DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions
Thursday, December, 01, 2022
The U.S. Department of Labor announced that its Employee Benefits Security Administration has proposed updates to its Voluntary Fiduciary Correction Program, including a self-correction component for employers who fail to send employee salary withholding contributions or participant loan repayments to retirement plans in a timely manner. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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No Entries Listing Changes in Qualification Requirements on the 2022 IRS Required Amendments List
Thursday, November, 24, 2022
Notice 2022-62 contains the 2022 Required Amendments List, which establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements and section 403(b) requirements set forth on the list for qualified individually designed plans and section 403(b) individually designed plans, respectively. Read More
DOL Issues Final Rule on ESG Factors in Plan Investments
Thursday, November, 24, 2022
The U.S. Department of Labor announced a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance (ESG) factors when they select retirement investments and exercise shareholder rights, such as proxy voting. Read More
403(b) Plans Can Now Receive A Determination Letter
Tuesday, November, 08, 2022
The Treasury Department and Internal Revenue Service announced the expansion their determination letter program for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools, churches and charities, to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans. Read More