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Supreme Court asked to clarify company stock issue in 401(k) plans
trueThe appeal of company stock as an investment option in 401(k) plans could dim considerably if the Department of Labor succeeds in having the U.S. Supreme Court revisit the issue of fiduciary prudence in managing that option.
EBSA names new deputy assistant secretary for program operations
trueTimothy Hauser was named deputy assistant secretary for program operations in the Labor Department's Employee Benefits Security Administration
Labor Department's advisory panel drops push for derisking rules
trueThe ERISA Advisory Council recommended that the Labor Department consider ways to deliver guidance on pension derisking through lump sums and annuities.
Sunkist Growers ordered to reimburse plans for $1.6 million
trueSunkist Growers Inc. and its pension plan fiduciaries were ordered by a federal judge to restore $1.6 million in plan losses to the company's three defined benefit plans. Sunkist Growers must also pay a 20% penalty of $324,000 for misused funds and lost opportunity income.
Alliant Techsystems has no plans to replace CIO
trueAlliant Techsystems Inc. has no current plans to replace Judith Mares, former vice president and chief investment officer who left to become political deputy assistant secretary of labor for the Employee Benefits Security Administration.
Parrot Cellular to pay $4.2 million in ESOP lawsuit settlement
trueFiduciaries of the Parrot Cellular Employee Stock Ownership Plan agreed to pay $4.2 million to settle a lawsuit brought by the Department of Labor alleging inflated stock prices paid by the ESOP.
A long history of reaction
trueThe history of U.S. pension legislation over the last four decades is largely one of playing catch-up.
California sues Labor Department for denying transit funding because of pension reform
trueCalifornia filed a lawsuit against the Department of Labor on Friday for “improperly denying federal grants to California public transit works after it erroneously concluded that the pension reforms constrain workers' collective bargaining rights, according to a news release from Gov. Edmund G. ...
EBSA guidance on same-sex couples for retirement plans mirrors IRS rules
trueEmployers wondering how the Supreme Court decision that voided parts of the Defense of Marriage Act affects their retirement plans got some clarity Wednesday from the Department of Labor.
Borzi: DC providers need to do better job on fee disclosure
trueMany defined contribution service providers are not complying with the letter or even the spirit of fee disclosure regulations, said Phyllis Borzi, assistant secretary of labor and head of the Employee Benefits Security Administration.
California rushes to temporarily set aside pension reforms to save transit funding
truePublic transit workers in California will not be subject to new pension rules imposed on state and local government employees under a plan proposed by California Gov. Edmund. G. “Jerry” Brown, aimed at preventing the loss of billions of dollars in federal funding to transit districts throughout the ...
Derailing pension reforms
trueThe Obama administration is using the federal government's financial clout to attempt to weaken public employee pension reforms passed last year by the state of California. In particular, it is holding up transit project funding for California to try to force state officials to dilute those ...
DOL sues California Pacific Bank alleging ESOP mismanagement
trueThe Department of Labor filed a lawsuit Thursday against California Pacific Bank and four of its directors for mismanaging the bank's employee stock ownership plan resulting in potential losses of $1.4 million.
DOL's Perez backs unions in pension melee
trueLabor Secretary Thomas Perez inherited a fight over workers' rights and California's pension reforms.
SPARK Institute joins chorus of calls to recognize 'state of celebration'
trueThe SPARK Institute on Thursday asked the departments of Labor and Treasury to issue regulations allowing defined contribution plans to determine a participant's marital status based on “state of celebration” — where people were married — rather than “state of domicile” — where married partners ...