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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.
DOL fee-disclosure guide upsetting DC record keepers
trueMembers of the defined contribution industry have had three months to try to digest a Department of Labor proposed rule on fee disclosure, and many of them are choking on it.
Rocaton system distills Form 5500 data
trueHave you absolutely had it with navigating your way through Department of Labor Form 5500 filings in search of information about U.S. corporate pension funds?
Labor Department proposal all about location
trueThe Department of Labor has proposed that service providers create a guide for defined contribution plans to identify where fee-disclosure information is located.
ERISA Advisory Council nominations sought
trueThe Department of Labor is looking for people to serve on its ERISA Advisory Council.
GreatBanc settles improper ESOP valuation case
trueGreatBanc Trust Co. agreed to pay $5.25 million to settle charges of improper valuation of the Sierra Aluminum Co. employee stock ownership plan.
Credit Suisse awaits DOL asset manager exemption
trueCredit Suisse is seeking permission to continue providing asset management services to retirement plans, after its banking entity pleaded guilty to helping U.S. citizens avoid taxes overseas.
DOL fiduciary rule delayed until 2015
trueA proposed rule updating the definition of a fiduciary will not come out in 2014, according to the Department of Labor regulatory agenda published May 23 in the Federal Register.
ERISA Industry Committee wants large DC plans exempt from fee-disclosure proposals
trueThe ERISA Industry Committee on Monday asked the Department of Labor to exclude large defined contribution plans from requirements in proposed regulations governing a guide to DC-plan fee disclosure.