DOL Seeks Comment on SECURE 2.0 Reporting, Disclosure Changes

October 12, 2023
Hall Benefits Law, LLC

The U.S. Department of Labor (DOL) is seeking public comment on various provisions of SECURE Act 2.0. The Employee Benefit Security Administration (EBSA) published the 60-day request for public comment in the Federal Register on August 11, 2023. Comments are due by October 10, 2023, and can be submitted via the federal rulemaking portal at www.regulations.gov or by mail to the DOL.

President Joe Biden signed SECURE Act 2.0 into law in December 2022, intending to help people save more for retirement. Many provisions in SECURE 2.0 establish or revise reporting and disclosure requirements concerning the Employee Retirement Income Security Act (ERISA). The law also requires EBSA to review new and existing requirements and report its findings to Congress. The various provisions will take effect over the next several years.

EBSA is seeking comments on the following issues, among others:

  • Creating pooled employer plans.
  • Establishing emergency savings accounts linked to individual account plans.
  • Setting performance benchmarks for asset allocation funds.
  • Improving defined contribution plan fee disclosures.
  • Eliminating plan requirements concerning unenrolled participants.
  • Issuing mandatory paper statements in some cases.
  • Consolidating defined contribution plan notices.
  • Gathering information needed for financial options risk mitigation.
  • Generating defined benefits annual funding notices.

HBL has experience in all areas of benefits and employment law, offering a comprehensive solution to all your business benefits and HR/employment needs. We help ensure you are in compliance with the complex requirements of ERISA and the IRS code, as well as those laws that impact you and your employees. Together, we reduce your exposure to potential legal or financial penalties. Learn more by calling 470-571-1007.

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Hall Benefits Law, LLC

HBL offers employers comprehensive legal guidance on benefits in mergers and acquisitions, Employee Stock Ownership Plans (ESOPs), executive compensation, health and welfare benefits, healthcare reform, and retirement plans. We counsel a wide spectrum of clients including small, mid-sized, and large companies, 401(k) investment advisors, health insurance brokers, accountants, attorneys, and HR consultants, just to name a few. HBL is passionate about advising clients, and we are dedicated to our mission: to provide comprehensive, personalized, and practical ERISA and benefits legal solutions that exceed client expectations.

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