DOL to Consult Industry on How To “Facilitate” PEP Uptake
Among items on DOL/EBSA's agenda: speaking with retirement plan service providers, employers and employees on what regulators can do to help increase PEP growth.
Participants Regain $1.4 Billon Thanks to EBSA’s Interventions
The largest category of plan money recovery was from enforcement actions.
DOL Proposes Changes to Voluntary Fiduciary Correction Program
The proposal would allow fiduciaries to correct certain transactional mistakes and then notify DOL instead of applying for approval beforehand.
DOL Hosts Public Hearing on QPAM Proposal
The commentators and DOL representatives had stark disagreements on the implications of some the proposal’s provisions.
Legislative and Judicial Actions
Gomez Confirmed as New Head of EBSA
The full Senate voted, 49-36, to confirm Lisa Gomez as the new assistant secretary of labor for the Employee Benefits Security Administration.
What Is the DOL’s Plan If the Government Shuts Down?
Like most organs of the federal government, the Labor Department maintains an explicit policy for government shutdowns as a consequence of their frequency.
Senator Calls for Confirmation Vote on Assistant Secretary of Labor Nominee
Senator Patty Murray takes the 48th anniversary of ERISA to emphasize the importance of having a proper secretary to oversee EBSA.
DOL Extends Comment Period, Sets Hearing on QPAM Exemption Amendment
The complexity of the proposed reforms to the qualified professional asset manager exemption has given some experts pause.
DOL Updates Guidance on Audit Independence Rules
Labor Department leadership says the update is designed to expand retirement plans’ access to highly qualified auditors and audit firms.
Is the Qualified Professional Asset Manager Exemption in Jeopardy?
DOL Proposes Qualified Professional Asset Manager Exemption Changes
The Labor Department’s proposed amendment to a widely utilized prohibited transaction exemption is meant to ensure the exemption continues to protect plans, participants and beneficiaries.
Fool’s Gold for 401(k)s?
Labor Secretary Walsh Talks Crypto, DOL Budget
Labor Secretary Marty Walsh testified to Congress that DOL is open to a rule that would regulate cryptocurrency in retirement accounts—and potentially more broadly than that.
Senate Vote on EBSA Nominee Fails
The vote will be rescheduled for when Vice President Kamala Harris can break the tie.
Confirmation Vote Set for Lisa Gomez, EBSA Nominee
The long-awaited full Senate hearing is now on the docket for next week.
DOL Compliance Notice Warns Against Crypto Risks
The DOL’s Compliance Assistance Release No. 2022-01 urges plan fiduciaries to exercise ‘extreme care’ before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu.
Analyzing Retirement Industry Cybersecurity Risks and Best Practices
Legislative and Judicial Actions
DOL Publishes RFI on Climate-Related Financial Risks to Savings
The Department of Labor wants help identifying actions it can take to safeguard employees’ savings and pensions from threats related to climate change.