Read more about the article US Department of Labor issues report to Congress on considerations for defined benefit pension plan fiduciaries choosing an annuity provider

US Department of Labor issues report to Congress on considerations for defined benefit pension plan fiduciaries choosing an annuity provider

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WASHINGTON – The Department of Labor announced its Employee Benefits Security Administration today issued a report to Congress on Interpretive Bulletin 95-1 that analyzes fiduciary standards when selecting an annuity provider for a defined benefit pension plan. Interpretive Bulletin 95-1, which outlines these Employee Retirement Income Security Act fiduciary requirements, was first issued in 1995. Nearly 30

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Read more about the article US Department of Labor obtains judgment ordering service provider, its owner to restore more than $4.4M in fringe benefits

US Department of Labor obtains judgment ordering service provider, its owner to restore more than $4.4M in fringe benefits

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GREENBELT, MD – The U.S. Department of Labor has obtained a consent judgment requiring a health and welfare benefits administration firm, its owner and others to restore more than $4.4 million in fringe benefits owed to people employed by government service contractors across the U.S. The U.S. District Court for the Southern Division of the District of

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Read more about the article Federal court orders United Employee Benefit Fund’s former attorney and law firm to pay $883K in restitution to the fund, $176K in penalties

Federal court orders United Employee Benefit Fund’s former attorney and law firm to pay $883K in restitution to the fund, $176K in penalties

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CHICAGO –The U.S. Department of Labor has obtained a federal consent order and judgment requiring three service providers of the United Employee Benefit Fund a Chicago-based multiple employer welfare arrangement, to restore $883,333 to the fund and pay $176,666 in penalties for violations of the Employee Retirement Income Security Act. On May 1, 2024, Judge Nancy

Continue ReadingFederal court orders United Employee Benefit Fund’s former attorney and law firm to pay $883K in restitution to the fund, $176K in penalties
Read more about the article Retirement Security Rule: Definition of an Investment Advice Fiduciary

Retirement Security Rule: Definition of an Investment Advice Fiduciary

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Start Preamble Start Printed Page 32122 AGENCY: Employee Benefits Security Administration, Department of Labor ACTION: Final rule SUMMARY: The Department of Labor (Department) is adopting a final rule defining when a person renders “investment advice for a fee or other compensation, direct or indirect” with respect to any moneys or other property of an employee

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Read more about the article Biden-Harris administration announces rule to protect retirement savers’ interests by updating investment advice fiduciary definition

Biden-Harris administration announces rule to protect retirement savers’ interests by updating investment advice fiduciary definition

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WASHINGTON – The Biden-Harris administration announced today that the U.S. Department of Labor has finalized its Retirement Security Rule to protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings. This final rule will achieve this by updating the definition of an

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