The US Labor Department is exploring a regulatory project that would improve participant-level retirement plan communications in order to simplify messages without sacrificing fiduciary liability.
In the wake of the SECURE 2.0 Act (Pub.L. 117–328) passage late last year, DOL’s Employee Benefits Security Administration has begun internal discussions surrounding the dozen or so disclosure-related provisions in the law, said Principal Deputy Assistant Secretary Ali Khawar at the American Bar Association Midyear Tax Meeting on Friday in San Diego.
Regulators believe there’s “too much lawyer in the disclosure work” leaving messages effectively “incomprehensible to plan participants,” Khawar ...
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