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OFPP Still Myth-Busting, Seeks to Improve Industry Engagement on Acquisition Issues

Client Alert | 1 min read | 05.30.19

On April 30, 2019, the Office of Federal Procurement Policy (OFPP) issued its fourth Myth-Busting memorandum, the purpose of which is to:

  • “[I]mprove awareness of vendor engagement strategies that Federal procurement thought leaders are using to create a more responsive buying process, modernize the acquisition culture, and deliver greater value to the taxpayer.”
  • Ask “each Chief Financial Officers Act (CFO Act) agency to ensure it has designated an industry liaison to work with the agency’s Acquisition Innovation Advocate (AIA), the Office of Small Disadvantaged Business Utilization (OSDBU), and other key acquisition personnel to promote modern vendor communication practices and counter misconceptions that drive today’s risk aversion culture[,]” i.e., “to serve as a conduit among acquisition stakeholders and promote strong agency vendor communication practices.”

The memorandum also:

  • “[H]ighlights ten misconceptions related to innovative practices” (three of which address key issues in acquisition innovation and the remainder of which address communicating with industry).
  • “[S]howcases successful agency efforts[.]” 
  • Explains that “new examples will be posted on the Innovation Hub of the Acquisition Gateway to foster dynamic conversations among the acquisition workforce.”

Insights

Client Alert | 2 min read | 05.07.24

Department of Labor Finalizes Changes to Its Fiduciary Rules

On April 25, 2024, the Department of Labor (“DOL”) published a final rule (the “Final Rule”) regarding when providing investment advice results in the advisor becoming a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Internal Revenue Code of 1986, as amended (the “Code”).  Under this guidance, an entity is a fiduciary if the provider of that advice to an ERISA plan or Individual Retirement Account:...