Funding Notice Guidance for Certain Multiemployer Pension Plans
The DOL has issued Field Assistance Bulletin 2023-01 to provide annual funding notice requirements for multiemployer pension plans that received special financial assistance.
Third Phase of Form 5500 Changes Released
The third phase of updates to Form 5500, Annual Return/Report of Employee Benefit Plan, was recently released.
DOL Reopens Comment Period on Proposed QPAM Exemption
The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.
Biden Vetoes Resolution Disapproving DOL ESG Rule
As expected, President Biden has vetoed H.J. 30, a resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”
Su Nominated as Secretary of Labor
President Biden has announced his intent to nominate Julie Su to serve as Secretary of the Department of Labor.
Proposals Supporting ESG in Retirement Plans Introduced
Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.
Additional Final Form 5500 Guidance Issued
The revisions are effective for plan years beginning on or after January 1, 2023.
Retirement Spotlight – EBSA Proposes VFCP Amendments
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).
DOL Extending Comment Period for VFCP Update
The DOL’s EBSA is reopening the comment period for its proposed amendments to the VFCP and amendments to Prohibited Transaction Exemption 2002-51.
2023 Inflation Adjustments for Civil Penalties
The PBGC has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices.
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