A court filing cites the change in administration as the reason for backing out of the suit.
The labor secretary nominee spoke proudly of his labor roots and his ties to Boston, while responding to varied questions about the DOL’s important mission.
Sources say Marty Walsh’s long-term ties to organized labor will likely be a main topic of discussion at the forthcoming confirmation hearings, but pension issues and retirement security are also likely topics.
Plan fiduciaries will have to decide which suggestions fit their situations, and there are a few questions left unanswered, sources say.
TIAA says a variable annuity and mutual funds that take an ESG approach are widely used on its retirement plan platforms.
The guidance includes best practices for locating missing participants in addition to best practices for documenting efforts to do so.
The second-term mayor of Boston is known for fighting for a higher minimum wage and for being a long-term union member who is outspoken about the role of collective labor in the U.S. economy.
Everyone is initially eligible for the DOL’s new prohibited transaction exemption, though the regulator reserves the right to suspend eligibility for up to 10 years after certain violations.
This makes its new prohibited transaction exemption all the more important, according to attorneys with Groom Law Group.
The final rule confirms the reinstatement of the traditional five-part test for determining fiduciary status, though it does not definitively state that advice regarding IRA rollovers necessarily triggers fiduciary status.
The final regulation includes delayed compliance dates to January 31, 2022, for certain recordkeeping and proxy voting requirements.
The agency has also highlighted important modifications to the form.
The sense of déjà vu associated with the filing of a finalized fiduciary rule by the Department of Labor is palpable, but one ERISA expert says this version could actually stick—for good—despite the pending change in administration.
The rule implements the registration requirements for PEPs pursuant to the SECURE Act
With the Democratic nominee leading polls over the past several months, investors have had ample time to consider the potential impacts of a Biden administration, sources say.