Displaying 28 results
If it’s a rollover, it’s fiduciary
The new fiduciary rule will pull a lot of brokers under the Employee Retirement Income Security Act, and harkens back to the levelized compensation from the 2016 rule.
DOL limits companies with foreign convictions from managing 401(k) assets
The regulator for years has granted exemptions for financial institutions whose affiliates have been convicted of financial crimes overseas.
Are 401(k)s the ultimate retirement plan?
Advisors weigh in on the impact the DOL’s retirement security rule will have on 401(k) plans and retirement.
FSI sues DOL over independent contractor rule
The advocacy group for independent financial advisors argues the final 2024 rule is ‘arbitrary and capricious.’
EBSA reports $1.4B recovery haul from 2023 enforcement actions
The DOL unit closed nearly 200 criminal investigations and recovered more than $840 million through formal enforcement actions.
Retirement plan administrator accused of stealing millions
EBSA found that the third-party administrator embezzled at least $5.5 million in retirement plan assets.
Case over fishing law could hamstring the SEC and DOL
If the Chevron deference is overturned, 'the SEC will no longer be able to create new rules that are designed to apply to new things going on in the marketplace,' an attorney says.
House passes bill to halt ‘bureaucratic’ agency rulemaking
The legislation is unlikely to get the president's signature, and it probably couldn't stop the DOL's fiduciary rule.
The insurance industry really doesn’t like the DOL’s proposed rule
Independent agents who sell annuities could be fiduciaries for the first time.
DOL’s rule would add a lot of fiduciaries into the mix
But even those who already work in a fiduciary capacity will be affected, one lawyer says.
The DOL’s ESG rule survived in court. Does it matter?
It could take a while for ESG to become more widely available in 401(k)s, even if the political focus on it dies down.
DOL’s apparent U-turn in court hints at new fiduciary rule in works
The American Securities Association says the Labor Department voluntarily dropped its appeal of a Florida court's decision striking down DOL guidance making rollover advice fiduciary.
Prudential collected life insurance premiums, later told claimants they were ineligible
The insurer has settled with the Department of Labor; the policies in question were part of employer-sponsored insurance where workers had opted for supplemental coverage.
Labor Department issues ESG rule proposal for 401(k)s
The proposal seeks to clarify that ESG factors can be financially material. It also specifies that such investments can be used as part of the default investment options in 401(k)s.
Former lawyer to pay $42 million for life insurance fraud
Defendants in the long-running case have been ordered to pay restitution to more than 200 plans. Assets were allegedly siphoned from benefits payments to buy property and used for other personal expenses.
Democrats press Labor Department for update on ESG rules
In a letter to Labor Secretary Marty Walsh, Democrats asked for an update on the DOL’s rule proposals on ESG criteria. Last year, the Trump administration DOL finalized two rules that tamped down on use of so-called nonpecuniary factors in investment selection.
DOL is pursuing fewer cases — but much bigger payouts
Last year, the Department of Labor closed less than a third of the number of cases it did in 2014, but total recoveries were six times higher.
DOL releases guidance on Trump-era fiduciary rule
In a set of frequently asked questions, the agency said a recommendation to rollover retirement funds from a company plan to an individual retirement account can be part of an ongoing client-adviser relationship and trigger a fiduciary standard of care.
DOL will let Trump-era fiduciary rule stand
The rule, which was proposed last year and goes into effect next Tuesday, essentially replaces the defunct Obama-era version that regulated investment advice for 401(k)s and rollover IRAs. It provides an exemption for investment advice fiduciaries under the Employee Retirement Income Security Act.
No excuse not to find missing plan participants
The Labor Department has stepped up its audits of plans that have lost track of participants, and noted last month that in 2020 alone, investigators had helped reunite missing participants with plan benefits “with a present value in excess of $1.4 billion.”
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