US Department of Labor Rescinds 2022 Guidance on Cryptocurrency in 401(k) Plans
Wednesday, May, 28, 2025
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Compliance Assistance Release No. 2025-01, the U.S. Department of Labor’s Employee Benefits Security Administration has rescinded a 2022 compliance release that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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DOL Issues Guidance on Missing Participants and Transfers to State Unclaimed Property Funds
Tuesday, January, 14, 2025
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 enforcement policy applicable to small retirement benefit payments owed to missing participants or beneficiaries that a responsible plan fiduciary voluntarily decides to pay over to a state unclaimed property
DOL Updates the Voluntary Fiduciary Correction Program
Tuesday, January, 14, 2025
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 transactions without submitting a VFCP application. Read More
Proposed Regulations on New Automatic Enrollment Requirement
Tuesday, January, 14, 2025
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 newly-established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with the 2025 plan year. Read More