Regulatory and Legislative

DOL Fiduciary Rule Has Left OMB

A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget (OMB). Arrival of the rule at OMB was announced on March 11. A proposed rule released last fall would expand the definition of investment advice fiduciary under ERISA and would make amendments to prohibited transaction exemptions regarding eligibility and conditions for exemption. A 60-day comment period on the proposal ended January 2, 2024.

Defined Benefit Plan Defined Contribution Plan DOL Fiduciary Issues

Regulatory and Legislative

DOL Final Rule Updating VFCP Has Left OMB

Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for North Dakota Wildfires and Straight-line Winds

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota.

Regulatory and Legislative

IRS Provides 2025 Covered Compensation Tables Used in DB Plans

The Internal Revenue Service issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.