Tag: Department of Labor (DOL)
Court Orders Business Owner to Prison for Embezzling 401(k) Funds
The court-ordered restitution includes $69,000 in employee and matching employer contributions, as well as lost earnings due to the 401(k) plan, and approximately $4.3 million for fraudulent loans...
Deep Dive into DOL EBSA Enforcement Activities
When it comes to policing of retirement plans by the EBSA, the pace of settlements and corrections remains strong; experts pin this to the relative regional autonomy of...
Intro
Best Interest in Mind
Plan sponsors are likely to ensure that advisers are keeping participants' best interests in mind when recommending rollovers, even though the fiduciary rule has been vacated.
ERIC Calls on DOL to Issue Detailed Missing Participant Guidance
The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect...
States Start Knitting a Patchwork of Best Interest Fiduciary Regulations
With the judicial defeat of the Obama-era DOL fiduciary rule hanging in the air, individual states are moving to establish their own best interest regulations for the sale...
Peering Through the Regulatory Kaleidoscope
Spend any significant amount of time in the retirement planning industry and, whatever the role, one will inevitably hear about the negative impact of “regulatory uncertainty.” Has it...
In Focus at DOL: Missing and Terminated Participants
Over the last few years, all three federal agencies that regulate retirement plans have been focusing on missing participants; advisers have a key role to play when it...
DOL Investigation Results in $5 Million ESOP Settlement
The settlement agreement resolves a civil suit brought by the DOL, alleging Cactus Feeders Inc. ESOP fiduciaries failed to fulfill their obligations under ERISA during a December 2010...
DOL Taking Its Fiduciary Responsibilities Seminar to Miami
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
PSCA Calls for Clearer Guidance from IRS and DOL on Missing Participants
The plan sponsor advocacy organization says there have been “numerous reports of aggressive DOL enforcement activity, and sometimes inconsistent positions taken by DOL auditors, regarding how plan sponsors...
In Memoriam: How the Fiduciary Rule Changed the Retirement Industry
With the news emerging that the 5th U.S. Circuit Court of Appeals has certified its ruling to vacate the DOL fiduciary rule, Scott Gehman, a retirement plan consultant...
Mandate Issued by 5th Circuit to Officially Vacate DOL Fiduciary Rule
While the deadline had already technically passed for the DOL to appeal the circuit court ruling vacating its fiduciary rule reforms, this highly anticipated move by the court...
PSNC 2018: Participant Advice in an Era of Fiduciary Uncertainty
Participant advice has highly progressed in the latest years, with the introduction of mobile technology and advanced systems, but how will it change under the new fiduciary rule...
Custodians Need Help Cleaning Out Abandoned Plans
Metropolitan Life Insurance Company and Brighthouse Life Insurance Company have agreed to work with the DOL to determine whether more than 2,000 retirement plans in their custody are...
Reflections on a Dramatic Year for Retirement Plan Regulation
From the unexpected derailment of the DOL fiduciary rule to the expanding debate about so-called ‘open MEPs,’ your plan sponsor clients face a tremendous amount of uncertainty in...
