Failure to find missing participants could disqualify a retirement plan under the tax code and lead to breaches of the ERISA fiduciary duty.
Tag: Department of Labor
The Democratic presidential candidate tells Department of Labor Secretary Scalia she fears the DOL is considering standards of conduct that would permit advisers providing advice on retirement savings to engage in conflicts of interest.
The DOL is aiming to "modernize fiduciary practices related to the voting rights associated with ERISA plan investments and harmonize those regulations with the requirements of other regulators.”
Two executive orders could lead to more formal guidance and a halt on enforcement without proper guidance in place, attorneys from Groom Law Group explain.
Industry sources speculate that the DOL's new structure for its Employee Benefits Security Administration will result in more guidance and fairer enforcement.
Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda.
Fiduciaries were ordered to restore $6,502,500 to the plan for an overpriced purchase.
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
Eugene Scalia, son of late Assistant Supreme Court Justice Antonin Scalia, was part of the team that defended the Chamber of Commerce in its lawsuit against the previous DOL fiduciary rule.
President Donald Trump announced Deputy Labor Secretary Patrick Pizzella will replace Acosta's role in an acting capacity.
During a House committee hearing in early May, Secretary of Labor Alexander Acosta said the Department of Labor (DOL) is working with the Securities and Exchange Commission (SEC) to propose a rule that will protect investors.
The one in Detroit will take place on June 5 and in Wilmington, Delaware, June 25
The Department says it recognizes that severe storms may impede efforts by plan fiduciaries in Nebraska, Iowa and Alabama to comply with the Employee Retirement Income Security Act (ERISA) over the next few months.
The Department of Labor's Employee Benefits Security Administration determined he defrauded $2 million from the Rehabilitation Center for Children & Adults Inc. Pension Trust
In addition, the agency is holding a three-day webcast series in March.
In addition, the DOL has announced a “Getting It Right – Know Your Fiduciary Responsibilities” webcast series will be held March 12 through March 14.
“Invitation to correct” letters state, “the 15th business day is not a safe harbor and is included in the regulation only as an outside limit of the time that may be considered for segregation of assets.”
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.
Several commenters argued that without changes, the proposed rule would have little impact on expanding retirement plan coverage for American workers.
The council is asking the DOL to require sponsors to be familiar with the various security frameworks to protect retirement plan data.