dol

PBGC Updates Maximum Guarantee Table For 2023

The PBGC has updated its table titled “Present Value of PBGC Maximum Guarantee” to reflect applicable values for distributions with annuity starting dates during calendar year 2023.

FuturePlan ERISA Team

Defined Benefit Plan

DOL

Proposed Restated Voluntary Fiduciary Correction Program Has Left OMB

A Department of Labor proposed rule restating the Voluntary Fiduciary Correction Program (VFCP) has left the Federal Office of Management and Budget.

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

Deadline Extended for Comments on DOL Proposal Updating Employee Classification Under FLSA

The Department of Labor’s Wage and Hour Division has extended the deadline to comment on its proposed rule titled Employee or Independent Contractor Classification Under the FLSA.

FuturePlan ERISA Team

DOL

PBGC Posts 2023 Premium Rates

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2023 plan year in accordance with indexing rules provided in section 4006 of ERISA.

FuturePlan ERISA Team

Defined Benefit Plan

DOL

Proposed Rule Updating Employee Classification Under FLSA

The DOL Wage and Hour Division has released a proposed rule titled Employee or Independent Contractor Classification Under the Fair Labor Standards Act that is scheduled to be published on October 13, 2022.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Federal Prime Interest Rate Increased to 6.25 Percent

Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

DOL Invites Public Hearing on QPAM Exemption

The DOL is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Legislative updates

DOL Releases Interpretive Bulletin on Auditor Independence

The Department of Labor (DOL) has released Interpretive Bulletin 2022-01 (IB) relating to independence requirements for accountants who audit employee benefit plans.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Defined Benefit Plan

DOL’s Proposed Restated Voluntary Fiduciary Correction Program at OMB

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

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

DOL to Reopen Comment Period for Proposed Prohibited Transaction Procedure

The DOL has announced a public hearing scheduled for September 15, 2022.

FuturePlan ERISA Team

DOL

Legislative updates

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