Retirement Industry Experts Concerned by ‘Prescriptive’ Income Projections
Creating a requirement for recordkeepers to provide lifetime income projections is a popular idea, but the EBSA’s proposed framework is seen by some as simplistic and potentially even misleading.
How Advisers Serving MEPs and PEPs Can Be Conflicted
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
Despite DOL’s Proposed Tightening, ESG Can Still Shine
It is not all doom and gloom for plan sponsors and participants who want these investments. Here’s what advisers should know about the new rules proposed by the Department of Labor (DOL).
DOL Proposes Stricter Rules About ESG Investing in Retirement Plans
Secretary of Labor Eugene Scalia says employer-sponsored plans ‘are not vehicles for furthering social goals or policy objectives.’
EBSA’s E-Disclosure Rule Is Final
DOL Issues RFI on Prohibited Transactions, Open MEPs and SECURE Act
Responses to the request for information (RFI) will help the Department of Labor (DOL) evaluate the need for a proposal on new prohibited transaction exemptions related to pooled employer plans.
DOL’s EBSA Reveals Final Electronic Disclosure Rule
Compared with other regulatory efforts undertaken in recent years by the Department of Labor, this one enjoys near universal support among retirement plan industry stakeholders.
Assessing the State of Trump’s EBSA
Retirement Plans Get Relief for Certain Requirements
The agency is relaxing timing rules for certain actions and notices if timing is affected by the COVID-19 outbreak.
DOL Secretary Scalia Confirms EBSA Head Rutledge’s Departure
Rutledge will remain with the Department of Labor through the end of May, at which time he will have been in the post of assistant secretary for the Employee Benefits Security Administration for 2 1/2 years.
Ways to Make Default E-Delivery Even More Effective
Recordkeepers and other service providers have submitted generally positive comment letters to the Department of Labor regarding its proposed e-delivery default rule, but they also have some specific suggestions for improving the proposal.
Information Copies of the 2019 Form 5500 Published
The associated instructions have also been updated to reflect, among other changes, an increase to $2,194 per day in the maximum civil penalty amount assessable under ERISA Section 502(c)(2).
While Popular, Default Electronic Delivery of Plan Documents Irks Some
Retirement plan service providers generally support making electronic delivery of documents the default, but print communication industry organizations and some consumer groups say the paper default should remain.
Senate Confirms Eugene Scalia as Labor Secretary
Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda.
Investment Adviser Ordered to Pay $1.6M Restitution to Pension Plan
The Department of Labor's Employee Benefits Security Administration determined he defrauded $2 million from the Rehabilitation Center for Children & Adults Inc. Pension Trust
Form 5500 Reviews Lead to DOL Letters About Timely Remitting Contributions
“Invitation to correct” letters state, “the 15th business day is not a safe harbor and is included in the regulation only as an outside limit of the time that may be considered for segregation of assets.”
Plan Fiduciaries Pay $538,248 for Failure to Timely Remit Contributions
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.
Compliance News
DOL Provides Relief for Plans Impacted By Recent Hurricanes
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.
Closer Examination of DOL MEP Proposal
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.”