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DOL Promotes New On-Line Self-Correction Program
The U.S. Department of Labor (DOL) recently announced several programs designed to help employers, unions, and pension plans voluntarily assess and improve their compliance with federal labor laws....
DOL Files Amicus Brief Supporting Use of Forfeitures to Reduce Employer Contributions
The Department of Labor (“DOL”) has recently filed an amicus brief in the case of Paul Hutchins, plaintiff, versus HP, Inc., defendant, in support of the defendant's use of forfeitures. (Hutchins vs...
US Department of Labor Rescinds 2022 Guidance on Cryptocurrency in 401(k) Plans
In Compliance Assistance Release No. 2025-01, the U.S. Department of Labor’s Employee Benefits Security Administration has rescinded a 2022 compliance release that previously discouraged fiduciaries...
DOL Issues Guidance on Missing Participants and Transfers to State Unclaimed Property Funds
Field Assistance Bulletin No. 2025-01, Missing Participants and Beneficiaries - Pension Plans' Transfer of Small Retirement Benefit Payments to State Unclaimed Property Fund, announces a temporary...
DOL Updates the Voluntary Fiduciary Correction Program
Following up on proposed changes, the DOL has updated its Voluntary Fiduciary Correction Program (VFCP). The changes under the program now allow employers and plan officials to self-correct certain...
Proposed Regulations on New Automatic Enrollment Requirement
The Department of the Treasury and the Internal Revenue Service recently issued proposed regulations addressing certain SECURE 2.0 Act provisions, including a provision generally requiring...
Proposed Regulations on New Roth Catch-Up Rule, other SECURE 2.0 Act Provisions
The Department of the Treasury and the Internal Revenue Service issued on January 10, 2025 proposed regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions,...
2024 Required Amendments List Issued by the IRS
Notice 2024-82 sets forth the 2024 Required Amendments List (2024 RA List). The Required Amendments List (RA List) applies to individually designed plans qualified under section 401(a) of the...
DOL Starts Information Collection Request to Build Retirement Savings Lost and Found Database
On November 18, 2024, the U.S. Department of Labor’s Employee Benefits Security Administration issued a notice requesting information from retirement plan administrators that will allow it to begin...