DOL Proposes Stricter Rules About ESG Investing in Retirement Plans
Secretary of Labor Eugene Scalia says employer-sponsored plans ‘are not vehicles for furthering social goals or policy objectives.’
Tag: EBSA
Compliance News
EBSA’s E-Disclosure Rule Is Final
The standard, letting employers opt for electronic vs. print reporting, is a highlight of the agency’s departed assistant secretary’s tenure.
DOL Issues RFI on Prohibited Transactions, Open MEPs and SECURE Act
Responses to the request for information (RFI) will help the Department of Labor (DOL) evaluate the need for a proposal on new prohibited transaction exemptions related to pooled employer...
DOL’s EBSA Reveals Final Electronic Disclosure Rule
Compared with other regulatory efforts undertaken in recent years by the Department of Labor, this one enjoys near universal support among retirement plan industry stakeholders.
Assessing the State of Trump’s EBSA
The Employee Benefits Security Administration is among the regulators with the most direct influence over the retirement planning industry. It...
Retirement Plans Get Relief for Certain Requirements
The agency is relaxing timing rules for certain actions and notices if timing is affected by the COVID-19 outbreak.
DOL Secretary Scalia Confirms EBSA Head Rutledge’s Departure
Rutledge will remain with the Department of Labor through the end of May, at which time he will have been in the post of assistant secretary for the...
Ways to Make Default E-Delivery Even More Effective
Recordkeepers and other service providers have submitted generally positive comment letters to the Department of Labor regarding its proposed e-delivery default rule, but they also have some specific...
Information Copies of the 2019 Form 5500 Published
The associated instructions have also been updated to reflect, among other changes, an increase to $2,194 per day in the maximum civil penalty amount assessable under ERISA Section...
While Popular, Default Electronic Delivery of Plan Documents Irks Some
Retirement plan service providers generally support making electronic delivery of documents the default, but print communication industry organizations and some consumer groups say the paper default should remain.
Senate Confirms Eugene Scalia as Labor Secretary
Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence...
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
Form 5500 Reviews Lead to DOL Letters About Timely Remitting Contributions
“Invitation to correct” letters state, “the 15th business day is not a safe harbor and is included in the regulation only as an outside limit of the time...
Plan Fiduciaries Pay $538,248 for Failure to Timely Remit Contributions
The Department of Labor's Employee Benefit Security Administration (EBSA) also alleged in a lawsuit that fiduciaries to two retirement plans failed to administer the plans, leaving participants unable...
DOL Provides Relief for Plans Impacted By Recent Hurricanes
The Department of Labor has published employee benefit plan compliance guidance and relief for victims of Hurricanes Florence and Michael, recognizing that plan fiduciaries and employers may encounter...
Closer Examination of DOL MEP Proposal
Those industry stakeholders disappointed by the limited scope of the proposed regulations can take heart in the fact that DOL staff calls for detailed commentary on ways the...
Neuroscience Center Pension Plan Fiduciary Settles ERISA Dispute
Under DOL scrutiny, the Illinois-based employer has agreed to restore nearly $420,000 to its defined benefit pension plan.
OMB Finishes Review of DOL Proposal to Establish Open MEPs
The text of the regulation is still forthcoming, but the Office of Management and Budget has completed its review; so far, we know the regulation is viewed as...
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...