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U.S. Department of Labor's ERISA Advisory Council to Hold Public Meeting Aug. 28-30

"The purpose of the meeting is for advisory council members to hear testimony from invited witnesses and to receive an update from Deputy Assistant Secretary of Labor for Employee Benefits Security Michael L. Davis. The council is studying the following issues: managing disability risks in an environment of individual responsibility; current challenges and best practices concerning beneficiary designations in retirement and life insurance plans; and examining income replacement during retirement years in a defined contribution plan system."

U.S. Department of Labor Issues Compliance Guidance for Employee Benefit Plans in Wake of Hurricane Sandy

"The guidance provided in this statement applies to employee benefit plans, plan sponsors, as well as service providers to such employers, located on October 26, 2012 in one of the counties or Tribal Nations that have been identified as covered disaster areas because of the devastation caused by Hurricane Sandy.... The Department recognizes that some employers and service providers acting on employers' behalf, such as payroll processing services, located in designated affected areas will not be able to forward participant payments and withholdings to employee pension benefit plans within the prescribed timeframe. In such instances, the Department will not, solely on the basis of a failure attributable to Hurricane Sandy, seek to enforce the provisions of title I with respect to a temporary delay in the forwarding of such payments or contributions to an employee pension benefit plan to the extent that affected employers, and service providers, act reasonably, prudently and in the interest of employees to comply as soon as practicable under the circumstances."

Department of Labor Booklet for Individuals: 'Savings Fitness: a Guide to Your Financial Future' (PDF)

16 pages; appears to be newly published. Excerpt: The U.S. Department of Labor and Certified Financial Planner Board of Standards Inc. (CFP Board) want you to succeed in setting financial and retirement goals. Savings Fitness: A Guide to Your Money and Your Financial Future starts you on the way to setting goals and putting your retirement high on the list of personal priorities.

Text of Brief of Secretary of Department of Labor As Amicus Curiae in Deborah A. Kenseth, Plaintiff, v. Dean Health Plans, Inc., Defendant

Excerpt: In explaining why affording Ms. Kenseth such remedy in the circumstances of this case is both good law and good policy, the Secretary, as amicus curiae, seeks to assure that ERISA continues to provide remedies commensurate with the rights it confers on plan participants who have been wronged by a plan fiduciary's breach of fiduciary duty.'

Department of Labor Testifies in Support of Boehner Investment Advice Bill

"[Assistant Secretary] Ann L. Combs ... [on Tuesday July 17] testified before the House Committee on Education and the Workforce in support of the Retirement Security Act of 2001 to give plan participants greater access to investment advice. The legislation (H.R. 2269) would give plan participants access to 'fiduciary advisers regulated by state or federal laws and provide disclosure to participants about fees, limits on the scope of advice given and any conflicts of interest.' "

Report to Department of Labor of the Working Group on Fee and Related Disclosures to Participants (PDF)

Excerpt: This working group is going to study fee and related disclosures to participants in defined contribution plans that relate to investment decisions and retirement savings. The scope of the study will encompass both plans that are intended to meet the ERISA(2) §404(c) requirements and those that are not intended to meet those requirements.

Report of The Working Group on Plan Fees and Reporting on Form 5500 to Department of Labor (PDF)

Excerpt: The first task of the Working Group on Plan Fees and Reporting on Form 5500 ('Working Group') was to determine what fees and expenses are currently reported by plan sponsors on Form 5500 and to determine whether there are other fees and expenses that should be reported, but currently are not.

U.S. Department of Labor's Updated COBRA Subsidy Notices

Excerpt: [T]he Temporary Extension Act of 2010 (TEA) includes new notification requirements with regard to the federal government's COBRA subsidy. [On March 17], the DOL posted on its website several model notices that may be used for compliance with these requirements, as well as additional guidance regarding the changes made by TEA.

Full Text of Labor Department Amendment To Broker-Dealers Exemption

Excerpt: This document amends PTE 86-128, a class exemption that permits certain persons who serve as fiduciaries for employee benefit plans to effect or execute securities transactions on behalf of those plans, provided that specified conditions are met. The exemption also allows sponsors of pooled separate accounts and other pooled investment funds to use their affiliates to effect or execute securities transactions for such accounts when certain conditions are met.

U.S. Labor Department Unveils Online Resource to Help Americans Chart Retirement Finances

Nice! Excerpt: The U.S. Department of Labor today released a new online resource that makes it easier for Americans to prepare for a financially secure retirement. A series of interactive worksheets were developed as a companion to a 2006 publication entitled 'Taking the Mystery Out of Retirement Planning.' Using the worksheets, individuals who are 10 to 15 years from retirement can calculate their income and savings as well as their projected expenses in retirement.