The Department of Labor’s 2025 updates to the Voluntary Fiduciary Correction Program—providing employers and plan administrators with more efficient ways to voluntarily correct compliance issues in retirement, health and other employee benefit plans—went into effect earlier this week.
The 2025 update, which became effective on March 17, adds a self-correction tool that allows employers and plan officials to fix delays in sending participant contributions, such as employee payroll deductions and participant loan repayments to retirement plans.
The DOL issued a model notice to program applicants on March 18 to confirm their plan has applied to participate.
Following a public comment period in late 2022, EBSA agreed that a more streamlined self-correction feature for delinquent participant contributions, with appropriately designed safeguards, would encourage more voluntary corrections by employers and others in a position to correct a breach.
The VFCP is designed to encourage correction of fiduciary breaches and compliance with the law by allowing plan sponsors to avoid potential DOL civil enforcement actions and civil penalties by voluntarily correcting eligible transactions in a manner that meets the requirements of the program.
Employers and plan officials can use the self-correction component to voluntarily self-correct delinquent participant contributions and loan repayments to retirement plans of any size if lost earnings total $1,000 or less.
Aon announces presidential transition; Morgan Stanley hires new head of OCIO; former US deputy national security adviser rejoins PGIM Fixed Income; and more.
Aon PLC announced that Eric Andersen has transitioned from his role as president to serve as a senior adviser to Greg Case, Aon’s CEO, through June 2026. Case has also assumed the role of president.
Andersen joined Aon with the firm’s acquisition of Minet in 1997. Most recently as president, Andersen helped bring together Aon’s integrated risk capital and human capital capabilities and operationalize Aon’s 3×3 plan to faster serve clients.
More information on the transition will be available in the firm’s Form 8-K, which it intends to file on Monday with the U.S. Securities and Exchange Commission, according to the announcement.
Morgan Stanley Hires New Head of OCIO
Sona Menon
Morgan Stanley Wealth Management announced that Sona Menon will join the firm as head of OCIO.
Menon will lead Morgan Stanley’s team of investment officers, supporting the development and delivery of customized client solutions and providing overall thought leadership to institutional clients as she partners with financial advisers and institutional consultants.
Menon brings more than 28 years of industry experience, most recently as an investor and senior leader at Cambridge Associates, where she was a partner, head of pensions for North America and a long-standing OCIO.
Former U.S. Deputy National Security Adviser Rejoins PGIM Fixed Income
Daleep Singh
PGIM Fixed Income announced that Daleep Singh will return as vice chair, chief global economist and head of global macroeconomic research, effective April 21.
Singh will rejoin PGIM Fixed Income after being reinstated as U.S. deputy national security adviser for international economics and deputy director of the National Economic Council in February 2024, a role he also held between February 2021 and June 2022.
Singh previously served as PGIM Fixed Income’s global chief economist and head of macroeconomic research from June 2022 through February 2024, before he was again called upon to serve at the White House.
Singh will report to Gregory Peters, co-CIO for PGIM Fixed Income, and will be responsible for oversight of the global macroeconomic research team, which includes senior economists with extensive experience in the public and private sectors. As vice chair, Singh will also assume broad executive responsibilities, including building out the firm’s global brand and serving on PGIM Fixed Income’s senior leadership team.
Hebert Joins Prudential as Head of Distribution, Voluntary and Workplace Benefits
Mark Hebert
Mark Hebert joined Prudential Financial’s group insurance business as the new head of distribution, voluntary benefits and workplace benefits. Hebert is based in the Dallas-Fort Worth area and will report to Jon Trevisan, head of distribution for group insurance.
Hebert brings more than 20 years of experience in the employee benefits sector, working with employers of all sizes and industries, as well as building expertise across operations, sales, finance, technology and strategic planning.
Prior to joining Prudential, Hebert was head of distribution for workplace benefits for Wellfleet. He was also the national practice leader for voluntary benefits at WTW and held a variety of voluntary benefits sales leadership positions during a 14-year tenure at Voya.
Former Department of Education Staff Member Joins Summer
Rich Williams
Summer PBC, a workplace student loan and college cost planning solution, announced the appointment of Rich Williams as its new chief customer officer.
Williams brings a wealth of experience in higher education policy and student loan operations: He most recently served as the deputy assistant secretary of policy, planning and innovation at the Department of Education, where he led college affordability and student loan repayment initiatives. He also previously held senior roles at the Consumer Financial Protection Bureau and in the U.S. Congress.
As chief customer officer, Williams will oversee customer strategy and engagement, ensuring that Summer’s platform and services address the changing needs of its clients and the end users it serves. He will also work closely with policymakers, employers and financial institutions to advance Summer’s mission to simplify student loans.
Neuberger Berman Appoints New Consultant Relations Managing Director
Rushant Sanathara
Rushant Sanathara has joined Neuberger Berman as a managing director of consultant relations, based in California and covering West Coast-headquartered consulting firms.
Sanathara brings 15 years of experience in institutional sales to the firm. Previously, he served in consultant relations at PIMCO, where he led relationships with consultants advising more than $4 trillion in assets and contributed to bringing more than $12 billion in assets to the firm over a 10-year period.
