DOL

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.

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

The Department of Labor has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database.

Effective November 8, 2024, the prime interest rate decreased to 7.75 percent.

The Department of Labor has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.

The relief period generally corresponds with the IRS’ previously announced tax relief for taxpayers affected by Helene and Milton.

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