Tag: Department of Labor

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.

They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.

The agency says it recognizes that these wildfires may impede efforts by plan fiduciaries, employers, labor organizations, service providers, and participants and beneficiaries to comply with the Employee Retirement Income Security Act (ERISA) over the next few months.

The “Changes to Note” section of the 2018 instructions highlights important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.

The DOL has issued an advisory opinion letter in response to a request by Retirement Clearinghouse (RCH), for the Department’s opinion on the status of certain parties as “fiduciaries” as a result of actions undertaken as part of RCH’s Auto-Portability Program.

The request comes in a notice of proposed exemption from prohibited transactions for Retirement Clearinghouse's auto-portability solution.

Forty percent are waiting for further clarification, Fidelity learned in a survey.

These plans allow small businesses to join together to offer defined contribution retirement savings benefits.

The DOL said it is considering regulatory options in light of a 5th Circuit opinion vacating its previous fiduciary rule, and has on its timeline that a final rule will be issued in September of 2019.

This is in keeping with a rise in the DOL’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).