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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 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 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.