WASHINGTON — The U.S. Department of Labor today announced an interim final rule that will enhance disclosure to fiduciaries of 401(k) and other retirement plans. The rule will assist fiduciaries in determining both the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider's performance under a service contract or arrangement.

Savannah, Georgia – The U.S. Department of Labor has sued Savannah attorney Benjamin Eichholz and the Eichholz Law Firm to recover assets belonging to the Eichholz & Associates P.C. Retirement Plan and the Eichholz & Associates P.C. Employees Pension Plan.

Lewes, Delaware — The U.S. District Court for the District of Delaware has issued a default judgment removing defunct Keystone Professional Employers Inc. of Lewes as fiduciary of its 401(k) plan. The judgment resolves a lawsuit filed by the U.S. Department of Labor in January alleging that the company abandoned its plan without distributing the assets when it ceased operations in 2000.

Indianapolis, Indiana – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will sponsor “Getting It Right – Know Your Fiduciary Responsibilities,” a free retirement plan seminar in Indianapolis July 22 at the Sheraton Indianapolis City Centre Hotel, 31 W. Ohio St.

Lewes, Delaware — The U.S. District Court for the District of Delaware has issued a default judgment removing defunct Keystone Professional Employers Inc. of Lewes as fiduciary of its 401(k) plan. The judgment resolves a lawsuit filed by the U.S. Department of Labor in January alleging that the company abandoned its plan without distributing the assets when it ceased operations in 2000.

retirement plan

Concord, New Hampshire – The U.S. Department of Labor has obtained a consent judgment ordering Eric C. Mitchell & Associates Inc. and Eric C. Mitchell to restore $20,723 in funds to the Bedford, N.H., company's 401(k) retirement plan. The defendants served, respectively, as the plan's sponsor and administrator, and as its trustee.

Washington – Assistant Secretary of Labor Phyllis C. Borzi today issued the following statement regarding the Consolidated Omnibus Budget Reconciliation Act (COBRA) and the premium reduction under the American Recovery and Reinvestment Act (ARRA):

WASHINGTON — The U.S. Department of Labor's Employee Benefits Security Administration today adopted a final amendment that allows qualified professional asset managers to act as QPAMs for their own employee benefit plans provided certain additional conditions are met.

"We have updated the exemption to expand the investment opportunities available to plans sponsored by QPAMs while protecting the plans' assets," said Phyllis C. Borzi, assistant secretary of labor for EBSA.

New York – The U.S. Department of Labor has obtained a final consent order permanently barring Leonard Slutsky and Sharlene Slutsky from control over or serving in positions of responsibility to employee benefit plans governed by the Employee Retirement Income Security Act, except as outlined in the court order.

Fresno, California – The U.S. Department of Labor has sued Explore General Inc. and its officers for allegedly failing to forward more than $70,000 in employee contributions and to collect more than $100,000 in employer contributions owed to the company’s 401(k) plan in violation of the Employee Retirement Income Security Act.

Atlanta – The owners of Williams-Russell & Johnson, an Atlanta engineering firm, have agreed to restore $150,129 in lost earnings plus accrued interest to the company’s 401(k) retirement plan after being sued by the U.S. Department of Labor for violating the Employee Retirement Income Security Act. In addition to restitution, the defendants have agreed to pay a $30,673 penalty and to reimburse the plan for the fees and expenses of a fiduciary appointed to administer the plan’s assets.

Washington – The Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will meet June 29 to July 1 in Washington at the U.S. Department of Labor, 200 Constitution Avenue NW, Room C-5310-1B to hear testimony from witnesses.

WASHINGTON — Secretary of Labor Hilda L. Solis today issued the following statement regarding a June 21 ruling by the U.S. District Court for the District of Columbia in Coalition for Parity Inc. v. Sebelius et. al.:

"We are very pleased that the court ruled in favor of the U.S. Departments of Labor, Treasury, and Health and Human Services, thereby allowing us to continue a regulatory process designed to benefit vulnerable members of our society. It will make mental health benefits more affordable by putting the cost on par with other health benefits.

Chicago – The U.S. District Court for the Northern District of Illinois, Eastern Division has approved a global settlement agreement among the U.S. Department of Labor, Chicago-based AA Capital Partners Inc., the court-appointed receiver for AA Capital Partners Inc., pension plan clients of AA Capital Partners Inc. and others, providing for recovery of an additional $7.8 million for the pension plan clients of AA Capital.

Los Angeles – The U.S. Department of Labor has obtained a contempt order against Kenneth Owen, the former president of the now-defunct Torrance, Calif.-based telecommunications company Communications 2000, for failing to pay restitution required under a 2006 consent judgment for unremitted employee contributions to two employee benefits plans that were sponsored by Communications 2000, as well as plan administrative fees.

Washington – The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) today announced an amendment to an existing class exemption that expands the category of assets that can be accepted as settlement of litigation between employee benefit plans and related parties.

house asset managers

Washington – The U.S Department of Labor's Employee Benefits Security Administration is proposing to amend Prohibited Transaction Exemption (PTE) 96-23. PTE 96-23 is a class exemption that allows in-house managers of large employee benefit plans to engage in a wide range of transactions with related parties.

Fort Lauderdale, Florida – The U.S. Department of Labor’s Employee Benefits Security Administration is offering a free workshop for employee benefit plan professionals, including clients of plan service providers, on Thursday, June 24, at Nova Southeastern University, H. Wayne Huizenga School of Business and Entrepreneurship, Carl Desantis Building, 3301 College Avenue, Fort Lauderdale, Florida.

Washington – The U.S. Department of Labor today announced a final rule regarding certain requirements for qualified domestic relations orders (QDROs) under the Employee Retirement Income Security Act of 1974 (ERISA).

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration will sponsor “Getting It Right – Know Your Fiduciary Responsibilities” webcasts on June 9 and 10. The webcasts are part of the agency’s national fiduciary education campaign to increase awareness and understanding of basic responsibilities associated with operating private sector retirement plans.