On March 11, 2021, President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021, which includes the Butch Lewis Emergency Pension Plan Relief Act of 2021.
On March 10, 2021 the U.S. Department of Labor ("DOL") released a policy statement that it will not enforce or otherwise pursue enforcement actions against a fiduciary for failing to comply with.
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In Announcement
2020-7, the Internal Revenue Service (IRS) announced
employers deadline by which to adopt new plan documents
related to Notice
2017-37. The new announcement informs employers that maintain
defined contribution plans (e.g., 401(k) plans, profit-sharing
plans, and money purchase plans) through the adoption of IRS
pre-approved plan documents that they have until July 31, 2022, to
adopt the new pre-approved plan documents restated as a result of
the changes to the Notice 2017-37 requirements regarding retirement
plan qualification, generally known as the 2017 Cumulative
List.
On March 10, 2021, the U.S. Department of Labor (the "DOL") issued a statement that it intends to revisit its final rules issued late last year on "Financial Factors in Selecting Plan Investments".