Federal Prime Interest Rate Increased to 6.25 Percent
Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent.
DOL Invites Public Hearing on QPAM Exemption
The DOL is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022.
DOL Releases Interpretive Bulletin on Auditor Independence
The Department of Labor (DOL) has released Interpretive Bulletin 2022-01 (IB) relating to independence requirements for accountants who audit employee benefit plans.
DOL’s Proposed Restated Voluntary Fiduciary Correction Program at OMB
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.
DOL to Reopen Comment Period for Proposed Prohibited Transaction Procedure
The DOL has announced a public hearing scheduled for September 15, 2022.
Additional ACA FAQs Released
The Departments of Labor, Health and Human Services and Treasury issued a joint FAQ related to the coverage of contraceptive products as preventive services by group health plans or issuers.
Federal Prime Interest Rate Increased to 5.50 Percent
Effective July 27, 2022, the Federal prime interest rate increased from 4.75 percent to 5.50 percent.
DOL Releases Proposed Amendment to QPAM Exemption
The Department of Labor has announced a proposed amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager (QPAM) Exemption.
DOL Guidance on Employee Benefit Plan Audit Independence
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled, “Interpretive Bulletin Relating to the Independence of Employee Benefit Plan Accounts.”
Proposed Amendment for QPAM Exemptions Has Left OMB
A Proposed Rule titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager” (QPAM) has left the Office of Management and Budget.
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