Court Removes Nonprofit as Plan Fiduciary
The U.S. Department of Labor (DOL) has obtained a default judgment to restore employee contributions to the retirement plan of a Pennsylvania nonprofit organization.
Compliance
Indiana Ponzi Allegedly Targeted IRAs
The Securities and Exchange Commission (SEC) charged an Indiana resident and his company with defrauding investors in a Ponzi scheme that targeted retirement savings.
Groups Ask IRS to Clarify Definitions
The American Society of Pension Professionals & Actuaries (ASPPA) sent a comment letter to the Internal Revenue Service (IRS) about the definitions of vesting and severance for pre-approved...
PBGC to Pay Pensions for Ga. Company
The Pension Benefit Guaranty Corporation (PBGC) announced that it will be paying retirement benefits for a vehicle transportation business based in Atlanta, Georgia.
DOL Seeks Fiduciary for Abandoned Plan
The U.S. Department of Labor (DOL) has alleged that DTK Computer Inc. failed to take control of its retirement plan’s assets.
DOL Seeks to Restore N.J. Contributions
The U.S. Department of Labor (DOL) recently filed a lawsuit that seeks restoration of missing employee contributions in a New Jersey-based plan.
DOL Files Suit against Calif. Bank
The U.S. Department of Labor (DOL) has filed a lawsuit against a California bank, alleging that nearly $1.4 million in employee stock ownership assets were mismanaged.
Rollovers Need Strict ERISA Standards
A majority of advisers surveyed (79%) said the strictest fiduciary standard should apply to rollovers of retirement accounts.
Adviser Ordered to Restore Plan Losses
An investment adviser has been ordered to restore plan losses, incentive fees and penalties for several employee benefit plans.
Plan for the Worst, Regulators Advise
Several regulators, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issued advice on business continuity and disaster recovery planning.
SPARK Institute Seeks IRS 403(b) Guidance
The SPARK Institute has requested guidance from the Internal Revenue Service (IRS) relating to 403(b) retirement plans.
IRS Announces New Self Audit Tool
Having good internal controls can help retirement plan sponsors eliminate or reduce errors in plan operation.
Case Dismissed on Presumption of Prudence
A federal appeals court found the application of the presumption of prudence to be appropriate at the motion to dismiss stage.
DOL Seeks Removal of Plan Fiduciaries
The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) announced default judgments have been entered against the fiduciaries of two retirement plans.
Safe Harbor is Topic of Lifetime Income Comments
A number of organizations have commented on the proposal by the U.S Department of Labor (DOL) on providing participants with lifetime income illustrations.
SEC Charges BofA with Defrauding RMBS Investors
The SEC filed a complaint claiming Bank of America and two subsidiaries failed to disclose key risks and misrepresented facts about the underlying mortgages in an offering of...
UBS Misled CDO Investors, SEC Claims
The SEC charged UBS for its failure to disclose that it retained upfront cash received when it acquired collateral for a collateralized debt obligation (CDO).
Professor’s Study Riddled with ‘Deficiencies’
August 7, 2013 (PLANSPONSOR.com) – Attorneys at Drinker Biddle & Reath identified what they say are a number of deficiencies in Ian Ayres’ study of retirement plan fees.
PSCA Disagrees with Lifetime Income Approach
In a letter to the U.S. Department of Labor (DOL), the Plan Sponsor Council of America (PSCA) expressed some disagreement with the DOL's proposal for including lifetime income...
Fidelity Cleared of Excessive Fee Violation
A federal appeals court affirmed the dismissal of a lawsuit against Fidelity Management Trust Company regarding excessive fees.