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.
Tag: EBSA
Analyzing Retirement Industry Cybersecurity Risks and Best Practices
A certain famous bank robber is said to have explained that he robbed banks because ‘that’s where the money is.’ As of the end of 2021, U.S. retirement plans now have a significant amount of money, with more than $37 trillion of assets.
Compliance News
Legislative and Judicial Actions
The DOL denies general support for private equity; the Supreme Court sends ‘Northwestern’ back to the appeals court; the PBGC funds a second failing pension; and more.
Compliance
Compliance
Trends
Compliance
Compliance
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.
DOL’s EBSA Secretary Nominee Advanced by HELP Committee
The Biden administration’s nomination of Lisa Gomez to lead the DOL’s Employee Benefits Security Administration took a key step forward Thursday.
The Greening of Proxy Voting
ESBA’s rule, making voting more transparent, will call for new adviser services.
DOL Enforcements Result in $2.4B in Recoveries for Plans, Participants and Beneficiaries
An Employee Benefits Security Administration report offers insight on how the agency gets leads for its enforcement actions.
Provider Reviews, Contracts Emphasized in DOL Cybersecurity Guidance
Retirement plan fiduciaries often rely on their service providers to create the electronic systems used to maintain participant data and conduct electronic transactions involving plan assets—so the Department of Labor is paying special attention to these relationships.
Op-Ed: ERISA Prudence Demands Healthy ESG Skepticism
Neal Shikes agrees that ESG factors can be an important part of institutional investors’ methodologies, but he also says retirement plan fiduciaries should be skeptical of some claims about what todays’ ESG investments can actually deliver when it comes to confronting climate change.
Compliance News
Compliance
Compliance
Compliance
Legislative and Judicial Actions
The SEC returns to cybersecurity enforcement pledge; Form 5500 revisions; revenue-sharing disclosure failures result in SEC action; and more.
DOL Announces Anticipated ESG Fiduciary Investing Rule
Agency leaders say the principal idea of the new proposal is that climate change and other ESG factors can be financially material and, when they are, considering them will inevitably lead to better long-term risk-adjusted returns.
Court Rebuffs DOL’s ESOP Valuation Case Against Engineering Firm
One commentator who works in the employee stock ownership plan space says the ruling represents “one of the most comprehensive rebukes of DOL arguments” in such a valuation case.
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
Compliance Consult
Cybersecurity and ERISA
DOL guidance should prompt clients to ask for help with compliance.
A Well-Informed Look at the EBSA’s Terminated Vested Participant Project
Justine Kim worked as a DOL investigator from 2006 to 2018. In this guest article, she offers tips for advisers about the ongoing Terminated Vested Participant Project, which has resulted in many millions of dollars in fines and penalties for plan sponsors.
Compliance
Compliance
DOL Investigation Lessons Learned From Long Experience
Drawing on their collective decades of experience working inside and outside the DOL, a panel of expert ERISA attorneys convened this week by Faegre Drinker had a lot of timely lessons to share regarding investigations of investment advisers.
DOL Releases Guidance on Investment Advice Exemption
This is meant to help retirement investors, employee benefit plans and investment advice providers.
Compliance
Compliance
Compliance
Industry Issues Early Reactions to Walsh’s DOL Confirmation
Trade groups and advocacy organizations representing the retirement planning industry have reacted positively, if cautiously, to the confirmation of Marty Walsh as labor secretary.
Senate Confirms Marty Walsh as Labor Secretary
The full Senate voted Monday evening to approve the nomination of Boston Mayor Marty Walsh to lead the U.S. Department of Labor at critical time for the U.S. economy and its workforce.
DOL Says It Won’t Enforce Final Rules on ESG and Proxy Voting
The department says it will not pursue enforcement actions against any plan fiduciary for failure to comply, and it plans to release further guidance on the issues.