DOL

The Department of Labor (DOL) has announced the launch of its opinion letter program.

A notice of availability and request for comments on DOL information collection activities has left the Office of Management and Budget.

The Department of Labor (DOL) provides an alternative method of compliance with the rules for reporting and disclosing information under Title I of ERISA for special retirement plans set up for a select group of highly compensated employees (e.g., top hat plans).

The Secretary of Labor, Lori Chavez-DeRemer has announced that the Department of Labor (DOL) has rescinded a 2022 compliance release that discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans.

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. According to a press release, the bill seeks to codify that those who manage other people’s retirement savings under ERISA must prioritize maximizing returns for a secure retirement rather than political or social impact using environmental, social, and governance (ESG) factors.

The Department of Labor has issued Field Assistance Bulletin (FAB) 2025-02 and accompanying single employer and multiemployer model notices updating notice requirements for defined benefit plans pursuant to Section 343 of SECURE 2.0. FAB 2025-02 uses a Q&A format to explain the methods that single employer defined benefit pension plans use to measure the value of assets, value of liabilities, and funding level.

The Senate on Monday confirmed former Representative Lori Chavez-DeRemer to lead the Department of Labor (DOL) by a vote of 67-32. Chavez-DeRemer will be responsible for overseeing the DOL and fulfilling the Trump administration’s agenda. She represented Oregon’s 5^th district in the House of Representatives in the 118^th Congress, developing a pro-labor record on worker’s rights and organized labor.

The Department of Labor (DOL) recently issued a final amendment to the Voluntary Fiduciary Correction Program (VFCP), incorporating a Self-Correction Component (SCC) for eligible transactions under the program.

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions pursuant to SECURE 2.0 has been withdrawn from publication in the Federal Register pending further review pursuant to executive order. The proposal was aimed at implementing acceptable standards and procedures to establish good faith fair market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. According to the order, the proposal will be reviewed by the agency in light of the change in administration.

The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption implementing acceptable standards and procedures to establish good faith for market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. The proposal provides guidance governing the determination of fair market value in accordance with the definition of the term “adequate consideration” under ERISA as applied to certain ESOP transactions involving employer stock. Comments are due within 75 days of publication in the Federal Register.