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Holland & Knight LLP

2025 Revisions to the VFCP: Key Changes to Correction and Compliance Options

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Historically, the IRS' Employee Plans Compliance Resolution System (EPCRS) has provided employers structured options for correcting retirement plan failures. Under this framework, certain operational errors qualified for...more

Verrill

DOL Updates Model Annual Funding Notices for SECURE 2.0

Verrill on

On April 3, 2025, the Department of Labor issued Field Assistance Bulletin No. 2025-02 (the FAB), providing initial guidance and updated models for defined benefit plan Annual Funding Notices that comply with the notice...more

Nelson Mullins Riley & Scarborough LLP

DOL Issues Late-Breaking Guidance on Defined Benefit Pension Plan Annual Funding Notices

The SECURE Act 2.0, enacted in December 2022, made several updates to what must be included in annual funding notices (“AFN”) issued by defined benefit pension plans. For large plans (as defined below) with a plan year ending...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL unveils Model VFCP Model Participant Notice

The Department of Labor (DOL) has issued a model notice for applicants to the Voluntary Fiduciary Correction Program (VFCP)....more

Smith Anderson

New DOL Guidance for Pension Plan Sponsors - What Employers Need to Know

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On April 3, 2025, the U.S. Department of Labor (DOL) issued important new guidance for employers that sponsor defined benefit (pension) plans. This guidance provides new model notices and addresses several outstanding...more

Patterson Belknap Webb & Tyler LLP

DOL Clarifies Annual Funding Notice Requirements and Updates Model Notices

On April 3, 2025, the U.S. Department of Labor (the “DOL”) issued Field Assistance Bulletin 2025-02 (the “Bulletin”), clarifying the annual funding notice requirements applicable to defined benefit pension plans under section...more

Morgan Lewis - ML Benefits

Wait a Minute, Mister Postman: DOL Issues Annual Funding Notice Guidance

The US Department of Labor (DOL) has issued new guidance in the form of Field Assistance Bulletin No. 2025-02 (FAB 2025-02) and updated model annual funding notices (AFNs) for single-employer and multiemployer pension plans....more

Bricker Graydon LLP

The DOL Lost and Found Database is Live

Bricker Graydon LLP on

Late last year, the Department of Labor (DOL) launched the public Retirement Savings Lost and Found Database. Created as part of SECURE 2.0, the DOL hopes that the database will serve as a centralized location to help missing...more

McGuireWoods LLP

DOL Issues Guidance Implementing SECURE Act Changes to Defined Benefit Plan Annual Funding Notices

McGuireWoods LLP on

On April 3, 2025, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2025-02 to assist defined benefit pension plan administrators with deciphering the requirements of the SECURE 2.0 Act of 2022 as to annual...more

Groom Law Group, Chartered

DOL Issues SECURE 2.0 Annual Funding Notice Guidance, Including Updated Model Notices

On April 3, 2025, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2025-02 (the “Bulletin”), which provides guidance related to certain modifications made by the SECURE 2.0 Act of 2022 (“SECURE 2.0”) to the...more

Kilpatrick

DOL Issues Model Annual Funding Notices Reflecting SECURE 2.0 Changes

Kilpatrick on

On April 3, 2025, the US Department of Labor (“DOL”) released Field Assistance Bulletin No. 2025-02 (“FAB 2025-02”), which provides guidance regarding new content requirements that apply to pension plans’ annual funding...more

Faegre Drinker Biddle & Reath LLP

Stop the Presses – Annual Funding Notice Guidance Issued

On April 3, 2025, the Department of Labor (DOL) issued guidance on the Annual Funding Notice changes made by the SECURE Act 2.0 and provided model notices. Pension plan administrators should review and revise their annual...more

Littler

Policy Week in Review – March 2025 #2

Littler on

The Policy Week in Review, prepared by Littler’s Workplace Policy Institute (WPI), sets forth WPI’s updates on federal, state, and local matters, as well as Littler’s published in-depth analyses of the prior week....more

Farella Braun + Martel LLP

Addressing Persistent Pay Gaps Through Pay Transparency Legislation

As of 2024, women in the United States still earn only 84 cents for every dollar earned by men, with pay disparities affecting over 90% of occupations, including those predominantly held by women. These gaps are even more...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

Jackson Lewis P.C.

Make America Healthy Again: New Executive Order Revisits Group Health Plan Price Transparency

Jackson Lewis P.C. on

On February 25, 2025, President Trump signed “Making America Healthy Again with Clear, Accurate, and Actionable Healthcare Pricing Information,” an Executive Order with the stated purpose of making group health plans and...more

Spilman Thomas & Battle, PLLC

Being Clear with Your Employees’ Paychecks; Pay Transparency on the Rise

One trend we see continuing in 2025 is state and local laws requiring employers to be more transparent in how they pay their employees. These requirements come in two varieties. First, more states and cities are requiring...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0’s Required Changes to Annual Funding Notices Become Effective in 2025

SECURE 2.0 introduced many changes for retirement plans, including updated disclosure requirements for a defined benefit plan’s annual funding notice (AFN). These updated AFN disclosure requirements apply for all plan years...more

Ius Laboris

Japan Introduces Changes to Child and Family Leave

Ius Laboris on

On 1 April 2025, several important amendments to Japan’s legislation on childcare leave, caregiver leave, and related measures will come into effect, with other provisions taking effect on 1 October....more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - February 2025

The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Most 401(k) Plan Errors We See Today

401(k) plans are like intricate, complex, machines. There are many moving parts, in dealing with participants, plan sponsors, and Third Party Administrators (TPAs). That means errors happen. However, as an ERISA attorney,...more

Mitratech Holdings, Inc

I-9 for Staffing Agencies: Top 3 Things You Need to Know

As a staffing agency, it’s important to understand the basics of the Form I-9. Do all new hires require a Form I-9? When should the form be completed and how long do we need to store completed forms? When it comes to...more

Verrill

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

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“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

Kerr Russell

Michigan Employers Required to Provide Paid Sick Time Beginning February 21, 2025

Kerr Russell on

Effective February 21, 2025, all Michigan employers will be required to provide employees with paid sick time under the Earned Sick Time Act (ESTA). The ESTA replaces the current rules under the Michigan Paid Medical Leave...more

Jackson Lewis P.C.

Missing Participants – New State Unclaimed Property Fund Option for Small Balances

Jackson Lewis P.C. on

On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more

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