SECURE 2.0’s Disclosure Tug-of-War Strains Employers, Regulators

Workplace retirement plans are trying to implement a hodgepodge of 401(k) disclosure provisions Congress enacted late last year that’s left regulators juggling simplifying jargon and not overburdening employers.

The SECURE 2.0 Act (Pub. L. No. 117-328) President Joe Biden signed into law in December modifies the list of yearly notices employers provide their workers to include at least one paper statement and regular sign-up reminders for unenrolled employees. The law also simplifies rollover forms and gives regulators the option of combining duplicative information.

The mishmash of soon-to-be-effective disclosure requirements embodies underlying tensions in the federal retirement plan reporting ...