Fiduciaries were ordered to restore $6,502,500 to the plan for an overpriced purchase.
After previously failing to get DOL approval for a target-date fund design that involves an annuity and reinsurance component, LGIMA hopes the Trump Administration will more readily allow such private sector innovations.
In a new Field Assistance Bulletin, the DOL addresses a set of common errors made by multiple employer plans as they attempt to comply with a reporting rule introduced in 2014.
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
Eugene Scalia, son of late Assistant Supreme Court Justice Antonin Scalia, was part of the team that defended the Chamber of Commerce in its lawsuit against the previous DOL fiduciary rule.
President Donald Trump announced Deputy Labor Secretary Patrick Pizzella will replace Acosta's role in an acting capacity.
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.
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.
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.
The SECURE Act and open MEPs are among topics explored by the PLANSPONSOR National Conference ‘Washington Update’ panel.
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.
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.
The one in Detroit will take place on June 5 and in Wilmington, Delaware, June 25
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.
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