ERISA, such as the service provider exemption. She went on to further note, “People are worried that, even though [the DOL] was somewhat receptive to comments that they received, the final rule will still make the QPAM exemption much more difficult to rely on.”
To read the full article, please click here.