New DOL Proposal Would Allow Fiduciaries to Self-Correct Certain Errors
If certain conditions are met, the proposal would allow fiduciaries to correct mistakes themselves without incurring a civil penalty.
Tag: EBSA
ESG Is Now Permissible, But Not Required, Under ERISA
The DOL rule is designed to reduce legal uncertainty and obstacles to ESG investment.
Public Hearing Exposes Discord on QPAM Rule Implementation
A DOL public hearing held Thursday on the new QPAM Rule proposal highlighted concerns about foreign convictions and non-prosecution agreements...
What Would a Government Shutdown Mean for the DOL?
The Department of Labor would be able to sustain services deemed essential, as well as those that receive forms of...
DOL Recovers Millions for Wells Fargo Plan Participants
A settlement has been reached after an Employee Benefits Security Administration investigation.
Hearing Scheduled, Comment Period Extended on QPAM Exemption Proposal
The comment period of the DOL’s proposed amendment was scheduled to expire in late September, but the regulator says it...
EBSA Issues New Audit Independence Guidance
A new bulletin addresses the ‘independence’ requirement for accountants who audit employee benefit plans under the Employee Retirement Income Security...
Complexity of QPAM Proposal Could Be a Concern
Attorney calls the objectives of EBSA's proposed amendment 'sensible,' but said implications could be 'unexpected and worrying.'
Qualified Professional Asset Manager Exemption Changes Proposed
The Department of Labor’s proposal will affect a prohibited transaction exemption that permits certain parties related to retirement plans to...
Confirmation Vote for Lisa Gomez Fails in the Senate
Majority Leader Chuck Schumer voted against the confirmation so that it can be brought up again at a later date.
EBSA Nominee Headed for Confirmation Vote
A Senate vote is scheduled for next week on the appointment of Lisa Gomez as head of the Employee Benefits...
DOL Issues Warning About Crypto Assets in DC Plans
The lead regulator of employer-sponsored retirement plans says cryptocurrencies and other digital assets are subject to a variety of issues...
Senate Committee Advances EBSA Secretary Nominee
Lisa Gomez, the candidate to serve as the DOL’s assistant secretary for the Employee Benefits Security Administration, will now face...
Report Offers Insight on How DOL Gets Leads for Benefit Plan Enforcements
The Employee Benefits Security Administration recovered $2.4 billion for plans, participants and beneficiaries in FY 2021.
Service Provider Collaboration and the DOL’s Cybersecurity Guidance
Retirement plan sponsors may have difficulty achieving full compliance with the DOL’s cybersecurity guidance because many of the required actions...
DOL’s ESOP Valuation Case Against Engineering Firm Falls Flat
The court notes that the ESOP trustees, while accepting a price very close to what the sellers were seeking, saved...
DOL Asks for Comments on Proposed Changes to Form 5500
The agency—which says the revisions are needed to implement provisions of the SECURE Act—has also published a notice of proposed...
Former Fiduciary Sanctioned Over Illegal Transaction
The Department of Labor says the fiduciary diverted tens of millions of dollars in plan assets for their own personal...
DOL Issues Guidance for Investors, Plans on Investment Advice Exemption
It sets forth questions an investor can ask potential advice providers and information to help them understand the purpose of...
DOL Holding Off on Enforcing ESG, Proxy Voting Rules
Until the publication of further guidance, the department says it will not enforce either final rule or pursue enforcement actions...