Labor Secretary Acosta Resigns Amid Controversy
President Donald Trump announced Deputy Labor Secretary Patrick Pizzella will replace Acosta's role in an acting capacity.
Tag: DoL
GAO Calls for DOL-IRS Collaboration on Prohibited IRA Transaction Exemptions
GAO says the two agencies do not share enough information on these exemptions, and that sharing more information would lead to greater transparency and consistency.
The Case That Almost Demolished the Retirement Plan Regulatory System
Expert ERISA attorneys have been eagerly awaiting the Supreme Court’s decision in a case called Kisor v. Wilkie. The complicated ruling issued Wednesday is the most significant of the term for the retirement plan audience.
Self-Correction and Compliance Tips from Former IRS Attorney
There are many fiduciaries out there who are not educated on the voluntary corrections programs run by DOL and IRS. Former IRS staffer Lisa Tavares says they are taking unnecessary risk.
Fog Still Hangs Over Defunct DOL Fiduciary Rule’s Influence
By the time the 5th Circuit vacated the DOL fiduciary rule expansion last year, advisory and brokerage firms had spent many millions of dollars to comply with the rule. Congressional Democrats want to know more about what’s happened since.
Tracking SECURE Act, RESA, DOL Developments and More
The SECURE Act and open MEPs are among topics explored by the PLANSPONSOR National Conference ‘Washington Update’ panel.
DOL Regulatory Agenda Shows Proposed Fiduciary Rule Expected in December
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.
Rep. Fudge Grills DOL Secretary on Fiduciary Rule Foot-Dragging
During an exchange on Capitol Hill on Wednesday, the Democratic representative from Ohio pressed DOL Secretary Alexander Acosta for details on how the regulator is addressing advisory industry conflicts of interest.
DOL Announces Two Know Your Fiduciary Responsibilities Seminars
The one in Detroit will take place on June 5 and in Wilmington, Delaware, June 25
Impact of Executive Order on ESG, Proxy Voting May Be Muted
One ERISA expert says fiduciaries already evaluating ESG risks and those being active in proxy voting will continue parsing whatever ad hoc disclosures are volunteered by companies.
Plan Sponsors Affected by Severe Storms Get ERISA Compliance Relief
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.
Investment Adviser Ordered to Pay $1.6M Restitution to Pension Plan
The Department of Labor's Employee Benefits Security Administration determined he defrauded $2 million from the Rehabilitation Center for Children & Adults Inc. Pension Trust
DOL to Hold Fiduciary Responsibilities Seminar in Portland
In addition, the agency is holding a three-day webcast series in March.
DOL Fiduciary Responsibilities Seminar Coming to San Diego
In addition, the DOL has announced a “Getting It Right – Know Your Fiduciary Responsibilities” webcast series will be held March 12 through March 14.
Form 5500 Reviews Lead to DOL Letters About Timely Remitting Contributions
“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.”
Plan Fiduciaries Pay $538,248 for Failure to Timely Remit Contributions
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.
Strategies to Manage Retirement Plan Loans
Enshrining these in a well-crafted loan policy statement can help plan sponsor clients take control of leakage and excess early withdrawals; like any stated compliance policy, what is written must be followed.
Advisers Play Important Role in Bringing ESG to ERISA Plan Clients
The Department of Labor issued a Field Assistance Bulletin in 2018 that caused some confusion about its true stance with respect to ESG investing inside ERISA plans; investment experts and attorneys say interest remains strong among plan sponsors and participants, nonetheless.
A 2019 To-Do List for Plan Sponsor ERISA Compliance
PLANSPONSOR Magazine has published a 2019 ERISA Plan Compliance Calendar that can help your clients track important due dates and requirements for their qualified plans.
Industry Groups Urge DOL to Expand MEP Proposed Rule
Several commenters argued that without changes, the proposed rule would have little impact on expanding retirement plan coverage for American workers.