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During a webinar sponsored by the American Bar Association Joint Committee on Employee Benefits, Mabel Capolongo, the Department of Labor's director of enforcement, said that the department was continuing its national enforcement project on ESOPs.

On July 10, the Department of Labor (DOL) announced it is creating the Employee Ownership Initiative within its Employee Benefits Security Administration (EBSA).

The Department of Labor (DOL) announced that it now expects to release its proposed regulations on ESOP valuation in March 2024.

The Department of Labor has eliminated the need for ESOP companies to include a copy of Schedule E, filed with the IRS, to be included in 5500 filings (72 Fed. Reg. 64,710 and 64,731, 11/16/07). Three questions on that schedule, however, will be added to Schedule R.

In an agreement flowing out of Acosta v. Bat Masonry Company (W.D. Va. Sept. 29, 2017), the Department of Labor and ESOP trustee James Joyner entered into a process agreement that very closely mirrors the 2014 GreatBanc process agreement.

The Department of Labor entered into a new settlement agreement with an ESOP fiduciary, in this case Alpha Investment Consulting Group. The settlement arises out of a case alleging improper valuation and loan terms in the case of Acosta v.

In Vigeant v. Meeks, participants in the Lifetouch ESOP are suing over the valuation of Lifetouch shares. On February 27, the Department of Labor filed a brief in support of the plaintiffs.

Alleging that the company's ESOP overpaid for the shares it purchased in two transactions, the Department of Labor filed a lawsuit on June 3 against Gruber Systems Inc. and its CEO John Hoskinson.

Phyllis Borzi, the Assistant Secretary of Labor for the Employee Benefits Security Administration, told BNA Bloomberg on May 5 that EBSA does not have a set date by which it will release an updated version of its proposed regulations defining who is a retirement plan fiduciary.