DOL

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. 

The Department of Labor has issued Field Assistance Bulletin 2025-02 and accompanying single employer and multiemployer model notices updating notice requirements for defined benefit plans pursuant to Section 343 of SECURE 2.0. 

The Senate on Monday confirmed former Representative Lori Chavez-DeRemer to lead the Department of Labor by a vote of 67-32. 

The Department of Labor recently issued a final amendment to the Voluntary Fiduciary Correction Program, incorporating a Self-Correction Component for eligible transactions under the program. 

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions has been withdrawn from publication. 

The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption for shares to be acquired by an ESOP pursuant to SECURE 2.0.

The Department of Labor has released Field Assistance Bulletin 2025-01 providing guidance regarding the treatment of small balances of retirement plan missing participants and beneficiaries.

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

Department of Labor 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.