Pension Plan Provider Sues to Kill DOL Crypto Guidance

By Kellie Mejdrich (June 2, 2022, 4:37 PM EDT) — A San Francisco-based pension plan provider filed a lawsuit Thursday seeking to strike down U.S. Department of Labor guidelines warning against offering cryptocurrency in 401(k) plans, alleging that the DOL’s action amounted to rulemaking outside of the notice and comment process required by federal law.

ForUsAll Inc., a plan manager that advertises 401(k) services with crypto offerings to employers, said in a Washington, D.C., lawsuit filed in federal court that the Benefits Security Administration of DOL employees had violated the Administrative Procedure Act with its March 10 compliance assistance. Release. In it, EBSA warned employers to exercise “extreme caution” before offering cryptocurrency investments through an employee retirement program…

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