Federal regulators are seeking public input on the effectiveness of existing reporting and disclosure requirements for retirement plans, in order to craft a SECURE 2.0-mandated report to Congress.
The Department of Labor, Department of the Treasury, IRS and Pension Benefit Guaranty Corp. on Jan. 19 jointly announced a request for information focused on the disclosure requirements laid out in the Employee Retirement Income Security Act and the Internal Revenue Code. In SECURE 2.0, a comprehensive retirement security bill Congress passed in December 2022, lawmakers directed the agencies to review these ERISA and code requirements.
The agencies will report their findings and recommendations on revamping the requirements to Congress in 2025.
"This request for information is an important step to explore how the content, design and delivery of disclosures required for retirement plans may be reimagined, improved, consolidated, standardized and simplified to enhance participants' understanding of their rights and benefits, promote greater participant engagement and improve outcomes for people across the country," said Lisa M. Gomez, assistant secretary for employee benefits security, in a statement.
The RFI features 24 questions for stakeholders to consider on topics including:
- Number and frequency of disclosures received by workers.
- Information disclosed and its effectiveness, accessibility and understandability, including to non-English speakers.
- How plans obtain and update contact information for workers.
- Plans' experiences completing and filing reports and obtaining assistance from the agencies.
The RFI will have a 90-day public comment period upon publication in the Federal Register.