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.
Industry stakeholders disappointed the proposal does not address open MEPs can take heart in the fact that DOL staff are calling for commentary on ways the proposal could be expanded, including into the area of open MEPs.
The plan’s sole fiduciary and trustee has agreed to restore pension assets that, according to an EBSA investigation, were improperly directed to operating expenses and illegal personal loans.
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?
If the DOL’s proposal closely follows President Trump’s executive orders, it is likely to revise the “common nexus” and “one bad apple” rules that have held back open multiple employer plans.
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.
President Trump on Friday called on the Department of Labor to consider the pros and cons of allowing small businesses to jointly offer retirement plans (open MEPs).
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.
Although it did answer the question of whether the decision was made in response to the 5th U.S. Circuit Court of Appeals mandate to vacate the DOL’s fiduciary rule, it is clear that T shares and so-called “clean shares” were created to comply with the rule.
The EBSA’s Plan Investment Conflicts (PIC) project have reviewed conflicts of interest of fiduciary service providers and investment managers of plan asset vehicles that led to conflicted decision making processes, imprudent application of investment guidelines and the payment of excessive fees.
Fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan failed to administer the plan after the hospital operations ceased in 2013, according to the DOL.
GAO says in other cases where plans may face complexity, such as selecting a target-date fund or monitoring pension consultants, the DOL has provided general information, including items to consider and questions to ask. It suggests that the DOL do the same with ESG investing.
A multi-agency investigation found that from approximately May 2011 through August 2012, the business owner unlawfully embezzled and converted approximately $31,403 in deferred contributions from employees.