Regulatory and Legislative

DOL Issues Final Rule on Prohibited Transaction Exemption Procedures

The Department of Labor has released amendments that supersede the Department’s existing procedure governing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Security Act of 1974 (ERISA) and the Internal Revenue Code. This guidance finalizes proposed changes to the Exemption Procedure Regulation that were issued in March of 2022. This rule becomes effective 75 days after publication in the Federal Register.

DOL

Regulatory and Legislative

DOL Issues Final Amendments to VFCP

The Department of Labor has released a final amendment updating the Voluntary Fiduciary Correction Program.

Regulatory and Legislative

DOL ESOP Proposed Rule Has Left OMB

The Office of Management and Budget has completed review of a proposed rule from the Department of Labor titled "Worker Ownership, Readiness, and Knowledge”.

Regulatory and Legislative

IRS Announces Deadline Relief for California Wildfires

The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025.