View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
DOL/EBSA | RIN: 1210-AC09 | Publication ID: Spring 2024 |
Title: Improving Participant Engagement and Effectiveness of ERISA Retirement Plan Disclosures | |
Abstract:
Consistent with section 319 of SECURE Act 2.0, this regulatory action is to explore ways to improve the effectiveness of retirement plan disclosures required under Title I of the Employee Retirement Income Security Act (ERISA), balanced with the cost to plans and plan participants and beneficiaries of providing such disclosures. The Department of Labor’s Employee Benefits Security Administration (EBSA) intends to start by consulting with a diverse set of stakeholders, including participant representatives, employers sponsoring ERISA retirement plans, and retirement plan service and investment providers, to explore alternatives for improving the understandability and effectiveness of such disclosures. More specifically, the review would explore whether, and how, the content, design, and delivery of such disclosures may be reimagined, improved, consolidated, standardized, and simplified to enhance participants’ disclosure experiences, promote greater participant engagement, and improve outcomes. The recently enacted SECURE 2.0 Act of 2022 contains multiple reporting and disclosure provisions, including new disclosure requirements for defined benefit and defined contribution retirement plans covered by ERISA, as well as provisions relating more generally to effectiveness, simplification, and consolidation of applicable disclosures. The review undertaken by this regulatory project will take into account these new provisions individually and in the aggregate. The Department extended the comment period in order to provide the public with meaningful participation in the regulatory process. |
|
Agency: Department of Labor(DOL) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 29 U.S.C. 1135 (ERISA sec. 505) 29 U.S.C. 1030 (ERISA sec. 110) |
Legal Deadline:
None |
||||||||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Federalism: Undetermined | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jeffrey J. Turner Deputy Director, Office of Regulations and Interpretations Department of Labor Employee Benefits Security Administration Room N5669, 200 Constitution Avenue NW, FP Building, Room N-5655, Washington, DC 20210 Phone:202 693-8500 |