Fiduciaries of the Parrot Cellular Employee Stock Ownership Plan agreed to pay $4.2 million to settle a lawsuit brought by the Department of Labor alleging inflated stock prices paid by the ESOP.
October 23, 2013 | 04:02 pm
The history of U.S. pension legislation over the last four decades is largely one of playing catch-up.
October 14, 2013
California filed a lawsuit against the Department of Labor on Friday for “improperly denying federal grants to California public transit works after it erroneously concluded that the pension...
October 04, 2013 | 05:47 pm
Employers wondering how the Supreme Court decision that voided parts of the Defense of Marriage Act affects their retirement plans got some clarity Wednesday from the Department of Labor.
September 18, 2013 | 05:38 pm
Many defined contribution service providers are not complying with the letter or even the spirit of fee disclosure regulations, said Phyllis Borzi, assistant secretary of labor and head of the...
September 12, 2013 | 02:11 pm
Public transit workers in California will not be subject to new pension rules imposed on state and local government employees under a plan proposed by California Gov. Edmund. G. “Jerry”...
September 05, 2013 | 04:09 pm
The Obama administration is using the federal government's financial clout to attempt to weaken public employee pension reforms passed last year by the state of California. In particular, it is...
September 02, 2013
The Department of Labor filed a lawsuit Thursday against California Pacific Bank and four of its directors for mismanaging the bank's employee stock ownership plan resulting in potential losses of $1....
August 22, 2013 | 05:56 pm
Labor Secretary Thomas Perez inherited a fight over workers' rights and California's pension reforms.
August 19, 2013
The SPARK Institute on Thursday asked the departments of Labor and Treasury to issue regulations allowing defined contribution plans to determine a participant's marital status based on “state...
August 15, 2013 | 03:52 pm
Thomas Perez, the new secretary of labor, will have little time to make an immediate imprint on retirement issues as he inherits the already packed regulatory agenda of the Employee Benefits Security ...
August 05, 2013
A U.S. District Court judge removed Metavation LLC Chairman George Hofmeister and investment adviser Bernard Tew as defined benefit plan trustees.
July 29, 2013 | 03:59 pm
The Labor Department won a consent judgment against a pension trustee for allegedly misusing $4.2 million in assets for the Sadimara Knitwear Inc. and the Stallion Knits Ltd. pension plans in New York.
July 24, 2013 | 03:58 pm
Federal pension overseers, joining forces to stop what they say is widespread fiduciary misconduct by Revstone Industries LLC Chairman George Hofmeister, are winning some crucial victories. But they...
July 22, 2013
Employer groups are pushing the Obama administration for guidance following the Supreme Court's June 26 decision that voided key provisions of the Defense of Marriage Act. That decision becomes...