Federal Judge Nixes DOL Rollover Guidance Interpretation
A U.S. District Court judge ruled that Department of Labor guidance violated the Administrative Procedure Act.
DOL: More Time to Comment on Fiduciary Correction Program
The Department of Labor has extended the public comment period for a program that would allow fiduciaries to self-correct for retirement plan contributions that are not invested, rather than going to the DOL first.
BNY Mellon Dismissed, Alight, Colgate-Palmolive Remain in Retirement Theft Lawsuit
A District Court judge dismissed BNY Mellon from an ERISA lawsuit, leaving defendants Alight Solutions and the Colgate-Palmolive employee relations committee.
Wells Fargo Is Targeted in ERISA Lawsuit Alleging Self-Dealing
The Wells Fargo retirement plan fiduciaries are accused of engaging in prohibited transactions and breaching their fiduciary duty to participants.
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.
Fool’s Gold for 401(k)s?
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.
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.
DOL Releases Guidance on Investment Advice Exemption
This is meant to help retirement investors, employee benefit plans and investment advice providers.
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
PANC 2018: DOL Audits of Retirement Plan Advisers
The DOL wants to ensure that retirement plan advisers are delivering on all services listed in their contracts with retirement plan sponsors.
Federal Court Orders Prison Term after Benefit Plan Theft
A Maryland business owner will serve one year and one day of imprisonment and pay more than $350,000 in restitution for violations of the Employee Retirement Income Security Act.
DOL Wins Restitution of Misused 401(k) Assets
A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay $971,622 in restitution to the company’s 401(k) plan.
Court Finds Pension Trustee Guilty of Embezzlement
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and is barred from serving as a fiduciary to a benefit plan for 13 years.
Legislative and Judicial Actions
EBSA Restores $1.1B to Benefit Plans, Participants and Beneficiaries
Nearly $700 million was in recoveries from enforcement actions.