October 25, 2021

US Department of Labor announces temporary enforcement policy on prohibited transaction rules applicable to investment advice fiduciaries

WASHINGTON The U.S. Department of Labor’s Employee Benefits Security Administration today announced Field Assistance Bulletin 2021-02, “Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries.”

October 13, 2021

US Department of Labor proposes rule to remove barriers to considering environmental, social, governance factors in plan management

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.

October 5, 2021

US Department of Labor recovers $25K for Akron retirement plan after investigation finds company owner failed to forward contributions

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.

September 30, 2021

Biden-Harris administration issues third rule to implement No Surprises Act, protect Americans from surprise medical bills

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.

September 8, 2021

US Department of Labor recovers $14K for Illinois retirement plan after investigation finds company owner failed to forward contributions

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.

September 2, 2021

US Department of Labor obtains judgment after investigation finds Appleton company failed to forward contributions

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.

September 2, 2021

US Department of Labor obtains final order against John J. Koresko for involvement in nationwide employee benefit plan scheme

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.

August 12, 2021

United Behavioral Health, United Healthcare Insurance Co. plans to pay $15.6M, take corrective actions after federal, state investigations

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.

July 23, 2021

Lansing business owner sentenced after federal investigation finds they failed to forward employee contributions to retirement plan

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.

July 9, 2021

Statement by US Secretary of Labor Walsh on the Pension Benefit Guaranty Corporation’s Interim Final Rule on Special Financial Assistance

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:

June 23, 2021

US Department of Labor reopens comment period for amendments to six class exemptions originally proposed in 2013

WASHINGTON, DC The U.S. Department of Labor today announced the reopening of the comment period on proposed amendments to six class exemptions from prohibited transaction rules set forth in the Employee Retirement Income Security Act and the Internal Revenue Code.

April 21, 2021

Cincinnati pastor sentenced after collecting his deceased father’s pension, Social Security payments fraudulently for more than four years

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.

April 14, 2021

US Department of Labor announces new cybersecurity guidance for plan sponsors, plan fiduciaries, record-keepers, plan participants

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.

April 13, 2021

US Department of Labor releases guidance on investment advice exemption

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.

April 12, 2021

Federal court appoints independent fiduciary as claims administrator of Medova arrangement

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.

April 7, 2021

US Department of Labor issues guidance, model notices implementing American Rescue Plan’s COBRA premium assistance provisions

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.

February 22, 2021

Court restores more than $42K to employee benefit plan of defunct Detroit dental services provider after US Department of Labor complaint

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.