A federal district court ordered a profit-sharing plan trustee to sell personal real estate to meet restitution requirements, after the trustee failed to ensure proper diversification and liquidity of plan assets.
A Department of Labor investigation found evidence that $5 million, including retirement plan assets covered by ERISA, was inappropriately diverted and used to pay various business and personal expenses.
The ERISA plan invested roughly $1.9 million of plan assets from July 2010 through December 2011 in the investment company, Midwest Green Resources.
With its publication in the Federal Register, the DOL’s request for information regarding its implementation (or not) of the fiduciary rule is officially open for public comment.
Some firms also report handling certain rule preparations or implementation activities poorly in some ways and well in other ways.
The DOL argues it must not lose its broad authority to regulate the workplace retirement planning market—notwithstanding the fact that it may very well decline to aggressively enforce the fiduciary rule under President Trump.
The request for information asks whether the BICE and PTEs should be delayed further and whether new streamlined exemptions could be probable given innovations in the industry since the fiduciary rule was proposed.
During a hearing, Acosta claimed that previously the SEC did not work jointly with the DOL on the rule.
In a new final rule, the Department of Labor removed its final rules regarding the ERISA safe harbor of government-run plans for private-sector workers.
Content, context and presentation are now the important factors in determining whether a particular activity represents fiduciary advice—but that could change.
The plan sponsor in the case was criminally prosecuted and pled guilty to embezzlement in June 2016.
Speaking at the 2017 PLANPSONSOR National Conference, a staffer at the DOL told attendees the agency is still looking for ways to make its fiduciary rule better.
The DOL says the seminar will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
In the end the Trump administration will allow the Obama-era DOL fiduciary rule to take effect; industry observers are split about what exactly this means for the long-term.
The seminar will be held in Springfield, Illinois, on June 21.
The newly confirmed Secretary of Labor, Alexander Acosta, will steer from the top the effort to either overturn or leave in place the Obama-era fiduciary rule and other regulatory reforms.
The DOL's Employee Benefit Security Administration hopes a new initiative will help it “overcome the limitations seen in existing data collection activities.”
Fiduciaries of the Weinhagen Tire Company 401(k) Plan agreed to an order resolving the DOL's lawsuit claiming the fiduciaries allowed the misdirection and misuse of employee contributions.
Their “Retirement Ripoff Counter” shows that without the protections of the fiduciary rule, investors are losing $1.9 million an hour, $46 million a day—and $17 billion a year.
This lack of experience can lead to mistakes, ERISApedia.com says.