Regulatory and Legislative

DOL to Reopen Comment Period for Proposed Prohibited Transaction Procedure

FuturePlan ERISA Team August 22 2022

The Department of Labor (DOL) has announced a public hearing scheduled for September 15, 2022, (and September 16, 2022, if necessary) regarding its proposal to supersede existing procedures for seeking exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The DOL will also reopen the comment period beginning on the hearing date until approximately 14 days after the DOL publishes the hearing transcript on the Employee Benefits Security Administration’s (EBSA) web page.  

Details of the release of the proposed rule were previously announced.

DOL Legislative updates

Regulatory and Legislative

DOL Final Rule Updating VFCP Has Left OMB

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.


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