The U.S. Senate confirmed Marty J. Walsh as Secretary of Labor by a vote of 68 to 29.
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The DOL will not enforce two rules finalized late last year concerning environmental, social, and governance factors in plan investment decisions and fiduciary duties related to proxy voting and shareholder rights.
A DOL class exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code went into effect on February 16, 2021.
The DOL named five new members and two officers to the 2021 Advisory Council on Employee Welfare and Pension Benefit Plans.
The DOL Employee Benefits Security Administration issued guidance to plan fiduciaries on locating and distributing retirement benefits to nonresponsive or missing plan participants.