Watch breaking news videos and read news updates about Labor Department on pionline.com
Credit Suisse gets temporary asset manager exemption from DOL
trueThe Department of Labor is deferring a final decision on Credit Suisse’s bid for permission to continue providing asset management services to retirement plans, after its banking entity pleaded guilty to helping U.S. citizens avoid taxes overseas.
Labor Department files lawsuit against fiduciaries of Severstal Wheeling Inc.
trueThe Labor Department filed a lawsuit against the fiduciaries of two Severstal Wheeling Inc. defined contribution plans, alleging the fiduciaries “imprudently invested” plan assets, resulting in plan losses in excess of $7 million, court documents show.
Precision, flexibility vital for DC plans, say speakers at P&I conference
trueDefined contribution executives need to be both precise and flexible in the managing of their plans, according to fellow sponsors, consultants and providers who spoke at the annual Pensions & Investments West Coast Defined Contribution Conference, held Oct. 26-28 in San Diego.
DOL looking at conflicts of interest for consultants
trueLabor Department officials are scrutinizing potential conflicts of interest when pension consultants with fiduciary responsibilities also manage a plan’s assets or recommend themselves for that role.
ERISA at 40: Stewards reflect on good, bad
trueReflecting back on ERISA's first 40 years, the people who've administered it say there were some hits and some misses.
Daughters of Charity Health System church plan challenged
trueAnother church-affiliated hospital system is being sued by employees challenging its defined benefit plan’s exemption from federal pension law.
Challenges from 401(k) fiduciary breaches litigation
trueWith ERISA entering its 41st year, commentators highlighting the landmark legislation's successes and failures have paid little attention to the newfound focus on fiduciary responsibility resulting from an increase in litigation from alleged fiduciary breaches, particularly in 401(k) defined ...
Guidance, flexibility offered in cash balance rules
trueCash balance plan sponsors got a compliance road map and added flexibility in picking expected rates of return when final regulations on the hybrid plans were issued by the Treasury Department and Internal Revenue Service.
ERISA at 40
trueWhile the Employee Retirement Income Security Act of 1974 benefited millions of people, it did not live up to the “retirement income security” part of its name. Along with praise for what ERISA did accomplish, there are now calls for fixing what it did not.
Lessons learned from ERISA
trueERISA was a farsighted law in many aspects, especially in defining and assigning fiduciary responsibility, including prohibition on conflicts of interests, to those overseeing pension funds. But ERISA in the long term failed to expand defined benefit coverage.
DOL issues RFI for guidance on brokerage windows in retirement plans
trueThe Department of Labor issued a request for information to determine whether it should issue additional regulations and/or guidelines for brokerage windows in retirement accounts covered by the Employee Retirement Income Security Act.
Robert Nagle, an architect of ERISA, dies at 84
trueRobert E. Nagle, who as general counsel of the Senate Committee on Labor and Public Welfare was one of the architects of the Employee Retirement Income Security Act of 1974, died on Saturday night in McLean, Va., following a battle with cancer. He was 84.
Credit Suisse seeks sentencing delay until decision on asset management waiver
trueCredit Suisse is asking for its sentencing in a tax evasion case to be moved to at least Nov. 1 to give the U.S. Department of Labor enough time to decide whether to grant the bank a waiver to continue managing retirement plan assets.
GAO urges Form 5500 improvements
trueFederal pension regulators could do more to improve the reporting of investment and fee information on Form 5500, the Government Accountability Office said in a report issued Monday.
BNP Paribas seeks asset management exemption from DOL
trueBNP Paribas Investment Partners is seeking a regulatory exemption from the Department of Labor to retain its QPAM status to manage retirement plan assets.