Compliance

The proposal would have repealed the protections offered in the Pension Protection Act of 2006.

Excessive-fee allegations survived, while complaints about improper use of forfeitures were dismissed.

The order directs the Labor Department, Treasury and SEC to reexamine guidance around alternatives, including cryptocurrency, in retirement plans to encourage wider adoption.

The Social Security Administration’s top actuary provided an estimate that the ‘Big Beautiful Bill’ will have ‘material effects’ on the funds’ financial status.

The amicus brief was joined by the ERISA Industry Committee, the Center on Executive Compensation and the American Benefits Council.

The company’s energy division still faces a separate complaint that was filed last week.  

The organization requested the department reconsider its decision to rescind prior guidance, which it stated could slow the adoption of annuities in retirement plans.

The lawmakers scratched a planned vote on a third piece of legislation that had been scheduled.

The plaintiffs accuse the company of excessive recordkeeping fees and managed account charges, poor-performing funds and using forfeitures to offset employer contributions.

Three plan participants alleged 75% of the retirement plan’s $1.6 billion in assets under management was invested in poor-performing, low-rated, proprietary investments.

The insurance expert, who awaits a full Senate vote, said he would ‘end the war on ESOPs’ if confirmed.

The Department of Labor requested industry advice on how to improve pooled employer plans and make them more effective for small businesses.

The hack was noticed one day after malicious actors gained access to a CRM system used by the insurer.

Senators scheduled the markup after a hearing on Thursday in which they discussed the proposed legislation.

The legislation, introduced in the Senate in May, would allow employees younger than 21 to participate in their company’s 401(k) plan.

Filing after the Department of Labor’s amicus brief, Illinois plaintiffs allege that a grocery company violated its fiduciary duty by ‘failing to promptly exhaust forfeited funds.’

Two former employees of Nokia North America allege that the company failed to replace poorly performing funds. 

Congress has introduced two bills this year regarding the agency’s practices. 

The Department of Labor announced its 2023 advisory opinion no longer reflects its views.

The legislation would mirror benefits offered to for-profit entities under the SECURE Act.