Tag: Department of Labor

Form ADV includes a number of questions about the custody of client assets; these questions continue to be a source of widespread confusion and inconsistent interpretations in the asset management industry.

Mercer offers recommendations for retirement plan sponsors to search for missing participants.

Asked whether Wells Fargo Advisors will reconsider T shares if the DOL’s fiduciary rule is revisited or the SEC pushes through a conflict of interest rule, the firm simply said, “Although we could offer them in the future, we have no current plans to do so.”

The Department of Labor’s (DOL)’s Employee Benefit Security Administration’s (EBSA)’s Plan Investment Conflicts (PIC) project investigates issues related to fiduciary service provider compensation and conflicts of interest in relation to plan asset vehicles.

A court appointed an independent fiduciary to distribute assets to the remaining plan participants.

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 and identity theft.

The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.

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 are handling missing participants.”

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 vacate? 

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 abandoned.

Its “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Chicago, on July 10.

The former owner is also barred from serving as a fiduciary, trustee, agent, or representative to an employee benefit plan. 

A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay $971,622 in restitution to the company’s 401(k) plan.

A federal district court has entered a consent judgment requiring the fiduciaries of the Sonnax Industries’ employee stock ownership plan (ESOP) to pay $2,225,000 to the plan.

The rise in lawsuits is prompting more sponsors to turn to lower-cost index funds—and could prevent them from offering lifetime income products.

The seminar will be held in Queens in New York City on May 17.

The “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Providence, Rhode Island, on June 28.

The trustee is ordered to pay $234,271 in restitution, serve a year of probation and is barred from serving as a fiduciary to a benefit plan for 13 years.