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DOL Issues

On Jan. 30, the final rule titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” — a.k.a. the “ESG rule” — became effective. American Retirement Association CEO Brian Graff recently sat down with the Employee Benefits Security Administration’s Tim Hauser to... READ MORE
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is resoliciting comments on its Voluntary Fiduciary Correction Program (VFCP) for input on changes mandated by the SECURE 2.0 Act of 2022.   Also cited were comments to the proposed amendment to Prohibited Transaction... READ MORE
The comment period for changes to the Department of Labor’s popular Voluntary Fiduciary Correction Program (VFCP) is rapidly coming to a close, with all comments due by Friday, Jan. 20. The proposed changes, released in November, simplify and expand the original VFCP, “thereby making it easier for... READ MORE
There was plenty of activity in 2022 affecting plans, participants, employers, and service providers, and NTSA Net was there. But the year that was also provided copious reminders that content that provides nuts-and-bolts information is critically important.  The top 10 posts on NTSA Net in 2022... READ MORE
There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and... READ MORE
A little more than a week ago, the U.S. Department of Labor unveiled its much-anticipated final ESG rule.  There’s a lot to unpack in that regulation (and the rest of the 236-pages that help explain its process and rationale), but here’s a few things that seem particularly important to note at the... READ MORE
Or two. Or more. New Year’s Eve heralds more than the end of 2022. It also marks a number of deadlines that a plan and professionals serving it may want to keep in mind.  Plan Design Changes A plan generally must be amended by the end of the plan year to reflect changes an employer made during... READ MORE
The Department of Labor (DOL) on Dec. 12 reported that its Employee Benefits Security Administration (EBSA) recovered more than $1.4 billion for employee benefit plans, participants, and beneficiaries in fiscal year 2022. And that includes more than half a billion dollars that EBSA recovered for... READ MORE
Outlining various priorities of the Department of Labor, Secretary of Labor Marty Walsh called on policymakers and industry stakeholders to work together to expand access to retirement savings plans, particularly for those in underserved communities.  Speaking Dec. 1 before EBRI’s 2022 Retirement... READ MORE
The U.S. Department of Labor has unveiled its much-anticipated final ESG rule that it says will allow “plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.”... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) on Nov. 18 proposed updates to the voluntary fiduciary correction program (VFCP), including a provision long-promoted by the American Retirement Association that should help plan sponsors and providers — more specifically,... READ MORE
A recordkeeper that has sued the Labor Department based on its comments regarding cryptocurrency in defined contribution plans has told a federal judge it’s fine with dismissing its suit—if the court will hold the agency to its previous statements. Basically, the ForUsAll plaintiffs—a 401(k)... READ MORE
Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend — and that includes 403(b)s.  “The legislative process is a mystery,”... READ MORE
In working on behalf of retirement plans, retirement plan participants, and those who support them, one of the constants is the importance of a bipartisan approach, American Retirement Association CEO and ASPPA Executive Director Brian Graff stressed in his opening remarks at the 2022 ASPPA Annual... READ MORE
Just as the Department of Labor (DOL) gets set to release a final regulation allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, another bill has been introduced in Congress that seeks to dial that back.  The Safeguarding... READ MORE
Claiming that “granting Defendants’ Motion would invite a brave new world of agency lawlessness,” the ForUsAll plaintiffs that have sued the Labor Department based on the impact of the latter’s position on cryptocurrency investments in retirement plans, have moved to dismiss their motion to dismiss... READ MORE
A recent development regarding a rule by the Employee Benefits Security Administration suggests that we could have a final regulation from the Labor Department by year-end.  The regulation, submitted for review on Oct. 6 to the White House’s Office of Management and Budget as “Prudence and Loyalty... READ MORE
Now that the U.S. Senate has confirmed Lisa Gomez to serve as Assistant Secretary for the Department of Labor’s Employee Benefits Security Administration (EBSA), a lengthy to-do list awaits her attention.   Since the start of the current administration, Ali Khawar has been serving as Acting... READ MORE
A trio of Republican legislators have introduced a bill that would widen the acceptable investment classes in defined contribution plans to, well, pretty much anything—including “digital assets.” The Retirement Savings Modernization Act was just introduced by U.S. Sens. Pat Toomey (R-PA) and Tim... READ MORE
After waiting for more than a year since her nomination was first announced, Lisa Gomez has inally been confirmed to lead the Employee Benefits Security Administration.   In what appeared to be a party-line vote, with several senators not voting, the U.S. Senate on Sept. 29 confirmed the... READ MORE

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