The Department of Labor (DOL) has issued its fall regulatory agenda indicates the agency is contemplating regulatory relief to facilitate the use of lifetime income products and features.
The proposal (RIN:1210-AB77) is in the pre-rule stage, and is expected to be published in the Federal Register early next year. The DOL’s Employee Benefits Security Administration (EBSA) said it will consider whether, and to what extent, regulatory amendments are appropriate to facilitate the use of lifetime income products and features as, or as part of, qualified default investment alternatives (QDIAs). EBSA said it will launch its review with a request for information.
Bloomberg BNA also reports that the EBSA also moved four items to the final rule stage:
- An amendment to the claims procedures regulations, which “is intended to strengthen, improve, and update the current disability benefit claims and appeals process under” ERISA Section 503 (RIN:1210-AB39).
- An amendment of the abandoned plan program regulations to determine whether and how to expand the scope of individuals entitled to be a “qualified termination administrator” (RIN:1210-AB47).
- Adoption and amendment of the Voluntary Fiduciary Correction Program (RIN:1210-AB64).
- Regulations that would allow municipalities to establish non-ERISA retirement plans for private-sector employees (RIN:1210-AB76).
An item on EBSA’s agenda at the proposed rule stage is modernization of the Form 5500 Annual Return/Report of Employee Benefit Plan Series (RIN:1210-AB63).
- Log in to post comments