DOL Issues
The U.S. Department of Labor has announced publication of a Request for Information seeking public comment on “what actions, if any, the department should take under federal law to protect retirement savings and pensions from risks associated with changes in climate.”
According to a press release...
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Noting that “pouring the same old wine into a new bottle does not change the result,” a new lawsuit seeks to vacate the Labor Department’s fiduciary rule as expressed in PTE 2020-02.
The suit—filed by the Federation of Americans for Consumer Choice Inc., joined by several advisors and advisory...
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The Biden administration has thrown its support behind the conclusions—and safeguards—of the previous administration’s e-delivery rule.
“Our preliminary assessment is that the subject regulation is unlikely to have any negative impact on the populations identified in the explanatory statement...
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The old adage of “if at first you don’t succeed, try, try again” appears to apply to the nominee to lead the Employee Benefits Security Administration (EBSA).
For the second time in less than two months, the Senate Health, Education, Labor and Pensions (HELP) Committee approved the nomination of...
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The nominee to lead the Employee Benefits Security Administration (EBSA) appears to be back on track.
While it appeared the nomination of Lisa Gomez to serve as Assistant Secretary for EBSA at the Department of Labor was in jeopardy after having been included in a list of nominees that would not...
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The IRS has issued revised instructions for 2022 of Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPCRS).
Form 8950 is part of a VCP submission. It must be filed using Pay.gov as part of a the submission in order to request...
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Despite advancing through the Senate committee process in early December, the nominee to lead the Employee Benefits Security Administration (EBSA) may be in jeopardy.
The Senate Health, Education, Labor and Pensions (HELP) Committee approved the nomination of Lisa Gomez to serve as Assistant...
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Tech Talk addresses the ways in which a plan review can be helpful.
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Tech Talk addresses what information should be provided to participants to help them make informed decisions regarding investment options.
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Sometimes the door doesn’t close on retired employees and it turns out to be a revolving door. In MarketBeat, John Iekel writes about a recent blog entry that discusses what rehiring a former employee may spell for an employer and a plan, and steps an employer may want to take.
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Developing solutions for more Americans to have lifetime income options within their retirement plans is one of the Department of Labor’s key priorities for the coming year, according to Kathleen Kennedy Townsend.
As a keynote speaker at the opening of EBRI’s Winter Policy Forum, Townsend, who...
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The nominee to lead the Employee Benefits Security Administration has moved one step closer to being confirmed.
Lisa Gomez, who was nominated in July to serve as Assistant Secretary for EBSA at the Department of Labor, was approved Dec. 2 by the Senate Health, Education, Labor and Pensions (HELP...
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Another university 403(b) excessive fee suit has settled for cash “…and other meaningful non-monetary relief.”
The settlement (Santiago v. Univ. of Miami, S.D. Fla., No. 1:20-cv-21784, motion for settlement approval 11/23/21) was reached between participant-plaintiffs Augustina Santiago, Lilly...
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The Department of Labor announced on Nov. 23 that in FY 2021, the Employee Benefits Security Administration recovered more than $2.4 billion in direct payments to retirement plans, participants and beneficiaries.
Those recoveries resulted from 1,072 civil investigations, 741 of which resulted in...
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In less than a year’s time, plaintiffs in an excessive fee case have wrangled a $2 million settlement.
This suit—filed in December 2020 by four former employees (Christian Harding, Patricia Giramma, Ronald Welch, and Lisa Harbour) of Massachusetts-based Southcoast Hospitals Group in the U.S....
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While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly it wasn’t marked as a national observance...
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Tech Talk discusses what the responsibilities of a plan fiduciary are.
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President Biden on Nov. 15 signed into law the $1.2 trillion infrastructure legislation that includes additional pension smoothing relief and new reporting requirements for digital assets, and clarifies disaster relief assistance.
The House approved the Infrastructure Investment and Jobs Act (H.R...
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In MarketBeat, Ted Godbout writes about a blog post that suggests that in light of the DOL’s increased focus on cybersecurity and participant data, reviewing service agreements to ensure they do not give implicit approval to use participant data to cross-sell may be wise.
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The IRS has updated the instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits. While these instructions, and the form itself, may not be relevant to all 403(b) plans, they are relevant to those to which ERISA Section 203...
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