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The Department of Labor’s participant-level fee disclosure regulation, at 29 CFR 2550.404a-5, requires that each designated investment alternative’s historical performance be benchmarked against an appropriate broad-based securities market index. Section 318 of the SECURE 2.0 Act of 2022 (SECURE 2.0) directs the Secretary of Labor, no later than December 29, 2024, to amend these regulations so that an investment that uses a mix of asset classes can be benchmarked against a blend of broad-based securities market indices, provided (a) the index blend reasonably matches the fund’s asset allocation over time, (b) the index blend is reset at least once a year, and (c) the underlying indices are appropriate for the investment’s component asset classes and otherwise meet the rule’s conditions for index benchmarks. The Department is considering a direct final rulemaking to implement this directive.

Overall Description of Deadline: Section 318 of the SECURE 2.0 Act of 2022 (SECURE 2.0) requires implementing amendments to the Department of Labor's regulations no later than December 29, 2025.