In June, the U.S. Department of Labor published a Request for Information, or RFI, related to the rule and whether to delay its full implementation. The rule, released in April 2016, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
WASHINGTON (Legal Newsline) — The U.S. Department of Labor (DOL) announced Aug. 18 that its Employee Benefits Security Administration (EBSA) is soliciting nominations to fill five three-year vacancies on the Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council. The DOL noted that Aug. 31 is the deadline for nominations.
NEW YORK (Legal Newsline) — The U.S. Department of Labor announced Aug. 16 that the owner of a Manhattan laser surgery center will pay $5 million to its employee stock ownership plan (ESOP) after allegations of violating the Employee Retirement Income Security Act of 1974 (ERISA) by creating false company valuations.
The U.S. Department of Labor’s Office of Labor-Management Standards published its notice in June, explaining it intends to rescind the rule, first published by the DOL in March 2016. The rule, or Persuader Advice Exemption Rule, effectively eliminates the “advice exemption” under the Labor Management Reporting and Disclosure Act.
The U.S. Department of Labor and its new secretary, R. Alexander Acosta, last week notified a Minnesota federal court that it submitted to the Office of Management and Budget, or OMB, proposed amendments to three exemptions. The proposed amendments include an “extension of transition period and delay of applicability dates” from Jan. 1, 2018 to July 1, 2019.
NEW ORLEANS (Legal Newsline) – The U.S. Department of Labor has filed notice with U.S. Court of Appeals for the Fifth Circuit, asserting that the government has presently “decided not to advocate” for a specific salary level in its ongoing dispute with states over what workers should be eligible for overtime pay.
Last month, the U.S. Department of Labor released a measure officially delaying the implementation of the rule and its related exemptions by 60 days. The applicability date is now June 9. Some argue a longer delay is necessary, while others contend the U.S. Securities and Exchange Commission should step in and craft a better rule.
CUYAHOGA FALLS, Ohio (Legal Newsline) — The U. S. Department of Labor (DOL) announced April 4 that Cathedral Buffet and its owner, televangelist Ernest Angley, have been ordered by a federal judge to pay $388,507 in back wages and damages to 235 “volunteers” who worked at the Cuyahoga Falls, Ohio, restaurant.