DOL

The Department of Labor (DOL) has released Field Assistance Bulletin 2025-01 (FAB) providing guidance regarding the treatment of small balances of retirement plan missing participants and beneficiaries.

The Department of Labor (DOL) has released a final amendment updating the Voluntary Fiduciary Correction Program (VFCP), along with a final amendment to Prohibited Transaction Exemption (PTE) 2002-51, to permit certain transactions identified in the PTE.

The Office of Management and Budget has completed review of a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023. The Outbreak Period ended July 10, 2023, 60-days after the end of the National Emergency.

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”. The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and correct certain transactions, such as delinquent participant contributions, sales and exchanges, improper loans, and improper plan expenses. The VFCP was last updated in 2006. A proposed amendment was released in 2022.

The Department of Labor (DOL) has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database pursuant to Section 303 of SECURE 2.0.

The Department of Labor (DOL), in conjunction with the Joint Notice from the Treasury Department, announced yesterday, that is extending certain specified timeframes for participants and beneficiaries in regard to special enrollment, COBRA, claims procedures, and external review processes for health coverage and other employer benefits, has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.