Trader Joe’s Sued Over Excessive Fees in 401(k) Plan

Trader Joe’s, the iconic food retailer, has been sued over its retirement plan by former employees who claimed to have lost millions of dollars through the company’s mismanagement of their funds. At issue is the fee charged annually for the maintenance of each account. The plaintiffs’ lawyer argues that the fee rose to $140 per […]

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EBSA Restores $2.5 Billion to Pension Plans, Participants

The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has released its program results for Fiscal Year 2019, saying that EBSA’s enforcement and benefit adviser programs recovered over $2.5 billion in payments to plans, participants and beneficiaries. EBSA’s enforcement program reported over $2 billion in recoveries from its investigations. Under its Terminated […]

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DOL Proposes to Allow Electronic Retirement Plan Disclosures

Consistent with President Donald J. Trump’s Executive Order 13487, Strengthening Retirement Security in America, the Department of Labor (DOL) today announced a proposed rule to allow online retirement plan disclosures to reduce printing and mail expenses for job creators and make disclosures more readily accessible and useful for America’s workers. Reflecting modern internet technology, the proposal […]

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EBSA Proposes Automatic 401(k) Transfers Upon Job Loss or Change

The Employee Benefits Security Administration (EBSA) is seeking public commentary on a proposal to allow for the automatic transfer of 401(k) funds into an IRA or into another company’s 401(k) when a worker loses or changes jobs. Frequently, employees leaving their current place of employment with account balances in the company’s 401(k) plan either take […]

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DOL Launches Benefits Compliance Tools

Join thousands of other Personnel Concepts customers in gaining access to our Digital Workplace Compliance Library (DWCL), which contains manuals and guides for virtually every compliance challenge facing businesses in the U.S. — WATCH THE VIDEO The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has developed compliance assistance resources to help […]

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DOL Issues Final Rule on Association Health Plans (AHPs)

The Department of Labor (DOL) today issued a final rule expanding the definition of employer under the Employee Retirement Income Security Act (ERISA) to enable the formation of Association Health Plans (AHPs) that can span cities, counties and states. Phase-in begins on Sept. 1, 2018. The final rule states: This document contains a final regulation […]

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EBSA Field Assistance Bulletin Slams Brakes on Socially Conscious Investing

The Employee Benefits Security Administration (EBSA) has issued a field bulletin that — once again — reverses a position of the Obama administration, this time stating that fiduciaries of employee benefit plans may not sacrifice returns or assume greater risks to promote collateral environmental, social or corporate governance (ESG) policy goals when making investment decisions. […]

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EBSA Increases Retirement Fund Recovery on Fewer Cases

The Employee Benefit Security Administration (EBSA) in 2017 upped its recovery of missing employee retirement contributions (including fines) to $1.1 billion from $777.5 the year before. At the same time, due in great part to automation, the ERISA-enforcement wing of the Department of Labor (DOL) was able to reach the  higher recovery figure on fewer […]

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The Incredible Shrinking Labor Department

Over the past 12 months, the Department of Labor (DOL) has lost 4.7 percent of its workforce to attrition and retirements, according to data released by the Office of Personnel Management (OPM), as detailed by Bloomberg News. The DOL’s Employee Benefits Security Administration (EBSA) has been hit even harder, with a 9 percent reduction in […]

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DOL to Launch Surveys to Gauge Americans’ Retirement Planning

The Department of Labor (DOL) has filed an information request with the Office of Management and Budget (OMB) titled “On the Road to Retirement Surveys” to “gather data about how people make planning and financial decisions before and during retirement, especially with regard to the information that they receive and how they respond to it.” The […]

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