Search Results for keywords:"ERISA"

The Department of Labor (DOL) has submitted an information collection request to the Office of Management and Budget (OMB) for review, focusing on class exemptions for certain prohibited transactions under ERISA related to multiemployer plans. They are asking for public comments by May 30, 2025, regarding the necessity, accuracy, and potential improvements to the information collection process. This collection aims to ensure these class exemptions operate efficiently by imposing conditions that require recordkeeping and disclosures. The DOL seeks authorization to continue this process for three years without any other costs burden.

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.