Regulatory and Legislative

Spousal Consent Proposal Re-Introduced

Representative Lauren Underwood (D-IL) and Senator Tammy Baldwin (D-WI) have re-introduced H.R. 5060, the Women's Retirement Protection Act of 2023 in the House and Senate. According to a press release, the legislation aims to do the following.

Create spousal protections (similar to those that are available for defined benefit plans) for defined contribution plans.
Provide grants to community-based organizations in order to increase financial literacy by providing information and financial tools to women who are of working or retirement age.
Provide grants to community-based organizations that help women with low income and survivors of domestic abuse get qualified domestic relations orders in order to receive the retirement benefits that they’re entitled to following a divorce or legal separation.

Defined Benefit Plan Defined Contribution Plan Legislative updates

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Missouri, Oregon, Alaska

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.

Regulatory and Legislative

DOL Announces 2025 Inflation Adjustments for Civil Penalties

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

Regulatory and Legislative

PBGC Announces 2025 Inflation Adjustments for Civil Penalties

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.