A plan administrator must take all necessary steps, as determined by the facts and circumstances of the participant’s situation, to determine if the participant is truly missing or nonresponsive.
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The Department of Labor has launched an online filing system for termination administrators to be able to submit required information for abandoned plans to the DOL, in addition to existing email and paper-based methods.
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In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
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The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).
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The Department of Labor (DOL) issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act (FLSA).
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The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).
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If deferrals are not deposited into participants’ accounts by the Department of Labor’s (DOL’s) deposit deadline, the deposits are considered late. This failure may result in a prohibited transaction.
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Plan sponsors have watched for updates to the process of filing Form 5500 over the past three years as the Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (“the Agencies”) released changes to the form to comply with provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE 1.0).
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The third phase of updates to Form 5500, Annual Return/Report of Employee Benefit Plan, was recently released. This guidance addresses changes related to provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE 1.0).
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The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
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The Davis-Bacon Act (DBA) has played a major role in the construction industry for over 90 years. Passed in 1931, it has been described by the Supreme Court as a “minimum wage law designed for the benefit of construction workers.” The DOL has issued proposed regulations that represent the most comprehensive changes to the DBA since 1982.
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Final regulations entitled, Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500, issued by the Department of Labor’s Employee Benefits Security Administration (EBSA), have been received by the federal Office of Management and Budget (OMB).
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The Department of Labor published on January 14, 2022, several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
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The Department of Labor recently released guidance extending the transitional relief and non-enforcement guidance related to investment advice fiduciaries who work diligently and in good faith to comply with Impartial Conduct Standards.
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The DOL has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption. The first piece contains a detailed set of FAQs for investment professionals and financial organizations. The second piece is written for retirement investors. Here are the main takeaways from this latest round of guidance.
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The DOL has withdrawn the independent contractor rule that was scheduled to take effect on May 7, 2021.
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The DOL issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02. One is intended to educate retirement savers about considerations when choosing a potential advisor, and the other is a detailed set of frequently asked questions.
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The Department of Labor has proposed withdrawing the independent contractor rule, which has not yet taken effect. The rule’s intended purpose was to clarify the distinctions between an “employee” and an “independent contractor” for purposes of worker classification.
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