The requirement to produce requested documents and the definition of relevant documents addressed in a DOL information letter applies to retirement plans, an attorney tells PLANADVISER.
Attorneys have confirmed that the DOL has begun an audit initiative and is asking for a broad range of cybersecurity information and documentation.
President Joe Biden seems to want to pave the way for more environmental, social and governance investing in retirement plans.
The legislation, which follows a year of back-and-forth on ESG investing, would amend ERISA to make it clear that plans may consider ESG factors in their investment decisions.
The guidance, which is the first of its kind, includes best practices and tips for protecting retirement benefits.
This is meant to help retirement investors, employee benefit plans and investment advice providers.
The Government Accountability Office calls for more guidance on cybersecurity matters and lists recommendations for the DOL to implement.
The department says it will not pursue enforcement actions against any plan fiduciary for failure to comply, and it plans to release further guidance on the issues.
A court filing cites the change in administration as the reason for backing out of the suit.
Plan fiduciaries will have to decide which suggestions fit their situations, and there are a few questions left unanswered, sources say.
TIAA says a variable annuity and mutual funds that take an ESG approach are widely used on its retirement plan platforms.
The guidance includes best practices for locating missing participants in addition to best practices for documenting efforts to do so.
The agency has also highlighted important modifications to the form.
The rule implements the registration requirements for PEPs pursuant to the SECURE Act
Reg BI, a new fiduciary rule proposal from the DOL and state-enacted fiduciary rules—what advisers should keep in mind.
Though they applaud the direction the Department of Labor is taking, expert ERISA attorneys say a new proposed rule does not sufficiently explain how pooled employer plans can be structured like existing multiple employer plans.