As expected, the Obama Administration has issued a request for
information (RFI) to gather public comment about whether and how the
government should promote lifetime income products in retirement plans.
The U.S. Department of Labor's Employee Benefits Security Administration has released to the public online datasets of Form 5500 annual report/returns for approximately 800,000 retirement, health, and other employee benefit plans.
The Obama Administration on Monday released retirement
initiatives, including establishing
automatic individual retirement accounts (IRAs), simplifying and expanding the
Saver's Credit, and updating 401(k) regulations to increase transparency.
A Department of Labor (DoL) administrative law judge has rejected the
appeal by a 401(k) plan administrator of an $86,500 civil penalty,
ruling that bankruptcy did not relieve the administrator of
requirements to properly file an annual report.
The U.S. Department of Labor (DoL) has filed suit against the owners of
a bankrupt Chicago-area company for diverting their employees’ health
care premium payments and 401(k) contributions and loan repayments.
The head of the Department of Labor's Employee Benefits Security Administration (EBSA) said today that the agency plans to
release its long-awaited regulation dealing with providers’ fee
disclosure under 408(b)(2) in May 2010.
In implementing its newly announced initiative to see how it can best
facilitate the use of lifetime income investment vehicles in retirement
plans, the U.S. Department of Labor (DoL) plans to release a formal
request for information document in January.
The U.S. Department of Labor is suing the trustees and other
fiduciaries of the employee stock ownership plans and eligible
individual account plans of DirecTECH Holding Co. Inc. for allegedly
using plan assets to purchase company stock at inflated prices.
In a new report, the Government Accountability Office (GAO) made
suggestions to the U.S. Department of Labor (DoL) to address plan
sponsor and provider confusion over new reporting requirements for the
Form 5500 Schedule C.