Several commenters argued that without changes, the proposed rule would have little impact on expanding retirement plan coverage for American workers.
The year that was brought significant regulatory developments from the Department of Labor, the Internal Revenue Service, the Securities and Exchange Commission and other government agencies.
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.
Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.
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.
While enjoying broad support, at this early stage, it is unclear what responsibility a plan sponsor would retain for data security and accurate processing; in addition, auto-portability solutions may be limited by recordkeepers’ willingness to share participants’ personally identifiable information with a third party.
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.
The Department of Labor has published employee benefit plan compliance guidance and relief for victims of Hurricanes Florence and Michael, recognizing that plan fiduciaries and employers may encounter unavoidable issues with ERISA compliance.
Those industry stakeholders disappointed by the limited scope of the proposed regulations can take heart in the fact that DOL staff calls for detailed commentary on ways the proposal could be expanded, including into the area of “open MEPs” and “corporate MEPs.”
Under DOL scrutiny, the Illinois-based employer has agreed to restore nearly $420,000 to its defined benefit pension plan.
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.
The text of the regulation is still forthcoming, but the Office of Management and Budget has completed its review; so far, we know the regulation is viewed as “major” and “economically significant.”
This is in keeping with a rise in the DOL’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
A letter to the president from members of Congress asks for protection against the DOL's practice of “regulation through litigation.”