Compliance

The final rule applies fiduciary status for investment sales, rollover recommendations and annuity sales.

The Department of Labor’s new fiduciary rule clarifies how retirement plan advice, one-time rollovers and annuity recommendations are viewed under ERISA.

The amended complaint against the Hess Corp. alleges Hess plan fiduciaries provided target-date mutual funds instead of collective investment trusts in the investment lineup.

Federal court in Michigan dismisses a lawsuit brought against the Kellogg Company pension plan.   

The IRS will not enforce RMDs for inherited IRAs under the 10-year rule until at least 2025.

The anticipated final retirement security proposal did not feature anywhere in the budget proposal.

Plan administrators would voluntarily turn over data to DOL to help missing participants and plans find one another.

The two local plans received SFA grants to protect their solvency through 2051.

Paychex plans to fight a New York retirement lawsuit, alleging fiduciary breach in federal court rather than state court.  

OIRA has canceled its final meetings on the proposal, and a final rule is considered likely for early next week.

The action would appoint an independent administrator and distribute assets to the profit-sharing plan’s participants.

The multiemployer plan was overpaid $127 million for the accidental inclusion of about 3,500 dead participants in their grant application.

The aerospace and defense contractor has agreed to a pending settlement in a lawsuit with a former participant.

A lawsuit against IBM’s pension plan will not proceed, following a judge’s ruling in U.S. District Court for the Southern District of New York.

Other SECURE 2.0 implementation issues are a much bigger worry.

Department is focused on several areas, including the need for clarity around when a participant educator is crossing the line into being a fiduciary and giving individual recommendations.

Department of Labor brings a lawsuit against the profit-sharing plan of a criminally indicted Pennsylvania mushroom farm retirement plan.

The American Council of Life Insurers expressed support for DOL regulation, instead of an interpretive bulletin, to address concerns about selecting an annuity provider in a PRT deal.

A federal court in Maryland ordered a defunct engineering company and its owner to pay $388,458 to restore missing contributions to the company plan.

The Department of Labor alleges the plan fiduciaries at a tree service company used retirement assets from a profit-sharing plan to cover personal expenses.