Department of Labor Updates – January 2025
Temporary Enforcement Policy on Small Retirement Payments Owed to Missing Participants and Updates to the Voluntary Fiduciary Correction Program (VFCP)
On January 14, 2025, the Department of Labor (DOL) released Field Assistance Bulletin No. 2025-01, announcing a temporary enforcement policy under the Employee Income Security Act of 1974 (ERISA) applicable to small retirement payments owed to missing participants or beneficiaries that a plan fiduciary voluntarily decided to pay over to a state unclaimed property fund from an ongoing defined contribution or defined benefit plan.