DOL Issues
The Securities and Exchange Commission (SEC), Department of Labor (DOL) and Congress are gearing up to “protect investors” from the emerging cryptocurrency market.
Contending that large parts of the crypto market are not operating within regulatory frameworks that protect investors, SEC Chairman...
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The Department of Labor reportedly is engaging in a letter-writing campaign urging retirement plan fiduciaries to recoup amounts held by former recordkeepers or paying agents that may have been overlooked during the transition of a service provider relationship.
According to an Aug. 13 blog post...
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It goes without saying that fiduciary duties must be fulfilled. In MarketBeat, John Iekel writes about an industry expert’s warnings that there are fiduciary duties often are overlooked.
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The Senate wrapped up its work for the summer Aug. 10, approving a $1.2 trillion infrastructure bill that extends pension smoothing relief for single-employer plan sponsors, as well as a $3.5 trillion budget outline that sets the stage for a broader tax and spending bill later this fall.
The...
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Tech Talk provides tips on how to make sure plan procedures are meeting its needs and are in compliance.
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The Department of Labor (DOL) wants everyone to be attentive to cybersecurity protocols as a fiduciary responsibility, but there’s a higher expectation for those “running the systems.”
Tim Hauser, Deputy Assistant Secretary for National Office Operations at the DOL’s Employee Benefits Security...
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Speaking July 27 at the 2021 NAPA D.C. Fly-In Forum, the Acting Assistant Secretary for the DOL’s Employee Benefits Security Administration outlined the key areas the department is working on, including both cryptocurrency and cybersecurity issues.
While noting that he didn’t have much to share...
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Cautioning those looking to “game the system,” a senior Labor Department official affirmed July 27 that suggesting investments that could occur after a rollover is tantamount to recommending the rollover, and if it meets the rest of the five-part test will constitute fiduciary advice regardless of...
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The White House has announced nine key nominations, including Lisa Gomez for Assistant Secretary for Employee Benefits Security, Department of Labor.
According to Reuters, Gomez is currently a partner at labor law firm Cohen, Weiss and Simon LLP where she represents employer and union pension...
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While Hughes involves 403(b) plans, the issues in it are effectively identical to those in the 401(k) fee litigation that has plagued our industry for nearly two decades.
On July 2, 2021, the Supreme Court agreed to review Seventh Circuit’s decision affirming dismissal of plaintiffs’ case for...
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MarketBeat concerns a recent webcast that outlined some key takeaways—and action steps—concerning the new guidance on cybersecurity the Department of Labor issued.
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Witnesses testifying before the ERISA Advisory Council largely panned the idea for additional fiduciary or disclosure obligations on DC plans that contain brokerage windows.
During the two-day hearing held June 24-25, witnesses representing private companies, law firms, industry groups and other...
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The nation’s highest court has agreed to hear a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation.
The district court ruled in favor of the plan fiduciary defendants in March 2018, and the appellate court affirmed that decision...
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If the threat of a cybersecurity breach wasn’t enough cause for concern to take action, an inquiry by the Department of Labor might do the trick.
“We can confirm that the DOL has begun issuing information and document requests under this new initiative, and the requests are probing and indicate...
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The Department of Labor (DOL) on June 23 announced that it is reopening the comment period for amendments to class exemptions from prohibited transaction rules set forth in ERISA and the Internal Revenue Code. The proposed amendments, which were originally proposed in 2013, are relevant to certain...
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Have you registered for the NTSA Virtual Summit? If not, this week is your last chance! This year’s sessions will include:
The state of the retirement markets — hosted by Mr. 403(b)!
Using retirement funds to pay for living expenses during hardship.
How to attract, motivate, and retain...
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The Treasury Department and the Securities and Exchange Commission offered a look at their regulatory priorities for the coming months on June 11, including proposals in the pre-rule and final stages.
For the Treasury Department, this semiannual regulatory to-do list was the first offered under...
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Tech Talk discusses some terms that the Department of Labor suggests including in a contract with a cybersecurity service provider.
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The Department of Labor’s (DOL) newly released Spring 2021 regulatory agenda confirms that a fiduciary rule rewrite is in the works and provides other key insight for the department’s regulatory plans for the coming months.
Fiduciary Rule Recast
The 10-year saga of the fiduciary rule will...
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A new report from the Government Accountability Office (GAO) sheds new light on enforcement activities of the DOL’s Employee Benefits Security Administration.
The 56-page report, Enforcement Efforts to Protect Participants’ Rights in Employer-Sponsored Retirement and Health Benefit Plans, ...
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