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Benefit Plan Sponsors › Employee Plans Compliance Resolution System › Department of Labor (DOL)

Nelson Mullins Riley & Scarborough LLP

DOL Relaxes Certain Self-Correction Rules for Tax-Qualified Retirement Plans

Nelson Mullins Riley & Scarborough LLP on

On Jan. 15, 2025, the Department of Labor (DOL) published updates to its Voluntary Fiduciary Correction Program (VFCP) to allow certain delinquent participant contributions, delinquent loan repayments and improper loans to be...more

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

Bricker Graydon LLP on

It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Davis Wright Tremaine LLP

SECURE 2.0 Medley – IRS and DOL Guidance for Plan Sponsors on Recent Changes

Davis Wright Tremaine LLP on

The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...more

Bricker Graydon LLP

Can I Use the DOL Calculator for Earnings on Error Corrections?

Bricker Graydon LLP on

A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to the alternatives, the DOL calculator...more

Foley & Lardner LLP

Diving Into SECURE 2.0: New DOL Lost and Found, Updates to EPCRS, and Delayed Implementation of Roth Catch-up Requirement

Foley & Lardner LLP on

The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more

Jackson Lewis P.C.

Going to Bat for Hiring a Great Benefit Plan Auditor

Jackson Lewis P.C. on

Baseball season has just started, and retirement plan auditing season will soon kick into high gear. Many plan sponsors don’t see the value of a good auditor; they just see the audit as a cost of doing business. That’s too...more

Faegre Drinker Biddle & Reath LLP

SECURE 2.0 Expansion of Self-Correction Program and Plan Loan Error Corrections

Faegre Drinker Biddle & Reath LLP on

The SECURE 2.0 Act of 2022 (SECURE 2.0), the follow-up legislation to the Setting Every Community Up for Retirement Enhancement Act of 2019 (now known as SECURE 1.0) (previously discussed here and here), includes many...more

Verrill

Required Minimum Distributions and Missing Plan Participants

Verrill on

In January of 2021, we published two blog posts regarding Department of Labor (“DOL”) guidance on missing retirement plan participants. The first post describes DOL guidance on best practices for locating missing retirement...more

Smith Anderson

Correcting Problems With Your Retirement Plan

Smith Anderson on

Presented by Caryn McNeill, Craig Wheaton and Jamie Hinkle The rules that apply to qualified retirement plans are complex. Not surprisingly, plan sponsors determine with some regularity that their plans have a compliance...more

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