Regulatory and Legislative

Proposed Restated Voluntary Fiduciary Correction Program Has Left OMB

A Department of Labor proposed rule restating the Voluntary Fiduciary Correction Program (VFCP) has left the Federal Office of Management and Budget—suggesting that official release may come soon.

The VFCP is a voluntary enforcement program that allows plan officials to identify and correct certain transactions, such as delinquent participant contributions, sales and exchanges, improper loans, and improper plan expenses. The VFCP was last updated in 2006.

DOL Fiduciary Issues Defined Contribution Plan

Regulatory and Legislative

PBGC Premium Filing Deadlines Change for 2025 Plan Years

The Pension Benefit Guaranty Corporation has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025.

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.