Watch breaking news videos and read news updates about Labor Department on pionline.com
Former SEC chairmen call for agency to adopt fiduciary rule
trueThree former Securities and Exchange Commission chairmen called Tuesday for the agency to develop a fiduciary rule.
DOL seeks new fiduciary for defunct Encorium plan
trueThe Department of Labor is seeking to remove Encorium Group Inc. as fiduciary of its 401(k) plan, for failure to conclude a plan termination.
Credit Suisse receives QPAM exemption from DOL
trueThe Department of Labor announced Thursday it granted Credit Suisse Asset Management an exemption allowing it to continue providing asset management services to retirement plans after its banking entity Credit Suisse AG was convicted of helping U.S. citizens avoid taxes overseas.
DOL deputy assistant secretary expects revisions to fiduciary rule
trueA record amount of feedback on the Department of Labor’s proposed conflict-of-interest rule will be reflected in the final version, said Timothy Hauser, deputy assistant secretary of labor for program operations.
DOL stance boosts private-sector retirement plan efforts from the states
trueThe concept of states setting up retirement programs for private-sector workers is gaining traction, with help from the Department of Labor and policymakers in an increasing number of states.
DOL cracking down on exemptions
trueProphecies of a tougher Department of Labor when it comes to exempting asset managers with a parent company in legal trouble started coming true this summer.
Deutsche Asset & Wealth Management gets temporary DOL exemption
trueDeutsche Asset & Wealth Management was granted a temporary exemption by the Department of Labor on Friday, allowing it to continue serving pension fund clients while its Deutsche Securities Korea Co. affiliate awaits sentencing in a market manipulation criminal case.
DOL preps state retirement program rules for private-sector employees
trueProposed rules for states to set up auto-enrollment IRA savings programs for private-sector employees were submitted for interagency review by the Department of Labor on Wednesday.
Firms at risk of losing pension business because of LIBOR convictions
trueThe Department of Labor is tentatively denying affiliates of Deutsche Bank AG, UBS AG and Royal Bank of Scotland Group the right to serve U.S. retirement plan clients because of criminal convictions related to LIBOR manipulations and other charges.
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.