The Department of Labor has issued a collaborative appeal aimed at enhancing the quality of retirement plan benefit details that workers receive from the federal government.

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The U.S. Department of Labor, along with the Department of the Treasury, the IRS, and the Pension Benefit Guaranty Corp., have announced a Request for Information (RFI) to gather public input on the effectiveness of current reporting and disclosure requirements for retirement plans. This review is mandated by the SECURE 2.0 Act of 2022.

According to Assistant Secretary for Employee Benefits Security Lisa M. Gomez, the Employee Benefits Security Administration is committed to empowering American workers and families by simplifying the understanding of their workplace benefits. The RFI is a crucial step in exploring how the content, design, and delivery of disclosures for retirement plans can be improved, consolidated, standardized, and simplified to enhance participants’ understanding of their rights and benefits, promote greater engagement, and improve outcomes for individuals across the country.

The Employee Retirement Income Security Act and the Internal Revenue Code currently require certain information about retirement plan benefits and features to be reported to the agencies and provided to plan participants and beneficiaries. The SECURE 2.0 Act directs the agencies to review these requirements, and they will report their findings and recommendations to Congress in 2025. The agencies are seeking feedback from various stakeholders to inform their report and potential future actions to improve the reporting and disclosure framework for retirement plans.

The RFI, which will be available on each agency’s website and published in the Federal Register, includes 24 questions covering a wide range of topics related to effective reporting and disclosure. These topics include the number and frequency of disclosures received by workers, the accessibility and understandability of the information disclosed (including for non-English speakers), how plans obtain and update contact information for workers, and the experiences of plans in completing and filing reports and obtaining assistance from the agencies. The RFI allows for a 90-day period for public comments, with instructions on how to submit them.

To read the full RFI, please visit the agencies’ websites or the Federal Register.  

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