WASHINGTON – The U.S. Department of Labor today announced a proposed rule that would remove barriers to plan fiduciaries’ ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights.
AKRON, OH – After failing to timely forward $23,287 in employer contributions and employee payroll-deducted retirement contributions to his company’s individual retirement plan, an Akron business owner has been banned by a federal court from serving as a fiduciary in the future.
WASHINGTON – The Biden-Harris administration – through the departments of Labor, Health and Human Services, Treasury and the Office of Personnel Management – today issued an interim final rule with comment period to continue implementation of the No Surprises Act, a consumer protection law that helps curb the practice known as “surprise billing” for medical care.
HILLSIDE, IL – After a Hillside business owner failed to forward $10,184 in employee retirement contributions to his company’s retirement plan as required, a federal court barred him from serving as a fiduciary in the future for violating the Employee Retirement Income Security Act.
GREEN BAY, WI – A federal judge has signed a default judgment against an Appleton company and ordered fiduciaries of the defunct company’s retirement plan to restore $41,869 in employee payroll-deducted retirement contributions and lost opportunity costs to the plan.
PHILADELPHIA – In an investigative and legal pursuit that spanned more than 18 years, the U.S. Department of Labor has obtained a final order in a Pennsylvania federal court and concluded its long-standing case against a disbarred attorney and former benefits plan fiduciary who gained personally by diverting millions from employee benefit plans.
NEW YORK – United Behavioral Health and United Healthcare Insurance Co. will pay $13.6 million to affected participants and beneficiaries; pay $2,084,249 in penalties; and take other corrective actions following investigations and litigation by the U.S. Department of Labor and the New York State Attorney General.
LANSING, MI – A Lansing business owner who failed to forward $25,252 in employer contributions and $52,753 in employee payroll-deducted retirement contributions to his company’s individual retirement plan will pay $798 in court fines and costs after pleading guilty in Michigan’s 30th Circuit Court of Ingham County.
WASHINGTON, DC – U.S. Secretary of Labor Marty Walsh issued the following statement on the Pension Benefit Guaranty Corporation’s issuance of an interim final rule implementing Special Financial Assistance to financially troubled multiemployer pension plans:
CINCINNATI, OH – A Cincinnati pastor who collected $121,344 in pension funds and Social Security benefits under his deceased father’s name for more than four years will serve 180 days home confinement, and 3 years’ probation after pleading guilty in federal court in Ohio on Sept. 30, 2020.
WASHINGTON, DC – The U.S. Department of Labor today announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. This is the first time the department’s Employee Benefits Security Administration has issued cybersecurity guidance.
WASHINGTON, DC – The U.S. Department of Labor’s Employee Benefits Security Administration today issued guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advice providers. The guidance relates to the department’s “Improving Investment Advice for Workers & Retirees”exemption and follows its Feb.
KANSAS CITY, MO – A consent order entered by the U.S. District Court for the District of Kansas has appointed Receivership Management Inc. – an independent fiduciary based in Madison, Tennessee – to serve as claims administrator and oversee employee benefit plans and assets previously administered by Medova Healthcare Financial Group.
WASHINGTON, DC – The U.S. Department of Labor today issued guidance implementing the American Rescue Plan’s Continuation of Health Coverage premium assistance provisions to provide full COBRA premium assistance to certain individuals who have experienced a reduction in hours or involuntary termination of employment.
DETROIT – Under terms of a consent order and judgement entered in federal court, the fiduciaries of Deliver Dental Solutions Inc. 401(k) Plan and Trust have agreed to restore $42,488 to the Detroit-based employee benefit plan.