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Plan funding notices to apply to single-employer plans for first time; final rule expected Feb. 2
trueSingle-employer defined benefit plan sponsors covered by ERISA will have new guidelines for annual funding notices when the Department of Labor’s Employee Benefits Security Administration publishes a final rule Feb. 2.
DOL feeling heat on QPAM exemptions
trueThe Department of Labor is under increasing pressure to get tough on money managers with U.S. retirement plan clients when their firm, or an affiliate, gets into legal trouble.
Fiduciary breach issue gets Supreme Court hearing
trueThe U.S. Supreme Court is scheduled to hear arguments next month in an ERISA case that could greatly expand guidelines for defined contribution plan executives' fiduciary responsibilities.
Groups oppose CSAM bid to continue money management in U.S.
trueSeveral financial watchdog groups opposed Credit Suisse Asset Management's bid to continue providing money management services to retirement plans in the U.S.
Treasury's Iwry says department looking into guaranteed withdrawal products for DC
trueNew Treasury Department rules on using deferred annuities within target-date funds as part of a defined contribution plan shouldn’t be viewed as excluding the department’s consideration of other lifetime income options in those plans, said J. Mark Iwry, deputy assistant secretary for retirement and ...
Retirement, financial groups assail proposed regulations on fee-disclosure guide for DC plans
trueEleven organizations representing retirement and financial industries have asked the federal government to reconsider proposed regulations outlining how service providers should create a fee-disclosure guide for defined contribution plans.
Lifetime income option use gets boost
trueNew guidance from the IRS and Department of Labor on using annuities in target-date funds will encourage greater use of lifetime income options in defined contribution plans.
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.