Washington

Labor Department settles ESOP trustee case with PBI Bank

PBI Bank Inc. will pay $1 million to restore alleged losses to the Miller's Health Systems Inc. employee stock ownership plan, under an agreement with the Department of Labor approved in U.S....

July 21, 2015 | 03:41 pm
Fiduciary proposal comment period ends with flurry of opposing viewpoints

Fiduciary proposal comment period ends with flurry of opposing viewpoints

Comment letters on the Department of Labor's proposed fiduciary rule poured in Tuesday, the last day of the comment period, with many groups representing retirement plan investment and service...

July 21, 2015 | 04:10 pm

Chamber of Commerce calls for negotiated fiduciary rule

The Department of Labor should switch to negotiated rulemaking to produce a new fiduciary standard, U.S. Chamber of Congress officials said Monday.

July 20, 2015 | 03:43 pm
Productivity might not be as bad as widely believed

Productivity might not be as bad as widely believed

There is widespread concern about the slow growth in non-farm business productivity. Over the past 20 quarters (five years) since Q1 2010, it is up only 0.5% on average during each of the Q1-to-Q1...

July 20, 2015 | 11:50 am
Mine Workers plan sues Peabody, Arch Coal for withdrawal liability

Mine Workers plan sues Peabody, Arch Coal for withdrawal liability

The United Mine Workers of America 1974 Pension Plan filed a lawsuit Thursday to force Peabody Energy Corp. and Arch Coal Inc. to negotiate withdrawal liability for the underfunded pension plan...

July 17, 2015 | 03:32 pm
Senate Finance to interview PBGC nominee

Senate Finance to interview PBGC nominee

The Senate Finance Committee scheduled a hearing July 23 on the nomination of W. Thomas Reeder Jr. to serve as director of the Pension Benefit Guaranty Corp.

July 17, 2015 | 03:57 pm
Puerto Rico bankruptcy bill introduced in Senate

Puerto Rico bankruptcy bill introduced in Senate

The Commonwealth of Puerto Rico would have access to Chapter 9 municipal bankruptcy protection under legislation introduced in the Senate on Wednesday by Sens. Charles Schumer, D-N.Y., and Richard...

July 15, 2015 | 03:39 pm
Yellen: Fed rate rise likely this year

Yellen: Fed rate rise likely this year

The Federal Reserve “will probably raise interest rates sometime this year,” Federal Reserve Chairwoman Janet Yellen told a House panel Wednesday.

July 15, 2015 | 02:40 pm
Och-Ziff subsidiary to pay SEC penalty for inaccurate trade reporting

Och-Ziff subsidiary to pay SEC penalty for inaccurate trade reporting

OZ Management LP will pay a $4.25 million penalty to settle charges that it provided inaccurate trade data to four prime brokers.

July 14, 2015 | 03:10 pm
DOL issues fiduciary guidance related to annuity benefit distribution options

DOL issues fiduciary guidance related to annuity benefit distribution options

The DOL has issued guidance for defined contribution plan sponsors, clarifying their fiduciary responsibilities under certain circumstances for the monitoring and reviewing of annuities as benefit...

July 14, 2015 | 02:27 pm
Yellen still sees slack in labor market

Yellen still sees slack in labor market

Was it a coincidence? The S&P 500 rose 1.2% on July 10 to 2,076. Federal Reserve Chairwoman Janet Yellen spoke about the economy and monetary policy the same day. Previously, I’ve observed that ...

July 13, 2015 | 03:43 pm
Obama: Clarity on state-run private-sector retirement savings programs by year's end

Obama: Clarity on state-run private-sector retirement savings programs by year's end

States interested in creating their own programs for private-sector retirement savings will have further guidance from the Department of Labor by the end of the year, President Barack Obama said.

July 13, 2015 | 02:10 pm
Federal agencies report finds high-frequency trading a factor in October 'flash crash'

Federal agencies report finds high-frequency trading a factor in October 'flash crash'

The “flash crash” in U.S. Treasuries on Oct. 15, 2014, came from several factors, including high-frequency trading.

July 13, 2015 | 01:49 pm
Multiemployer funds, PBGC face hurdles with partition

Multiemployer funds, PBGC face hurdles with partition

Trustees of struggling multiemployer pension funds have a narrow window of opportunity to do more than just cut benefits in order to survive, if they can take advantage of the Pension Benefit...

July 13, 2015
Managers push SEC for limits on brokers' maker-taker rebates

Managers push SEC for limits on brokers' maker-taker rebates

Money managers want the Securities and Exchange Commission to examine maker-taker rebates — to limit or eliminate them for all stock trades — claiming that the rebates spur broker-dealers ...

July 13, 2015