Compliance

The initiative aims to provide clearer, more accessible guidance on federal labor laws across five agencies, including the Employee Benefits Security Administration.

The investment bank was accused of mismanaging forfeited funds in its 401(k) plan by using them toward reducing employer contributions.

Plan fiduciaries were accused of breaching their duties of prudence by investing some of the retirement plan’s assets in hedge funds and private equity funds in the 2019...

The decision marks the second reversal of a Biden-era rule from the department this week.

Daniel Aronowitz was nominated in February to serve as assistant secretary of labor for the Employee Benefits Security Administration.

The new guidance rescinds the previous administration’s 2022 compliance direction to plan sponsors, urging them to exercise ‘extreme care.’

The departments sought information and released updated guidance aimed at creating nationwide cost consistency for medical services and prescription drugs.

Education and tools plan sponsors can reference to help protect retirement plan assets and ensure the financial security of plan participants and beneficiaries. 

The legislation would establish an independent inspector general for the agency that administers the retirement plan for more than 7 million federal employees. 

The external breach occurred last summer and may have exposed retirement plan participants’ personal data, such as Social Security numbers and bank information.

Tiara Yachts Inc. accused the health insurance administrator of overpaying medical providers and collecting fees directly tied to ‘inflated’ payments it authorized.

The bill would allow periodic automatic reenrollment in workplace retirement plans for workers who opt out of contributions.

Former employees allege the retirement services provider breached its fiduciary duties by opting for high-cost investment options despite better alternatives. 

Whether non-ERISA 403(b) plans should have access to invest in collective investment trusts was a point of contention during the committee meeting.

The insurance company joins a laundry list of recent retirement plan providers facing similar litigation.

The Cigna Group was accused of mismanaging the forfeited funds in its 401(k) plan, and a settlement was reached in a case against Intuit Inc.

Janet Dhillon, the nominee to serve as director of the PBGC, was approved by the Senate committee in a narrow vote.

Senator Bill Cassidy proposed two bills that aim to strength employee stock ownership plans.

The Trump administration is reconsidering the final rule that was issued last year, and it may rescind or modify the regulation.

The 389-page House bill includes expanding ABLE accounts, college savings and health savings accounts, while adding new ‘MAGA’ accounts for kids and deductions for seniors.