STRATEGIC PARTNERS

NLRB Reinstitutes the Browning-Ferris Joint Employer Standard - For Now (March 28, 2018)

When the National Labor Relations Board (“NLRB”) expanded its definition of “joint employer” in 2015 to include companies that share some direct or indirect control over other companies’ employees, many businesses were understandably concerned that they could become
partly or wholly responsible for individuals previously considered to be other companies’ employees. This new joint employer standard, established in the NLRB’s decision
Browning-Ferris Industries of California, Inc., 362 N.L.R.B. No. 186 (Aug. 27, 2015) (“Browning-Ferris”), seemed to be here to stay, as it was cited extensively by the NLRB and adopted by federal district courts.

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Fiduciary Article provided to BNHRA Members by Westminster Consulting (March 2017)

Fiduciary Article provided to BNHRA Members by Westminster Consulting (March 2017)

We apologize for the bad news
Many of our readers are fiduciary trustees for large pools of money: pension funds, charitable foundations, employee welfare & retirement plans, and so on. You, the fiduciaries, should be applauded for adopting this burden, for it is often an under-appreciated duty. As fiduciaries, you are responsible for a great deal and the scope of your responsibilities is ever increasing.

At Westminster Consulting, we sometimes are bearers of bad news. It would be easier to tell investment committees all the ways that their attention wasn’t required and how much more leisure time everyone gets. In reality, we are obligated to explain where your fiduciary duties are.  Read more....

Fiduciary Article provided to BNHRA Members by Westminster Consulting (February 2017)

Fiduciary Article provided to BNHRA Members by Westminster Consulting (February 2017)

“There are known knowns. There are things we know that we know.

There are known unknowns. That is to say, there are things that we know we don’t know.

But there are also unknown unknowns.  There are things we do not know we don’t know.”

-US Secretary of Defense, Donald Rumsfeld 

A FRIGHTENING TREND: IMPROPER DUTIES FOR ADVISORS

The mistake we see far too often is this:  employers have tasked non-fiduciary advisors with fiduciary duties and vice-versa.

HOW THIS HAPPENS: A TYPICAL SCENARIO

The laws that govern institutional investing are constantly in flux.  The Employee Retirement Income Security Act (ERISA), having started in 1974, is relatively mature but the application and expansion of these legal constructs are ongoing.  For example, Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Pension Protection Act (PPA) circulated in a wave of reform in 2006 through 2007.  Read More....

For more information contact: David Bard at 716-445-4518