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Labor secretary names 5 to ERISA Advisory Council
trueSecretary of Labor Thomas Perez named five new members to the Department of Labor ERISA Advisory Council.
Proposed Congress spending bill allows some multiemployer plans to cut retiree benefits
trueControversial reforms for multiemployer pension funds will be part of a congressional spending deal set for a final vote Thursday.
DOL asked to back off brokerage rules
trueDefined contribution industry representatives are resuming efforts to convince Labor Department officials that more extensive regulation of self-directed brokerage accounts is unnecessary and burdensome.
DOL fiduciary rule proposal on track for January
trueThe Department of Labor will propose a new fiduciary rule in January 2015, said an updated regulatory agenda issued by the Office of Management and Budget.
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.