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 approval of a correction submission, participating fiduciaries will still need to satisfy a notice requirement and submit information to the Department of Labor. The applicable
Retirement Plans
DOL Updates Guidance on Pension and Health & Welfare Plan Cybersecurity Best Practices
By Katrina McCann on
In 2021, the U.S. Department of Labor (DOL) issued 3 documents outlining guidance on cybersecurity practices for benefits plans, which we discussed in a blog post at the time. The DOL recently issued revised versions of the original three documents in its Compliance Assistance Release No. 2024-01. The revised versions of these documents clarify…
Reminder: Is Your Individually Designed 403(b) Plan Eligible for a Determination Letter?
By Jesse T. Foley & Katrina McCann on
Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year if they are not yet eligible.
In June, the IRS determination letter program became available to a second group…
The Never-Ending Fiduciary Rule Story Continues: Effective Date of DOL’s Newest Fiduciary Investment Advice Rule Delayed by Federal Court in Texas
By Adam Scoll on
Update: Following the U.S. District Court for the Eastern District of Texas’s stay of the Final Rules and related amendments to PTE 84-24 in Fed’n of Americans for Consumer Choice (discussed below), the very next day the U.S. District Court for the Northern District of Texas issued a broader stay in American Council of Life …