Retirement Spotlight – EBSA Proposes VFCP Amendments
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).
DOL Extending Comment Period for VFCP Update
The DOL’s EBSA is reopening the comment period for its proposed amendments to the VFCP and amendments to Prohibited Transaction Exemption 2002-51.
2023 Inflation Adjustments for Civil Penalties
The PBGC has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices.
2023 Inflation Adjustments for Civil Penalties
The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
Retirement Spotlight – DOL’s Final ESG Rule Clarifies Duties
In this latest guidance, the DOL amends the “Investment Duties” regulation.
Deadline Relief for Florida Hurricane Nicole Victims
The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Nicole in Florida.
PBGC Updates Interest Assumptions for Valuing Benefits
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2023.
Federal Prime Interest Rate Increased to 7.50 Percent
Effective December 14, 2022, the federal prime interest rate increased from 7 percent to 7.50 percent.
2022 Form 5500 Series Informational Copies Released
The DOL’s EBSA, the IRS, and the PBGC jointly released the 2022 Form 5500, Annual Return/Report of Employee Benefit Plan, and the 2022 Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.
PBGC Updates Expected Retirement Table for 2023
The new table is effective January 1, 2023.
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