Goldman Sachs Up for Renewal of 401(k) Management Pass From DOL

The Labor Department is considering granting an updated exemption that would allow Goldman Sachs Group Inc. to continue managing retirement assets until June 2031 after its Malaysia unit’s role in the 1MDB bribery scheme jeopardized that ability.

The Wednesday proposal from the Employee Benefits Security Administration outlined a potential extension for Goldman’s soon-expiring status as a qualified professional asset manager, the gold standard for managers in the 401(k) market.

QPAMs are shielded from being held legally responsible for various prohibited transactions under the Employee Retirement Income Security Act.

Goldman applied for an extension in August and requested the DOL lift ...