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DOL moving forward on fiduciary rule
trueLabor Department officials are determined to produce a new standard of fiduciary duty for anyone giving retirement investment advice, once they process concerns raised in thousands of comment letters and four days of hearings on their proposal.
Four-day fiduciary rule hearings end with call for safe-harbor provisions
trueAn eclectic group of presenters brought the fourth and final day of hearings on the Department of Labor's proposed conflict-of-interest rule to a close.
Speakers encourage fiduciary role for advice on DC lump sums, IRA rollovers
truePeople giving advice to defined contribution plan participants about lump-sum distributions and rollovers to individual retirement accounts should be covered by a new fiduciary standard, several speakers said Wednesday.
Fiduciaries to pay $15 million for lack of diversification with Wheeling Severstal plans
trueInvestment manager WPN Corp. and Ronald LaBow, its former president, were ordered Monday to pay $15 million to two defined benefit plans of Severstal Wheeling Inc. for failing to diversify plan assets.
DOL panel presenters debate more disclosure vs. stricter fiduciary rule
trueA customer bill of rights would go “a long way toward informing participants” in retirement savings accounts about what they are paying in fees and transaction costs, and would be better than a new fiduciary standard, Voya's Charles Nelson told a Department of Labor panel.
System is 'structurally flawed,' Borzi says as fiduciary rule hearings start
truePublic hearings on an updated fiduciary standard proposed by the Department of Labor got underway Monday with witnesses presenting a range of positions.
Use of excess DB plan assets for health care extended to 2025
trueExcess defined benefit plan assets can now be used to pay for retiree health care and life insurance through 2025.
DOL fiduciary proposal elicits torrent of comments
trueComment letters on the Department of Labor's proposed fiduciary rule poured in July 21, the last day of the comment period.
Plan sponsors must face up to Tibble ruling
trueThe U.S. Supreme Court's decision in Glenn Tibble et al. vs. Edison International et al. could lead sponsors of defined contribution plans to take extreme actions ranging from cutting back on investment fund options to abandoning plans altogether to avoid litigation risk. Both extremes would be a ...
House panel calls on DOL to withdraw proposed fiduciary rule
trueRepublican members on the House Education and the Workforce Committee want the Department of Labor to withdraw its proposed fiduciary rule.
House Democrats back DOL on fiduciary rule
trueLabor Secretary Thomas Perez is receiving backup from a diverse group of House Democrats as the agency works to update its fiduciary rule.
Fiduciary proposal comment period ends with flurry of opposing viewpoints
trueComment letters on the Department of Labor's proposed fiduciary rule poured in Tuesday, the last day of the comment period, with many groups representing retirement plan investment and service providers warning that while they support a standard that protects clients' best interests, new rules to ...
Labor Department settles ESOP trustee case with PBI Bank
truePBI Bank Inc. will pay $1 million to restore alleged losses to the Miller's Health Systems Inc. employee stock ownership plan, under an agreement with the Department of Labor approved in U.S. District Court in South Bend, Ind.
Chamber of Commerce calls for negotiated fiduciary rule
trueThe Department of Labor should switch to negotiated rulemaking to produce a new fiduciary standard, U.S. Chamber of Congress officials said Monday.
DOL issues fiduciary guidance related to annuity benefit distribution options
trueThe DOL has issued guidance for defined contribution plan sponsors, clarifying their fiduciary responsibilities under certain circumstances for the monitoring and reviewing of annuities as benefit distribution options.