The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) and the Treasury Department have announced an extension, from April 22 to May 22, 2024, of the deadline for responses to its request for information (RFI) on the effectiveness of SECURE 2.0’s notice and disclosure requirements.
The RFI is in response to a SECURE 2.0 provision that requires DOL and the Treasury to report to Congress on the effectiveness of ERISA’s reporting and disclosure requirements. Also required in the report are recommendations on ways “to consolidate, simplify, standardize, and improve such requirements.”
The RFI contained 24 specific questions, and DOL reports that early input suggested that the breadth of the questions/information sought required more time to adequately reply. Hence, DOL and Treasury granted the month-long extension of the deadline to respond to the RFI.
Prospects: There have long been complaints about the burdensome reporting and disclosure requirements imposed on ERISA plans. So, input as to how to simplify and standardize gives interested stakeholders a chance to make their case about changes that will lessen the burden of reporting and disclosure rules.
NAIFA Staff Contact: Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.