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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 Releases Final Rule on 2022 Form 5500 Filing

DOL Releases Final Rule on 2022 Form 5500 Filing

by PC Editorial Staff | May 24, 2022 | DOL, Employee benefit plans, Employee Benefits Administration, ERISA, IRS

On May 20th, 2022, the U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation released their final rule on 2022 Form 5500 filing and Form 5500-SF Short Form Annual Return/Report of Employee Benefit Plans. The...
COLA Increases for 2022 Benefit and Contribution Limits

COLA Increases for 2022 Benefit and Contribution Limits

by PC Editorial Staff | Nov 9, 2021 | Employee Benefits Administration, IRA, IRS, Retirement Plans

On November 4th, 2021, the Internal Revenue Service (IRS) announced cost-of-living adjustments (COLA) for 2022 benefit and contribution limits. Specifically, employee contribution limits increase for 401(k), 403(b), and most 457 plans. In addition, the federal...
Investment Advice Exemption Rule Now in Effect

Investment Advice Exemption Rule Now in Effect

by Editorial Staff | Feb 16, 2021 | DOL, EBSA, Employee Benefits Administration, ERISA

On February 16th, 2021, new fiduciary investment advice guidelines issued by the U.S. Department of Labor (DOL) went into effect. Enforced by the Employee Benefits Security Administration (EBSA), the rule follows the guidelines explained within Prohibited Transaction...

Labor Department Announces Requirements for Pooled Benefit Plans

by Editorial Staff | Nov 17, 2020 | DOL, Employee Benefits Administration, ERISA

On November 12th, 2020, the U.S. Department of Labor (DOL) announced a final rule establishing registration requirements for pooled benefit plan providers. The rule implements registration requirements pursuant to the Setting Every Community Up for Retirement...
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