Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
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DOL Issues RFI on SECURE 2.0 Reporting and Disclosure; Comments Due October 10
Aug 10, 2023, 05:00
by
Tyler Lloyd
The U.S. Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) issued a Request for Information
(RFI) asking for public input to begin developing a public record for a
number of provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0) that
impact the reporting and disclosure framework of the Employee Retirement
Income Security Act of 1974 (ERISA).
Several
sections of SECURE 2.0 establish new, or revise existing, ERISA
reporting and disclosure requirements, in some cases also requiring that
DOL undertake a review of existing or new requirements and submit
reports to Congress on DOL's findings. The RFI focuses on certain SECURE
2.0 sections that principally impact, directly or indirectly, ERISA’s
reporting and disclosure requirements. Not all of the SECURE 2.0
provisions that affect the reporting and disclosure framework of ERISA
are covered in the RFI, generally because DOL has already started or
intends to initiate separate notice and comment rule making, actions,
issue guidance, request additional information, or release reports, as
appropriate, to implement these other provisions.
The RFI seeks input on questions related to a number of SECURE 2.0 provisions, including:
- Pooled Employer Plans;
- Emergency Savings Accounts Linked to Individual Account Plans;
- Performance Benchmarks for Asset Allocation Funds;
- Defined Contribution Plan Fee Disclosure Improvements;
- Eliminating Unnecessary Plan Requirements Related to Unenrolled Participants;
- Requirement to Provide Paper Statements in Certain Cases;
- Consolidation of Defined Contribution Plan Notices;
- Information Needed for Financial Options Risk Mitigation; and
- Defined Benefit Annual Funding Notices.