dol

The Department of Labor (DOL) has issued a statement that it will not enforce two final rules that were issued late in 2020. 

The DOL Wage and Hour Division has finalized its proposal to delay until May 7, 2021, the effective date of final regulations on independent contractor status. 

The Departments of Labor, Health and Human Services, and Treasury have issued “FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 44”. 

The DOL’s Employee Benefits Security Administration (EBSA) has released Disaster Relief Notice 2021-01 providing guidance on the duration of COVID-19-related relief. 

Unfortunately, many employers don’t consider how to handle missing participants’ account balances or how to prevent losing track of participants in the first place. 

The DOL’s EBSA has confirmed that prohibited transaction exemption 2020-02 entitled, “Improving Investment Advice for Worker & Retirees,” will take effect on February 16. 

The DOL Wage and Hour Division has proposed a delay of the effective date for final regulations on independent contractor status.

The DOL addresses how financial organizations or professionals can receive certain compensation that would otherwise violate the prohibited transaction rules. 

The EBSA has released a three-part guidance package for retirement plan fiduciaries dealing with missing or unresponsive participants. 

Final regulations, entitled Independent Contractor Status Under the Fair Labor Standards Act, have been published in the Federal Register.