Tag: DoL

Peering Through the Regulatory Kaleidoscope

Spend any significant amount of time in the retirement planning industry and, whatever the role, one will inevitably hear about the negative impact of “regulatory uncertainty.” Has it always been this way?

DOL Wins Restitution of Misused 401(k) Assets

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.

Breaking Down Fiduciary Uncertainty for Plan Sponsor Clients

Backing away from the topic of the DOL fiduciary rule, ERISA attorney Fred Reish focused his speech at the Plan Sponsor Council of America’s national conference on general compliance duties of ERISA plan sponsors; he noted that courts have applied what is called the “two hats” doctrine.

SEC Issues FAQs About Share Class Selection Disclosure Initiative

If an adviser reduced their fee due to the receipt of 12b-1 fees, the SEC might not ask for any disgorgement; for instance, the SEC says, if an adviser regularly charges an annual management fee of 1.25% of assets but lowered that to 1% in light of the 12b-1 fees, the SEC says it is unlikely to ask for any disgorgement.

DOL Secures Prison Time for Two Florida ERISA Fraudsters

A pair of former executives of First Farmers Financial are being punished for their involvement in the sale of $179 million in fraudulent loans to a Milwaukee company that provided investment services to 42 retirement plans covered by the Employee Retirement Income Security Act.