Regulatory and Legislative

Su Nominated as Secretary of Labor

President Biden has announced his intent to nominate Julie Su to serve as Secretary of the Department of Labor. Su currently serves as the Deputy Secretary of Labor, a position she has held since her Senate confirmation in July 2021. Prior to that she served as Secretary of the California Labor and Workforce Development Agency. Su will need a majority vote in the Senate in order to be appointed to the position.

DOL

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.

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.