Congress has tasked federal regulators with studying the disclosure and reporting requirements for plan sponsors and recommending ways to simply, consolidate or standardize the disclosure landscape.
The directive is part of a bipartisan retirement security package known as SECURE 2.0 that lawmakers passed in December as part of a year-end spending bill. SECURE 2.0 features more than 90 provisions, including several on simplifying and clarifying retirement plan rules.
Under one such provision, leaders at the Department of Labor, Treasury Department and Pension Benefit Guaranty Corp. were directed to issue a report to Congress within three years on possible avenues to streamline the plan sponsor disclosure landscape.
Andy Banducci, senior vice president of retirement and compensation policy at the ERISA Industry Committee, a Washington-based non-profit association that represents employers on benefit issues, said in an email that ERIC strongly supports the provision.
"We look forward to working with the agencies as they recommend changes that will help plan sponsors more efficiently provide workers and retirees with the information they need to make retirement plan decisions," he said.