Compliance Stuff

On June 17, 2026, the U.S. Department of Labor (DOL) issued a technical release confirming that employer contributions to a child’s Trump Account won’t be subject to Title I of the Employee Retirement Income Security Act (ERISA). 0:00 8:21 Quick Hits A new technical release from the DOL states that Trump Accounts for children are not “employee pension benefit plans” governed by ERISA. Employers and employees can contribute to Trump Accounts for children. Pilot program deposits of $1,000 each from the federal government will begin in July 2026. Title I of ERISA defines mandatory standards for transparency, fiduciary conduct, vesting, and claims procedures for employer-sponsored retirement plans and health/welfare plans. These rules generally will not apply to the newly established Trump Accounts. Overview of Trump Accounts On July 4, 2025, President Donald Trump signed a federal budget reconciliation bill that included a provision to put $1,000 each in Trump Accounts for newborns who ...

The Department of Labor on March 18 issued a model notice for applicants to the Voluntary Fiduciary Correction Program to use in letting plan participants know that the plan has applied to use the program. The Department of Labor (DOL) on March 18 issued a model notice for applicants to the Voluntary Fiduciary Correction Program (VFCP) to use in letting plan participants know that the plan has applied to use the program.   The DOL notes that the model notice is only intended for applicants to use. It is not intended for those employing self-correction to use in order to fix errors. The DOL’s Employee Benefits Security Administration (EBSA) estimates that it will take plan administrators an average of approximately one hour to complete the notice. The model notice comes after EBSA  released its final rule  this past January regarding changes to the VFCP. The changes were initially proposed in November 2022. The VFCP allows fiduciaries to send certain administrative errors ...