On April 3, 2024, the U.S. Department of Labor (DOL) released its final amendment to Prohibited Transaction Class Exemption 84-14, known as the Qualified Professional Asset Manager.
SECURE 2.0 was signed into law on December 29, 2022 making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. The changes include correction of retirement plan overpayments and Expansion of EPCRS Self-Correction Program.
On Jan. 24, 2022, the U.S. Supreme Court, in an 8-0 decision , reaffirmed and extended its holding in the 2015 Tibble v. Edison case, such that ERISA retirement plan fiduciaries, as part of their duty of prudence.
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