Regulatory and Legislative

PBGC Announces 2024 Inflation Adjustments for Civil Penalties

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

Daily penalty under ERISA Section 4071 rises from $2,586 to $2,670
Daily penalty under ERISA Section 4302 rises from $345 to $356

These adjustments for 2024 are made under the authority of the Federal Civil Penalties Inflation Adjustment Act and are in effect for any of the described penalties that are assessed after publication in the Federal Register.

Legislative updates Defined Contribution Plan

Regulatory and Legislative

DOL Releases Final Fiduciary Rule for Investment Advisors

The Department of Labor (DOL) has released a final rule updating the definition of an investment advice fiduciary under ERISA.

Regulatory and Legislative

Disaster Assistance May Be Available for California Severe Winter Storm

The Federal Emergency Management Agency issued a disaster declaration on April 19, 2024, for California severe winter storm.

Regulatory and Legislative

Disaster Assistance May Be Available for California Severe Storms and Flooding

The Federal Emergency Management Agency issued a disaster declaration on April 19, 2024, for California severe storms and flooding.