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Department of Labor Finalizes Rule to Address Conflicts of Interest in Retirement Advice

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David Torrillo
Wednesday, April, 06, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Department of Labor (“DOL”) on April 6, 2016 issued its final rules to address fiduciary standards. The U.S. Department of Labor, Employee Benefits Security Administration’s fact sheet of the new rule follows: Summary Since 1974, when Congress enacted the Employee Retirement Income Security Act (ERISA), the Department of Labor (‘DOL’ or ‘Department’) has worked
401(k)403(b)DOLEBSAERISAPlan Fiduciary Updateretirement savings

DOL concerned about Cybersecurity

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David Torrillo
Monday, January, 25, 2016 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
  On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL believes that electronic plan records, whether they are maintained in-house and/or maintained by the financial services industry, are vulnerable to cyber-attacks. Read More
401(k)403(b)Defined Benefit PlansDOLPlan Fiduciary Update

DOL Reminding Plan Administrators to Select a Quality Auditor

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David Torrillo
Friday, November, 13, 2015 / Published in Employee Benefit Plans, News and Press Releases
 The DOL has begun to communicate to Plan administrators via e-mail that selecting a qualified CPA who has the expertise to perform an audit in accordance with professional auditing standards is a critical responsibility in safeguarding plan’s assets and ensuring compliance with ERISA’s reporting and fiduciary requirements. Read More
401(k)403(b)AuditAudit QualityBenefit Plan AuditDefined Benefit PlansDOLEBSAEnforcement prioritiesPension PlansPlan Fiduciary Update

New Guidance on Economically Targeted Investments in Retirement Plans from US Labor Department

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David Torrillo
Friday, October, 23, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Labor Department has issued new guidance regarding economically targeted investments (ETIs) made by retirement plans covered by the Employee Retirement Income Security Act. ETIs are investments that are selected for the benefits they create in addition to the investment return to the employee benefit plan investor. Read More
401(k)403(b)DOLEBSAERISAPlan Fiduciary Update

DOL Seeks Public Comment on Proposal to Protect Consumers from Conflicts of Interest in Retirement Advice

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David Torrillo
Tuesday, April, 14, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
On April 14, 2015, the U.S. Department of Labor has released a proposed rule that they believe will protect 401(k) and IRA investors by mitigating the effect of conflicts of interest in the retirement investment marketplace. Read More
401(k)403(b)DOLEBSAPlan Fiduciary Update

Supreme Court to Hear 401(k) Fees Case

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David Torrillo
Friday, October, 03, 2014 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
  As detailed in an article by Greg Stohr, 401(k) Fees at Issue as Court Takes Edison Worker Appeal, the U.S. Supreme Court will consider giving 401(k) participants more power to sue their plans over investments that impose excessive fees, accepting an appeal tied to a wave of suits against employers. Read More
401(k)403(b)DOLEBSAPlan Fiduciary Update

DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans

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David Torrillo
Tuesday, August, 19, 2014 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The DOL recently issued Field Assistance Bulletin 2014-01 which details procedures fiduciaries should take to find missing participants and properly distribute account balances. The Bulletin suggests that fiduciaries use certified mail, check related plan and employment records, ask the designated plan beneficiary, and search the Internet to find missing participants.   Read More
401(k)403(b)403(b) Examination TrendsDOLEBSAERISAIRSPlan Fiduciary Update
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Recent Posts

  • US Department of Labor Rescinds 2022 Guidance on Cryptocurrency in 401(k) Plans

    In Compliance Assistance Release No. 2025-01, t...
  • DOL Issues Guidance on Missing Participants and Transfers to State Unclaimed Property Funds

    Field Assistance Bulletin No. 2025-01, Missing ...
  • DOL Updates the Voluntary Fiduciary Correction Program

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  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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