In issuing a strong ruling to vacate the DOL fiduciary rule expansion, the Fifth U.S. Circuit Court of Appeals is now at odds with multiple other courts that have upheld the rule, including the Tenth Circuit.
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as a fiduciary to a benefit plan for 13 years.
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
U.S. Fiduciary Services and three of its subsidiaries agreed to provide payment of more than $7 million to 42 retirement plans.
A former office manager of New England Anesthesiologists, Inc. has been sentenced to 37 months in federal prison and to pay restitution to his victims.
Michael Barry, president of the Plan Advisory Services Group, discusses the efforts—or lack thereof—of the Trump DOL regarding the fiduciary rule and other initiatives.
The Department of Labor found fiduciaries failed to remit salary deferrals and loan repayments and withdrew assets from the plan trust to use for non-plan purposes.
So far, reporting seems to suggest that the numerous fraudulent comments submitted to DOL regarding the fiduciary rule were done so mainly with stolen or outright fake identities of individuals, rather than, say, those of employers or financial services providers.
Following news of Preston Rutledge’s approval by the full Senate to head the Employee Benefits Security Administration, several retirement industry advocacy groups voiced their support in short statements.
In addition to being barred as serving as a fiduciary for five years, the fund manager is ordered to make more than $45,000 in restitution to the plan, according to a Department of Labor news release.
Preston Rutledge seems to be enjoying relatively little opposition as he moves closer to becoming the Assistant Secretary of Labor for the Employee Benefits Security Administration—a key position in the federal government tasked with enforcing ERISA.
The new delay is for 18 months.
IRS compliance questions have been removed from the form.
House and Senate Democrats hope to pass legislation to “put union pension plans back on solid footing,” but their bicameral position in the minority makes this a tall task.
Employer and employee contributions to the multiple employer welfare arrangement were found in offshore Bermuda accounts.
The 11th Circuit ultimately ruled that it is common sense to conclude that since a litigant can renounce his most basic freedoms under the United States Constitution, he is able to waive the protection of ERISA’s statute of repose.
Until the final rule’s publication in the Federal Register, the exact details and length of the second enforcement delay will remain unclear, but industry reports are widely discussing an 18-month delay.
The future head of EBSA would play a substantial role in the fate of the fiduciary rule.