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DC East speakers tout importance of education, communication
trueSuccess in achieving defined contribution plan goals can rely as much on how plan executives and service providers communicate as to what investment options they offer, plan designs they prepare, and products and services they develop
Labor Department recovers Revstone subsidiary's pension fund assets
trueThe Department of Labor has recovered $490,594 in defined benefit plan assets from Madison Heights, Mich.-based manufacturer Fourslides Inc., one of two subsidiaries of Revstone Industries LLC.
Universal retirement legislation submitted by Harkin
trueSen. Tom Harkin, D-Iowa, introduced legislation Thursday that would make universal retirement coverage available to an estimated 75 million Americans who are without access to workplace retirement plans or are self-employed.
WAMCO reaches settlements with SEC, DOL
trueWestern Asset Management Co. will pay $21 million to settle charges involving internal coding errors and cross trading resulting in some investor losses.
DOL set to take a look at 'brokerage windows' in 401(k) plans
trueThe Labor Department is poised to take a closer look at whether investors are protected in defined contribution plans that enable employees to go beyond the plan's menu to choose investments.
People Care Holdings to pay $10 million in ESOP lawsuit settlement
truePeople Care Holdings Inc., New York, and its former owners agreed to pay $10 million to settle a lawsuit brought by the Department of Labor alleging inflated stock values paid by the ESOP, as well as other improprieties.
Labor Department sues ESOP trustee for Miller's Health Systems
trueThe Labor Department filed a lawsuit against PBI Bank Inc., the trustee of the Miller's Health Systems Inc. employee stock ownership plan.
GAO study: Better pension reporting coordination needed
trueFederal regulators overseeing retirement plan reporting and disclosure rules could do a better job for plan sponsors and participants, the Government Accountability Office said in a report released Tuesday.
IRS issues testing relief for closed DB plans
trueCorporations that sponsor defined benefit plans closed to new employees got some good news Friday from the Internal Revenue Service, which granted relief from non-discrimination testing rules through 2015.
Federal budget deal stirs fight over pension costs
trueA tentative federal budget agreement struck late Tuesday has groups representing retirement plan sponsors and federal workers gearing up for a fight over pension costs.
Presumption of company stock
trueThe Department of Labor's intervention seeking a U.S. Supreme Court hearing on the responsibilities of fiduciaries concerning company stock as an investment option in defined contribution plans might lead to better guidance on a long-standing exception to the diversification rules of the Employee ...
Supreme Court asked to clarify company stock issue in 401(k) plans
trueThe appeal of company stock as an investment option in 401(k) plans could dim considerably if the Department of Labor succeeds in having the U.S. Supreme Court revisit the issue of fiduciary prudence in managing that option.
EBSA names new deputy assistant secretary for program operations
trueTimothy Hauser was named deputy assistant secretary for program operations in the Labor Department's Employee Benefits Security Administration
Labor Department's advisory panel drops push for derisking rules
trueThe ERISA Advisory Council recommended that the Labor Department consider ways to deliver guidance on pension derisking through lump sums and annuities.
Sunkist Growers ordered to reimburse plans for $1.6 million
trueSunkist Growers Inc. and its pension plan fiduciaries were ordered by a federal judge to restore $1.6 million in plan losses to the company's three defined benefit plans. Sunkist Growers must also pay a 20% penalty of $324,000 for misused funds and lost opportunity income.