Legal

The U.S. Department of Labor has filed suit against San Franciscos Pacific Bank, alleging the bank, its CEO and three additional fiduciaries of its Employee Stock Ownership Plan mismanaged plan assets potentially resulting in $1.4 million in plan losses.

Many in the industry say they like the idea of helping plan participants better understand how their current retirement savings will translate into lifetime income upon retirement. But thats where agreement stops.

If plan sponsors cant explain fees to their employees, how do they expect to explain them when the DOL comes knocking.

The agency is considering a missing participants program for terminating individual account plans, which represent the majority of non-covered plans.

Lawmakers have been trying for two years to try to fix the pension system, which faces an unfunded liability of $100 billion.

The city's biggest employee union, retirees and even a few dozen residents filed objections Monday to Detroit's request for bankruptcy protection, the largest municipal filing in U.S. history and a move aimed at wiping away billions of dollars in debt.