ESOP Fiduciaries to Pay More Than $2 Million to Settle DOL Lawsuit
The Department of Labor sued Sonnax Industries, company officers and ESOP fiduciaries Tommy Harmon and Frederick Fritz, and Illinois-based First...
Tag: Department of Labor (DOL)
DOL Issues Temporary Enforcement Policy Following 5th Circuit Decision on Fiduciary Rule
The agency noted that some financial institutions have devoted significant resources to comply with the BIC Exemption and the Principal...
Report Lays Out Causes and Consequences of ERISA Lawsuits
The rise in lawsuits is prompting more sponsors to turn to lower-cost index funds—and could prevent them from offering lifetime...
Judge Rules on DOL ESOP Challenge with Mixed Results
The mixed decision comes after DOL moved for summary judgement; the defendants responded by moving to exclude key testimony from...
DOL Announces Fiduciary Seminar in New York City
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
New Conflict-of-Interest Proposal Expected from SEC
As the Department of Labor (DOL) fiduciary rule process appears destined for defeat, experts speculate about the possibility that the...
Fiduciary Governance Group Launched by Stradley Ronon
The fiduciary governance group is designed to counsel investment committees and service providers, with a focus on avoiding and responding...
DOL Announces Fiduciary Seminar in Rhode Island
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
Plan Fiduciary Ordered to Pay Restitution for Stealing From 401(k)
According to the DOL, the fiduciary failed to remit employee contributions to the plan and used the funds instead for...
Former CEO of Pharmaceutical Benefits Management Company Sentenced for Kickback Scheme
The CEO pled guilty last year for paying illegal kickbacks to producers in an effort to steer employee health benefit...
Circuit Court Ruling to Vacate DOL Fiduciary Extends Regulatory Uncertainty
In issuing a strong ruling to vacate the DOL fiduciary rule expansion, the Fifth U.S. Circuit Court of Appeals is...
Pension Trustee Found Guilty of Theft
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as...
DOL to Take Fiduciary Seminar to Louisiana
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
DOL Reaches Settlement for Plans Affected by Fraudulent Loans
U.S. Fiduciary Services and three of its subsidiaries agreed to provide payment of more than $7 million to 42 retirement...
Employee Convicted of Embezzling $120K from 401(k) Plan
A former office manager of New England Anesthesiologists, Inc. has been sentenced to 37 months in federal prison and to...
Tax Reform and Other Actions Affect Benefits
During a webcast sponsored by Mercer, implications of the AARP v. EEOC lawsuit ruling were discussed.
Opinions |
Barry’s Pickings: The DOL Slow Walk
Michael Barry, president of the Plan Advisory Services Group, discusses the efforts—or lack thereof—of the Trump DOL regarding the fiduciary...
Court Orders Plan Fiduciaries to Restore Losses for Misusing Plan Assets
The Department of Labor found fiduciaries failed to remit salary deferrals and loan repayments and withdrew assets from the plan...
Reports Suggest Massive Fraud in DOL Fiduciary Rule Commentary Process
So far, reporting seems to suggest that the numerous fraudulent comments submitted to DOL regarding the fiduciary rule were done...
New EBSA Leader Preston Rutledge Takes Up Trump Agenda
Following news of Preston Rutledge’s approval by the full Senate to head the Employee Benefits Security Administration, several retirement industry...