In addition, the agency is holding a three-day webcast series in March.
Tag: Department of Labor
In addition, the agency has announced a “Getting It Right – Know Your Fiduciary Responsibilities” three-day webcast series.
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending “no action” letters to plan sponsors.
In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA) employee benefit plan.
Many industry groups that submitted comments to the DOL argued that the plain language of Section 3(5) of the Employee Retirement Income Security Act (ERISA) indicates non-related employers could participate in multiple employer plans (MEPs).
The ERISA Advisory Council is asking the DOL to provide guidance on how plan sponsors should evaluate the cybersecurity risks they face and to require them to be familiar with the various security frameworks used to protect data as well as to build a cybersecurity process.
They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.
Willis Towers Watson offers nine actions for DC plan sponsors to mitigate risks in 2019.
The relief relates to the verification procedures for retirement plan hardships and loans, timely remittance of contributions and loan repayments, and blackout notices, as well as the processing of benefit claims.
Modifications to the Form 5500 and Form 5500-SF and their schedules and instructions have been highlighted.
The agency says plan sponsors have fiduciary responsibility for selecting and monitoring Retirement Clearinghouse’s Auto-Portability Solution, but once assets have been transferred from a plan sponsor’s retirement plan, it is no longer a fiduciary with respect to those assets.
The agency is inviting public comment on the proposed exemption and encourages additional proposals.
The DOL relief relates to plan loans and distributions, remittance of contributions and blackout period notices.
These plans allow small businesses within a business group or association to join together to offer defined contribution retirement savings benefits.
Both the DOL and SEC have a September 2019 date for a final action on corresponding fiduciary and best interest rules—could they be collaborating?
In a letter, members of Congress accuse the DOL of “regulation through litigation” and ask that clear guidance regarding valuation and other important issues be developed.
The lawsuit alleged that employee stock ownership plan participants overpaid for company stock.
If there are missing participants that plan sponsors have not made a genuine effort to find, “the entire plan could be disqualified under the tax code and the plan fiduciaries may be found to have breached their ERISA duties,” says Norma Sharara, a partner with Mercer.