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Section 120 of SECURE 2.0 Act of 2022 amends section 4975 of the Internal Revenue Code (Code) to add a statutory exemption for the receipt of fees and compensation by the automatic portability provider for services provided in connection with an automatic portability transaction, as defined. This regulation implements the purposes of these amendments. With certain exceptions not relevant here, section 102 of Reorganization Plan No. 4 of 1978 transfers all authority of the Secretary of Treasury to issue regulations, rulings, opinions, and exemptions under section 4975 of the Code to the Secretary of Labor.  To inform this action, the Department conducted pre-rule outreach with stakeholders to learn about issues they believe should be addressed in the Department’s guidance. To provide stakeholders with another meaningful opportunity to engage in the regulatory process, the NPRM included a 60-day public comment period, The Department received thirteen comments in response and is taking the public’s input into account as it works to draft a final regulation.