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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...
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...
Labor Department Final Rule Allows Fiduciaries to Consider ESG Factors

Labor Department Final Rule Allows Fiduciaries to Consider ESG Factors

by PC Editorial Staff | Nov 29, 2022 | DOL, ERISA, Retirement Plans

On November 22nd, 2022, the U.S. Department of Labor (DOL) announced a final rule that allows 401(k) plan fiduciaries to consider climate change and other environmental, social, and governance factors (or ESG factors) when they select retirement investments or...
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...
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