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Senate panel advances Perez nomination for labor secretary
Thomas E. Perez was approved for confirmation as secretary of labor by the Senate Health, Education, Labor and Pensions Committee on Thursday.
President formally nominates Perez as labor secretary
Thomas E. Perez was nominated Monday by President Barack Obama as secretary of labor.
White House expected to give labor secretary nod to civil rights attorney
The White House is expected to name civil rights attorney Thomas E. Perez as secretary of the Department of Labor this week.
EBSA issues MAP-21 funding disclosure guidance
Corporate defined benefit plan sponsors will need to alert participants regarding new plan underfunding calculations resulting from the MAP-21 law, according to interim guidance from the EBSA.
DOL settles with Austin Capital over Madoff losses for pension plans
Pension and benefit funds investing indirectly in Bernard Madoff’s Ponzi scheme through funds managed by Austin Capital Management will get more than $34 million in a settlement announced Wednesday by the Department of Labor.
Sherwin-Williams agrees to add $80 million to ESOP to settle DOL charges
Sherwin-Williams Co. will put $80 million into its employee stock ownership plan to settle charges by the Department of Labor that it mismanaged the plan to take advantage of tax breaks.
EBSA clears way for pension fund swaps use
Legal uncertainty that kept pension plan sponsors from executing swaps contracts faded Thursday with an advisory opinion issued by the Labor Department's Employee Benefits Security Administration.
Fiduciary Counselors hires ex-DOL exec
Ivan Strasfeld joined investment adviser Fiduciary Counselors as senior adviser.
ING pays $5.7 million in settlement over trading policy disclosure
ING Life Insurance and Annuity Co. will pay retirement plan clients $5.2 million as part of a settlement with the Department of Labor over charges that ING kept the gains from transaction processing errors for roughly 1,400 retirement plans.
Proposal could ease distributing assets of abandoned 401(k) plans
Trustees will find it easier to distribute assets from 401(k) plans of companies going through Chapter 7 bankruptcy liquidation proceedings under proposed rules from the EBSA announced Tuesday.
Labor Department sues Maran ESOP plan, fiduciary over stock valuation
The Department of Labor filed a lawsuit against the Maran Inc. employee stock ownership plan and its independent fiduciary and trustee, First Bankers Trust Services, for allegedly allowing overpriced stock purchases.
Does Pru's hiring of Davis signal regulatory changes for stable value?
ERISA lawyers say recruitment of Michael Davis suggests Prudential could be prepping for new QDIA rules.
Labor Department settles with Ivy, 3 other firms over Madoff losses
The Department of Labor on Tuesday announced a $217 million settlement with four companies to resolve a series of lawsuits relating to losses from investments in Bernard L. Madoff Securities' Ponzi scheme.
EBSA's second-in-command joins Prudential Retirement as stable value chief
Michael L. Davis, deputy assistant Labor secretary for the Employee Benefits Security Administration, left the agency to become senior vice president and head of stable value at Prudential Retirement.
AT&T eyes contributing $9.5 billion in wireless stock to help fund pension plans
AT&T Inc. is seeking to contribute a preferred equity interest in its wireless business, valued around $9.5 billion, to its pension plans.