Retirement Plan Info Can Be Delivered Electronically Beginning July 27th

The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) recently announced the publication of a Final Rule that expands the ability of private sector employers to communicate retirement plan information online or by email. In a press release dated May 21st, 2020, the EBSA revealed that the Rule would allow employers to deliver […]

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EBSA Releases Updated Model COBRA Notices

The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) has recently announced changes to specific notices required under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA). Generally speaking, COBRA allows employees (and their families), who would otherwise lose their group health coverage due to certain life events, to continue their same group […]

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COVID-Related Resources for Benefit Plans Released

On April 28th, 2020, the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) issued a number of items under Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to help participants and beneficiaries of employee benefit plans, and their service providers, who have been impacted by the coronavirus outbreak. These […]

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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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