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Proposed rules for state secure choice plans released by DOL
trueThe Department of Labor on Monday released proposed rules that would allow states to set up mandated payroll deduction IRA programs for private-sector employees, along with interim guidance to encourage states to consider other defined contribution programs.
House passes bill to delay DOL fiduciary rule; White House pledges to veto it
trueThe Department of Labor would have to stop its efforts to update a fiduciary rule and let the Securities and Exchange Commission act first under a bill passed by the House of Representatives late Tuesday.
Department of Labor opens the door for ESG considerations
truePension fund fiduciaries can consider ESG factors in their investment decisions without worrying about repercussions from the Department of Labor, under new guidance announced Thursday.
Washington officials call for new retirement ideas
trueThe number of people being offered retirement savings plans at work has not improved since passage of the Employee Retirement Income Security Act of 1974, Assistant Secretary of Labor Phyllis Borzi said .
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.