Employers sponsoring single-employer defined benefit plans may be interested in new guidance from the Treasury Department and the Internal Revenue Service related to the new funding rules enacted as part of the Pension Protection Act of 2006.
The U.S. Department of Labor (DOL) and an industry organization have expressed concern about a revised version of The 401(k) Fair Disclosure for Retirement Security Act (H.R. 3185), which was recently marked up by the House Education and Labor Committee.
The U.S. Department of Labor has sued a Chicago-based firm and its executives for improperly causing more than $25 million in losses for five Michigan pension funds. DOL says that executives of AA Capital Partners Inc. misused assets to benefit themselves and by charging the plans excessive investment management fees.
Employers have additional time to comply with new funding regulations included in the Pension Protection Act of 2006, the U.S. Treasury Department and the Internal Revenue Service recently announced.
A marketing and communications company from New York has been ordered to repay $1.5 million to the company's pension plan under a consent judgment resolving a U.S. Department of Labor lawsuit.
The U.S. Department of Labor has proposed a regulation for assessing fines against plan administrators who fail to disclose certain documents to participants, beneficiaries, and others as required by the Employee Retirement Income Security Act, as amended by the Pension Protection Act (PPA).
Freddie Mac says it has agreed to pay $4.65 million to settle a class action lawsuit accusing the company of violating the Employee Retirement Income Security Act (ERISA).
The U.S. Court of Appeals for the 7th Circuit has rejected older workers' claim that IBM's conversion to a cash-balance pension plan violated a provision in the Employee Retirement Income Security Act that prohibits age discrimination.
The Royal Dutch/Shell Group of Companies has agreed to pay $90 million to settle a class-action lawsuit brought by U.S. employees who are enrolled in company retirement plans.
