DOL

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”. The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and correct certain transactions, such as delinquent participant contributions, sales and exchanges, improper loans, and improper plan expenses. The VFCP was last updated in 2006. A proposed amendment was released in 2022.

The Department of Labor (DOL) has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database pursuant to Section 303 of SECURE 2.0.

The Department of Labor (DOL), in conjunction with the Joint Notice from the Treasury Department, announced yesterday, that is extending certain specified timeframes for participants and beneficiaries in regard to special enrollment, COBRA, claims procedures, and external review processes for health coverage and other employer benefits, has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.

Effective November 8, 2024, the prime interest rate decreased to 7.75 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).

The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) will publish an Extension of Certain Timeframes for Employee Benefit Plans, Participants, Beneficiaries, Qualified Beneficiaries, and Claimants Affected by Hurricane Helene, Tropical Storm Helene, or Hurricane Milton in the Federal Register on November 8, 2024.

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.  

Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.