US Department of Labor (DOL)
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Labor attorney: DOL’s persuader rule would’ve meant ‘real consequences’ for employers
Cozen O’Connor PC attorney Jeremy Glenn, the current co-chair of the American Bar Association’s Federal Labor Standards Legislation committee, said he “wholeheartedly” agrees with the U.S. Department of Labor’s recent move to rescind its so-called “persuader rule.” -
DOL proposes 18-month delay of fiduciary rule’s full implementation
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. -
Labor Department seeks to fill vacancies on its pension benefits advisory council
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. -
Labor Department secures $5 million for ESOP members of Manhattan laser surgery center
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. -
Survey: DOL’s fiduciary rule already hurting savers, financial professionals
The Financial Services Roundtable, an advocacy organization for the nation’s financial services industry, polled 600 financial advisers from July 7-12. -
DOL moves to rescind its persuader rule, citing ‘concerns’ raised by courts and need to review
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. -
Nevada strengthens law governing financial planners
The revised state law, which became effective July 1, essentially requires investment advisers and stock brokers now to abide by the same fiduciary standards as others in the financial industry. -
DOL looks to delay fiduciary rule until 2019
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. -
MagnaCare to return $14.5 million to ERISA-covered health plans after alleged violations
NEW YORK (Legal Newsline) — The U.S. Department of Labor (DOL) announced July 25 that MagnaCare LLC will return at least $14.5 million to health benefit plans covered by the Employee Retirement Income Security Act (ERISA) after allegations of ERISA violations. -
DOL files brief in challenge to Obama overtime rule
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. -
Labor Department alleges Florida business guilty of profit-sharing plan embezzlement
JACKSONVILLE, Fla. (Legal Newsline) — The U.S. Department of Labor announced June 19 that the Secretary of Labor has filed a complaint against Andrea Lynn McCarthy, Lisa Hall, Truss Systems LLC and Truss Systems LLC Profit Sharing Plan. -
Labor Department joins Pension Benefit Guaranty to recover $1.5 million for 2 participants
CHICAGO (Legal Newsline) — The U.S. Department of Labor (DOL) announced May 25 that the partnership between its Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation has recovered close to $1.5 million for participants in two terminated Chicago-based pension plans. -
Law prof: Trump's lawless behavior with fiduciary rule undermines process
Mercer Bullard, a University of Mississippi law professor and founder of Fund Democracy, a group that advocates for mutual fund shareholders, is puzzled by the U.S. Department of Labor’s 60-day delay, arguing the rule had one of the most thorough vettings. -
Trump's decision to delay fiduciary rule might improve final version
Uday Singh, a partner in the financial institutions practice of A.T. Kearney, a global strategy and management consulting firm, argues the 60-day holdup already has proven somewhat beneficial, in that new information has emerged. -
Despite delay, fiduciary rule 'already causing great harm'
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. -
D.C. joins coalition urging Labor Department to stop delaying fiduciary rule
WASHINGTON (Legal Newsline) — District of Columbia Attorney General Karl A. Racine announced April 20 that he has joined a coalition of attorneys general led by Iowa Attorney General Tom Miller in urging the U.S. Department of Labor to lift its delay on implementing a rule. -
Wells Fargo to pay $5.4 million, settles allegations of terminating employee for whistleblowing
The U.S. Department of Labor announced April 3 that its Occupational Safety and Health Administration (OSHA) has ordered Wells Fargo Bank N.A. to compensate and reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline. -
Second public comment period on DOL’s fiduciary rule ends; some groups say more time is needed for review
The U.S. Department of Labor’s controversial new rule 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. -
Televangelist's Ohio restaurant ordered to pay nearly $400,000 in back wages
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. -
DOL releases measure to officially delay April applicability date of its fiduciary rule
The applicability date of the rule and related exemptions will be extended from April 10 to June 9, the U.S. Department of Labor announced last week.