While President Joe Biden’s nominee for assistant secretary of labor for the Employee Benefits Security Administration is likely to be confirmed, her regulatory approach is less clear, according to sources.
“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.”
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.
They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.
The Department of Labor’s (DOL)’s Employee Benefit Security Administration’s (EBSA)’s Plan Investment Conflicts (PIC) project investigates issues related to fiduciary service provider compensation and conflicts of interest in relation to plan asset vehicles.
A court appointed an independent fiduciary to distribute assets to the remaining plan participants.
The court-ordered restitution includes $69,000 in employee and matching employer contributions, as well as lost earnings due to the 401(k) plan, and approximately $4.3 million for fraudulent loans and identity theft.
The former owner is also barred from serving as a fiduciary, trustee, agent, or representative to an employee benefit plan.
The seminar will be held in Queens in New York City on May 17.
The “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Providence, Rhode Island, on June 28.
The event will be held in Metairie, Louisiana, on April 11.
A former office manager of New England Anesthesiologists, Inc. was found guilty of embezzling $120,313 in employee deferrals.