DOL Announces 2025 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.
DOL Final Rule Updating VFCP Has Left OMB
Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.
Prime Interest Rate Decreased to 7.5 Percent
Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.
DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB
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”.
DOL Announces Start of the Lost and Found Information Collection
The Department of Labor has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database.
DOL Provides Additional Relief for Participants Impacted by Helene and Milton
The Department of Labor has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.
Prime Interest Rate Decreased to 7.75 Percent
Effective November 8, 2024, the prime interest rate decreased to 7.75 percent.
DOL and Treasury Provide Certain Deadline Relief to Retirement and Health Plans and Participants
The relief period generally corresponds with the IRS’ previously announced tax relief for taxpayers affected by Helene and Milton.
Proposal to Roll Back ESG Investing Approved in House
The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.
Prime Interest Rate Lowered to 8 Percent
Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.
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