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Winstead PC

The QPAM Exemption - Key Takeaways for Fund Managers with Benefit Plan Investors

Winstead PC on

As an asset manager, you may be familiar with the regulatory issues that come into play when a fund permits investments from “benefit plan investors,” which generally include certain employee benefit plans subject to the...more

Proskauer - Employee Benefits & Executive...

New “Self-Correction” Option for Voluntary Fiduciary Correction Starts March 17, 2025

Starting March 17, 2025, the Employee Benefits Security Administration’s Voluntary Fiduciary Correction Program (“VFCP”) will have a “self-correction” option. Although the new option eliminates the need to wait for formal...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’ll get hammered if you don’t use the DFVCP

I sound like a broken record, but I won’t stop until 401(k) plan sponsors understand the issue of a late Form 5500 and Internal Revenue Service (IRS) and Department of Labor (DOL) penalties....more

Morgan Lewis

DOL’s VFCP Final Rule Adds Limited ‘Self-Correction’ Program for Late Contributions, Participant Loan Failures

Morgan Lewis on

The Employee Benefits Security Administration recently released its final rule amending and restating the Voluntary Fiduciary Correction Program, along with corresponding amendments to a related class exemption, Prohibited...more

Foley & Lardner LLP

Practical Implications of Immigration Enforcement Activity on Retirement Plans

Foley & Lardner LLP on

The second Trump administration is intensely focused on enforcement of U.S. immigration laws. Understandably, employers are concerned about immigration visits and Form I-9 compliance, and human resource professionals are...more

Verrill

Solo 401(k) Plans: A Quick Fix-It Guide

Verrill on

“Solo 401(k)” is a marketing term used for a 401(k) plan that is adopted by a sole proprietor or an incorporated business with no employees other than the owner. These plans offer a greater retirement savings opportunity...more

Groom Law Group, Chartered

DOL Finalizes Update to Voluntary Fiduciary Correction Program

On January 15, 2025, the Department of Labor (“DOL”) issued notice amending its Voluntary Fiduciary Correction Program (“VFCP”), along with related final amendments to Prohibited Transaction Exemption 2002-51 (“PTE 2002-51”),...more

Shipman & Goodwin LLP

Plan Forfeiture Litigation: A Trend to Watch

Shipman & Goodwin LLP on

The most recent wave of ERISA litigation is focused on the use of plan forfeitures in 401(k) plans, with the newest case, Armenta v. WillScot Mobile Mini Holdings Corp. being filed just last week. Although, for years, many...more

Seyfarth Shaw LLP

DOL Issues New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The Department of Labor (DOL) has issued a much awaited amendment to its Voluntary Fiduciary Correction Program (VFC Program). Notably, the amendment adds a self-correction feature for the delinquent transmittal of...more

Epstein Becker & Green

Employee Benefit Strategies to Aid Workers During 2025 California Wildfires

Epstein Becker & Green on

The wildfires moving through Southern California have destroyed communities and displaced countless individuals....more

Husch Blackwell LLP

New Simplified DOL Rules for Self-Correcting Delinquent Contributions

Husch Blackwell LLP on

On January 14, 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced significant updates to the VFCP. These changes, effective March 17, 2025, introduce a self-correction feature for...more

Faegre Drinker Biddle & Reath LLP

DOL Lost & Found Database for Retirement Savings Goes Live

If you have ever found $10 in the pocket of a coat that you have not worn for some time, you are familiar with the delight of finding lost money that belongs to you. The Department of Labor’s new Retirement Savings Lost &...more

Proskauer - Employee Benefits & Executive...

Employer Benefit Plan Assistance FAQs: California Wildfires

In the wake of the horrific wildfires in Los Angeles (which are ongoing as of today), employees based in the Los Angeles area may have questions about available support from employer-sponsored 401(k) plan accounts and other...more

Faegre Drinker Biddle & Reath LLP

Things I Worry About (3): Automatic Enrollment (3)

SECURE 2.0 was enacted on December 29, 2022. Among its provisions is a requirement that “new” 401(k) plans and private sector 403(b) plans must automatically enroll their eligible employees, but not until the first plan year...more

Proskauer - Employee Benefits & Executive...

Benefit Plan Deadlines Extended for Individuals Affected by Recent Natural Disasters

Last week, the U.S. Departments of Labor and Treasury issued a Joint Notice requiring the extension of certain benefit plan deadlines for individuals affected by Hurricanes Helene and Milton and Tropical Storm Helene.[1] The...more

Dechert LLP

Did You Send Your QPAM-A-Gram Yet? Show the DOL You Care Enough to Send the Very Best

Dechert LLP on

On April 3, 2024, the Department of Labor (the “DOL”) issued its final amendment (“Amendment”) to Prohibited Transaction Class Exemption 84-14, commonly referred to as the “QPAM Exemption”....more

Vedder Price

Two Federal District Courts Stay DOL Fiduciary Rule

Vedder Price on

On July 25, 2024, the U.S. District Court for the Eastern District of Texas stayed the U.S. Department of Labor’s (DOL) recently-issued final rule, set to take effect September 23, 2024, which would amend the definition of an...more

Katten Muchin Rosenman LLP

QPAM Exemption Initial Notification Deadline Nearing

On April 2, 2024, the US Department of Labor (DOL) issued an amendment establishing new rules (New QPAM Rules) for what is commonly referred to as the "QPAM Exemption." The QPAM Exemption is the main exemption relied upon by...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - August 2024 #2

The Beltway Buzz is a weekly update summarizing labor and employment news from inside the Beltway and clarifying how what’s happening in Washington, D.C., could impact your business....more

K&L Gates LLP

DOL's Fiduciary Rule: The Latest Developments

K&L Gates LLP on

In July, two Federal District Courts in Texas issued orders staying the effective date of the Department of Labor’s (DOL) fiduciary rule (Fiduciary Rule)....more

Seward & Kissel LLP

5th Circuit District Courts Once Again Thwart the DOL’s Fiduciary Advice Regulatory Agenda

Seward & Kissel LLP on

The effective dates of the Department of Labor’s new 2024 fiduciary advice rule (the “2024 Fiduciary Rule”) and the amendments to Prohibited Transaction Exemptions 84-24, 75-1, 77-4, 80-83, 83-1, 86-128, and 2020-02 (the...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (40): Rollovers and the Insurance License Issue

The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more

Faegre Drinker Biddle & Reath LLP

IRS Proposed Regulations for Plan Forfeitures

Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits – which may result...more

Hall Benefits Law

DOL, HHS, and Treasury Release FAQs about No Surprises Act after TMA III

Hall Benefits Law on

The U.S. Departments of Labor (DOL), Health and Human Services (HHS), and Treasury, along with the Office of Personnel Management (OPM), released FAQs about the implementation of Title I of Division BB of the Consolidated...more

Eversheds Sutherland (US) LLP

DOL Final Rule 4.0 - Correcting the historical record

From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more

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