DOL Issues
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...
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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...
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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...
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Tech Talk discusses what transferring fiduciary functions means and does not mean.
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Tech Talk discusses a blog entry that provides a reminder concerning when one is considered a fiduciary and what functions help identify a party as one.
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Having been sued for issuing its Compliance Assistance Release on cryptocurrency by cryptocurrency recordkeeping platform provider ForUsAll, the Department of Labor (DOL) is pushing back.
In fairness, ForUsAll describes itself a little differently — as a “modern” 401(k) provider that also offers...
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A lawsuit challenging the Labor Department’s subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI).
As noted in the filing, the ACLI was one of the lead plaintiffs in the Fifth Circuit decision that vacated the 2016...
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Retaining and maintaining records is not a minor matter—ERISA and Department of Labor (DOL) regulations make that clear. In MarketBeat, John Iekel writes about a plan administrator who observes that regardless of their importance, policies concerning record retention and maintenance are not as...
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The 2023 NTSA Summit — Feb. 26-28, 2023, at the Grand Hyatt Tampa, in Tampa Bay, Florida — is the only industry event designed for 403(b) and 457(b) professionals.
But it gets better!
You can expect tailored general sessions and workshops based on advisor feedback we received from the agenda...
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A federal appellate court says that the Labor Department is allowed to pursue its inquiry into the cybersecurity practices at a large recordkeeper.
Judge Michael B. Brennan (joined in the opinion by Judges Frank H. Easterbrook and Ilana D. Rovner) of the U.S. Court of Appeals for the Seventh...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has announced that it is seeking nominations for open positions on the Advisory Council on Employee Welfare and Pension Benefit Plans.
More commonly known as the ERISA Advisory Council, the Council’s duties are to advise...
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As previously reported, IRS Notice 2022-33 extends the deadline for employers to adopt plan amendments for the SECURE Act as well as the required minimum distribution (RMD) provisions of the CARES Act.[1] We’ve heard that many providers are moving forward with amendments for these provisions...
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Capozzi Adler and Miller Shah have wrested another settlement in an excessive fee suit—in record time.
This time it’s the $1.2 billion Rush University Medical Center 403(b) plan—sued by four former workers just a few months ago (Jan. 21, 2022) who has agreed to settle for $2.95 million—as well as...
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The Labor Department is pushing back against litigation challenging specific elements of its FAQs regarding the fiduciary rule.
The suit (Am. Sec. Ass’n v. U.S. Dep’t of Labor, M.D. Fla., No. 8:22-cv-00330, complaint filed 2/9/22) was one of two filed earlier this year challenging the DOL’s...
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A federal judge has ruled that the comparisons put forth as proof of a fiduciary breach were not “meaningful.”
The suit was filed late last year by plaintiff-participants Malika Riley and Takeeya S. Reliford, by and through their attorneys—Carey & Danis, Edelson Lechtzin LLP, and, Capozzi...
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A multibillion-dollar 403(b) plan has been sued for the second time in a year.
Now, MITRE had been sued in 2021—in a case just dismissed a few weeks back—because the named plaintiff, one Aaron Brown, was found to have invested his plan account in a single fund that belonged to the lowest-cost...
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Based on updates to the Department of Labor’s Spring 2022 regulatory agenda, it appears that stakeholders will have to wait a little longer for the agency’s revisions to the definition of fiduciary, as well as final guidance on ESG-based factors.
Fiduciary Rewrite?
The latest regulatory agenda...
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As the second half of 2022 begins, there are some deadlines relevant to retirement plans that now come into sharper focus. Some are becoming immediate; with others, there still is a bit of time to prepare.
July 31, 2022
Pre-Approved Plans (Cycle 3 Restatement). All plans using IRS pre-approved...
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Just when it seemed that labor lawyer Lisa Gomez might finally be confirmed to lead the Employee Benefits Security Administration (EBSA)—after waiting for nearly a year—it looks like her wait will continue.
The U.S. Senate voted 49-51 on June 8 against her nomination by a near-party line vote....
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Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a...
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