DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB
The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.
DOL Announces Start of the Lost and Found Information Collection
The Department of Labor has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database.
DOL Provides Additional Relief for Participants Impacted by Helene and Milton
The Department of Labor has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.
Prime Interest Rate Decreased to 7.75 Percent
Effective November 8, 2024, the prime interest rate decreased to 7.75 percent.
DOL and Treasury Provide Certain Deadline Relief to Retirement and Health Plans and Participants
The relief period generally corresponds with the IRS’ previously announced tax relief for taxpayers affected by Helene and Milton.
Proposal to Roll Back ESG Investing Approved in House
The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.
Prime Interest Rate Lowered to 8 Percent
Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.
DOL Clarifies Cybersecurity Guidance
The Department of Labor has issued a compliance assistance release clarifying that cybersecurity guidance issued in April 2021 applies to all types of ERISA plans.
DOL Launches Online Filing Option for Abandoned Plans
The Department of Labor has launched an online filing system for termination administrators to be able to submit required information for abandoned plans to DOL.
Interim Final Rule for Abandoned Plans Released
The Department of Labor has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code.
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