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EBSA Enforcement Actions Recovered Over $1.4B for Plans in FY 2022

EBSA Enforcement Actions Recovered Over $1.4B for Plans in FY 2022

by PC Editorial Staff | Dec 20, 2022 | DOL, EBSA, Employee benefit plans, ERISA

In December 2022, the U.S. Department of Labor (DOL) announced that Employee Benefits Security Administration (EBSA) investigators, in the enforcement of the Employee Retirement Income Security Act of 1974 (ERISA), recovered more than $1.4 billion for ERISA complaints...
Agency Releases Informational Copies of the 2022 Form 5500 Series

Agency Releases Informational Copies of the 2022 Form 5500 Series

by PC Editorial Staff | Dec 13, 2022 | DOL, EBSA, Employee benefit plans, IRS, Retirement Plans

On December 8th, 2022, the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) released informational copies of the 2022 Form 5500 Series Annual Return/Report. The release includes informational copies of Form 5500-SF short-form...
DOL Proposes Updates to the Voluntary Fiduciary Correction Program

DOL Proposes Updates to the Voluntary Fiduciary Correction Program

by PC Editorial Staff | Dec 13, 2022 | DOL, EBSA, Employee benefit plans, ERISA, Fiduciary Rule, Retirement Plans

Recently, the U.S. Department of Labor (DOL) proposed a self-correction option under its Voluntary Fiduciary Correction Program. Specifically, proposed updates would allow fiduciaries to self-correct specific transactions like late deposits to a 401(k) plan. The...
Company to Pay More Than $2M After Plan Asset Mismanagement

Company to Pay More Than $2M After Plan Asset Mismanagement

by PC Editorial Staff | Sep 27, 2022 | EBSA, Employee benefit plans, Employee Benefits Administration, ERISA

On September 23rd, 2022, the U.S. Department of Labor (DOL) announced that an international design firm’s fiduciaries would pay $2 million to restore assets to the company retirement plan after investigators found plan asset mismanagement occurred. Investigators...
Institution to Pay a $131.8M Retirement Settlement in ERISA Violations

Institution to Pay a $131.8M Retirement Settlement in ERISA Violations

by PC Editorial Staff | Sep 14, 2022 | DOL, EBSA, Employee benefit plans, Employee Benefits Administration, ERISA, Retirement Plans

This week, the U.S. Department of Labor (DOL) announced a settlement in an Employee Retirement Income Security Act of 1974 (ERISA) case where Wells Fargo will pay $131.8 million for ERISA violations. According to the DOL investigation, Wells Fargo, Wells Fargo Bank,...
DOL Publishes Spring 2022 Regulatory Agenda

DOL Publishes Spring 2022 Regulatory Agenda

by PC Editorial Staff | Jun 28, 2022 | Biden Administration, DOL, EBSA, FLSA, OSHA, WHD

On June 21st, 2022, the U.S. Department of Labor (DOL) published its Spring 2022 regulatory agenda as a part of the Biden-Harris administration’s semiannual Unified Agenda of Regulatory and Deregulatory Actions. As required by Executive Order 12866, the...
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