Compliance

A Department of Labor investigation was prompted, in part, by its discovery that Alight had processed unauthorized distributions from retirement plan participant accounts.

The changes in requirements that would necessitate an amendment relate to the special financial assistance (SFA) program for financially troubled multiemployer plans.

The Employee Benefits Security Administration recovered $2.4 billion for plans, participants and beneficiaries in FY 2021.

The plaintiffs argue the $500 million retirement plan’s fiduciaries failed to leverage the plan’s substantial bargaining power to benefit participants and beneficiaries.

The plan focuses on helping employees build emergency savings before saving for retirement.

The Dodd–Frank Act mandated that the agency increase transparency regarding the loaning or borrowing of securities for brokers, dealers and investors.

The claims closely resemble those in prior suits filed by the law firm Capozzi Adler.

Among other things, the RISE Act would encourage retirement savings by allowing plan sponsors to offer small financial incentives to motivate employee participation.

The judge said he found deficiencies in their claims of imprudence and disloyalty related to certain investments and fees and is giving them time to correct the issues.

For the first time in 20 years, both of PBGC’s insurance programs are reporting positive net financial positions.

The company has agreed to recalculate monthly benefits for participants and beneficiaries in the ‘legacy’ part of a pension plan.

Maximum Benefit/Contribution Limits for 2017 through 2022, with a downloadable PDF of limits from 2012 to 2022.

Attendees at the virtual conference learned about what it takes to operate a plan that complies with all regulatory responsibilities and protects the employer and its benefits staff...

In addition to a $3.9 million payment, the fiduciaries will retain an independent consultant to review investments and fees.

Beyond claiming the imprudent payment by fiduciaries of excessive fees for recordkeeping, the lawsuit also alleges the defendants failed to properly disclose the fees charged to participants in...

Retirement plan sponsors may have difficulty achieving full compliance with the DOL’s cybersecurity guidance because many of the required actions are controlled by their service providers.

Most defined contribution plan participants can defer up to $20,500 to plans in 2022.

Though the document addresses changes for 401(k) plans, all but one of them applies to 403(b) plans as well.