| DOL Wants More Control over Plan Audits |
| A new report from the Department of Labor suggests the quality of benefit plan audits performed by certified public accountants is lagging, with major deficiencies found in four of every 10 audits reviewed. Beyond this figure, the agency says its report reveals other serious issues with the current auditing system.
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| Documentation and Deliberation Remain Critical Post-Tibble |
| “The main impact of Tibble vs. Edison in my view is that it’s a good reminder that plan sponsors need to sharpen their pencils and look once again at the processes they’re using, both for selection and monitoring of investments,” explains Nancy Ross, partner in Mayer Brown’s litigation and dispute resolution practice.
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| FINRA Updates FAQs on Public Communication Rule |
| The Financial Industry Regulatory Authority has updated a helpful frequently asked questions section on its website outlining the scope and limits of FINRA Rule 2210, which covers adviser communications with the investing public.
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| Fiduciaries Removed for Misusing Retirement Plan Funds |
| The Department of Labor filed suit against fiduciaries of a medical corporation’s pension plan for using plan assets for personal expenses, citing multiple violation of the Employee Retirement Income Security Act.
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