Concerns Linger About DOL Fee Disclosure Guidance
Some advisers say certain issues did not make the FAQs about fee disclosure in the Department of Labor’s recently issued field assistance bulletin.
Compliance
Increased Education May Help Reduce Retirement Plan Fees
A Government Accountability Office (GAO) review of retirement plan documents showed some sponsors face challenges in understanding the fees they and their participants are charged.
DOL’s Answer in Fee Disclosure Guidance ‘Surprising’
When reading Field Assistance Bulletin 2012-02, relating to participant fee disclosures, some industry experts are particularly surprised by the Department of Labor’s (DOL) response to Question 30.
JPMorgan Chase Sued for Retirement Plan Losses
A former JPMorgan Chase & Co. employee is suing the firm on behalf of retirement plan participants who lost money after the bank reported a $2 billion trading...
Target-Date Fund Investors Need Better Graphics and Data
Several Morningstar divisions sent a letter to the Securities and Exchange Commission (SEC) urging the regulator to require target-date series to provide more details on the investments.
DOL Recovers Retirement Plan Assets for Participants
Two companies settled lawsuits with the Department of Labor (DOL), agreeing to restore retirement assets to participants.
DOL Notes a Change to Recent Fee Disclosure Guidance
The Department of Labor’s Employee Benefits Security Administration made a technical correction to the recently released Field Assistance Bulletin No. 2012-02.
Fiduciary Liability Continues After Company Closing
Some retirement plan sponsors mistakenly believe their fiduciary liability ended when the company doors closed.
DOL Hits Hutcheson with ERISA Violation
The Department of Labor filed a complaint against Matthew Hutcheson of Eagle, Idaho, an independent fiduciary and plan trustee, for a violation of the Employee Retirement Income Security...
Fee Disclosure Guidance Provides 403(b)s Comfort
Recent fee disclosure guidance addresses some unanswered questions for 403(b) plans.
EBSA Hosts Fiduciary Seminars in Boston and NYC
The Department of Labor’s Employee Benefits Security Administration (EBSA) scheduled two “Getting it Right: Know Your Fiduciary Responsibilities” seminars.
ASPPA Submits Recommendations for Lifetime Income Proposals
The American Society of Pension Professionals & Actuaries (ASPPA) applauded efforts by the Internal Revenue Service (IRS) to help ensure lifetime income for Americans.
DOL Issues Additional Guidance for Participant Fee Disclosures
The Department of Labor’s Employee Benefits Security Administration (EBSA) issued frequently asked questions about the requirements of new participant fee disclosure rules.
ERIC Suggests Changes to Lifetime Income Proposals
The ERISA Industry Committee (ERIC) says it welcomes proposals by the Treasury Department to remove regulatory barriers to lifetime income options.
Japanese Company May Be Liable for Terminated U.S. Pension
A Japanese company that acquired the now-defunct Metaldyne Corporation may be found liable for termination premiums for Metaldyne’s pension plan.
DOL Hosts Fiduciary Responsibilities Seminar in Dallas
The Department of Labor (DOL) is hosting “Getting It Right – Know Your Fiduciary Responsibilities” in Dallas on May 22.
Employer Cannot Use ERISA to Stop Deferred Compensation Benefits
An employer cannot use the Employee Retirement Income Security Act’s provisions to terminate benefit payments under a deferred compensation agreement.
ABG Wants Clarity for Advisers about Participant Fee Disclosure
Alliance Benefit Group (ABG) asked the Department of Labor to clarify certain aspects of the participant fee disclosure regulations that go into effect this summer.
Groups Seek Grace Period for Fee Disclosure Regulations
A coalition of organizations asked the Department of Labor (DOL) to institute a one-year transition period to comply with new fee disclosure regulations.
Bipartisan Bill Seeks Expanded Oversight of Advisers
The House Financial Services Committee introduced legislation that would authorize one or more self-regulatory organizations (SROs) for advisers.