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Fiduciary Issues
Regulatory and Legislative
DOL Paper Statement Proposed Rule at OMB
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Requirement to Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors”.
Regulatory and Legislative
DOL Issues Advisory Opinion Regarding Lifetime Income Solutions as a QDIA
The Department of Labor has issued Advisory Opinion 2025-04A.
Regulatory and Legislative
DOL Issues PEP RFI, Interpretive Guidance
The Department of Labor has released guidance and a public request for information titled “Pooled Employer Plans: Big Plans for Small Businesses”.
Regulatory and Legislative
DOL Weighs in on Forfeiture Case
The Department of Labor filed an amicus (friend of the court) brief in a case (Hutchins v. HP Inc.).
Regulatory and Legislative
Applicability of Certain Aspects of RMD Regulations Delayed to 2026
The Internal Revenue Service released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions.
Regulatory and Legislative
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”.
Regulatory and Legislative
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.
Regulatory and Legislative
ERISA Insights – IRS Releases RMD Regulations
More than two years after releasing proposed regulations that revised the required minimum distribution (RMD) regulations and other related guidance, the Internal Revenue Service (IRS) has released final regulations that revise existing regulations applicable to RMDs, eligible rollover distributions, and excess accumulation tax.
Regulatory and Legislative
DOL Launches Online Filing Option for Abandoned Plans
The Department of Labor has launched an online filing system for termination administrators to be able to submit required information for abandoned plans to DOL in addition to existing email and paper-based methods. This initiative was telegraphed in the recent release of an interim final rule that expands the abandoned plan program to Chapter 7 bankruptcy trustees and makes other changes. More information on the rule can be found here.
Regulatory and Legislative
Washington Pulse: Interim Final Rule for Abandoned Plans Released
The Department of Labor (DOL) has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code. The DOL has also released a corresponding amendment to prohibited transaction exemption (PTE) 2006-06, Class Exemption for Services Provided in Connection with the Termination of Abandoned Individual Account Plans.