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The Department of Labor has granted an exemption to the Boilermakers Western States Apprenticeship Fund, allowing it to purchase a property in Page, Arizona, from Lodge 4, despite restrictions under the Employee Retirement Income Security Act of 1974 (ERISA). This decision was made to avoid the costs and time of relocating the Plan's training program and because the property is already modified for this purpose. An independent fiduciary will ensure that the property is bought at fair market value, adhering to all necessary conditions. The purchase will help maintain the training program and provide administrative space for the Plan's headquarters.

The Department of Labor has issued a notice regarding a proposed exemption for certain prohibited transaction restrictions relating to Goldman Sachs. This exemption, if granted, would allow certain entities affiliated with Goldman Sachs to continue engaging in activities normally restricted by the Employee Retirement Income Security Act (ERISA), despite Goldman Sachs Malaysia's conviction under the Foreign Corrupt Practices Act. The exemption is proposed to last five years, and public comments are invited until February 10, 2021. The measures aim to protect affected plans and ensure compliance with specific conditions during the exemption period.

The Pension Benefit Guaranty Corporation issued a final rule to adjust the maximum civil penalties for certain violations, in line with the Federal Civil Penalties Inflation Adjustment Act of 2015. This adjustment is required annually to account for inflation and affects penalties under specific sections of the Employee Retirement Income Security Act (ERISA). For 2025, the penalty amounts have increased to $2,739 under section 4071 and $365 under section 4302. These adjustments apply to penalties assessed after January 8, 2025.

The Pension Benefit Guaranty Corporation (PBGC) is seeking to renew an approval from the Office of Management and Budget (OMB) for collecting information on the disclosure of termination information under its regulations for distress and PBGC-initiated terminations. This notice invites public feedback on this information collection by February 26, 2021. The PBGC estimates that around 70 pension plans will undergo such terminations annually, with requests for information expected from participants or other parties related to approximately 16 of these plans per year. The OMB control number for this collection is 1212-0065, and it expires on March 31, 2021.

The Department of Labor has updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

The Pension Benefit Guaranty Corporation (PBGC) is planning to ask the Office of Management and Budget (OMB) to continue approving its information collection efforts related to multiemployer pension plans, following the Paperwork Reduction Act guidelines. The PBGC seeks public comments on whether the proposed data collections are useful, accurately estimated in terms of burden, clearly presented, and minimize respondent burden. This includes specific regulations under the Employee Retirement Income Security Act of 1974, such as reporting requirements for terminating or insolvent plans and related notices that help PBGC manage financial assistance needs. Comments can be submitted by May 9, 2025, through various methods, including the Federal eRulemaking Portal and email.

The Department of Labor (DOL) is asking for public comments on a request for information about insurance company pooled separate accounts. This request is being submitted to the Office of Management and Budget (OMB) for approval as required by the Paperwork Reduction Act. The feedback is due by April 14, 2025, and aims to ensure that the collection of information is useful, accurate, and not too burdensome. PTE 90-1 is the specific rule involved, which provides certain exemptions from restrictions for transactions involving insurance company accounts.

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule to adjust the maximum civil penalties for inflation, as required by federal law. These adjustments, effective January 13, 2021, apply to penalties related to failure to provide certain required notices under the Employee Retirement Income Security Act (ERISA). The maximum penalty under ERISA section 4071 is now $2,259, and the maximum under section 4302 is $301. This change is part of an annual process to ensure penalties keep pace with inflation.

The Department of Labor (DOL) is submitting an information collection request to the Office of Management and Budget (OMB) for review, as per the Paperwork Reduction Act of 1995. This request involves collecting data related to procedures for applying for exemptions from certain prohibited transaction provisions under the Employee Retirement Income Security Act of 1974 (ERISA). Public comments are invited on whether this information collection is necessary and how it might be improved or simplified. The proposed collection anticipates responses totaling 4,899, with an annual time burden estimated at 632 hours and additional costs of $551,422.

The Department of Labor has issued an exemption allowing the Memorial Sloan Kettering Cancer Center's pension plan to use a captive insurance subsidiary to reinsure pension risks. This exemption enables an increase in pension benefits for participants, provided certain conditions are met. The exemption aims to balance cost savings for the center with additional financial benefits for the plan's participants and beneficiaries. The arrangement includes strict oversight and compliance measures to ensure the participants’ benefits are secure.