Federal agencies are looking at how many and how often workers receive retirement disclosures, as well as their effectiveness.
The Department of Labor announced that the Employee Benefits Security Administration, the Department of the Treasury, the Internal Revenue Service, and the Pension Benefit Guaranty Corp. are seeking public input as the government reviews existing reporting and disclosure requirements under the Secure 2.0 Act of 2022. The request for information will include the effectiveness of disclosures, the number and frequency of disclosures that workers receive, and how plans obtain and update workers’ contact information.
“The Employee Benefits Security Administration is focused on empowering America’s workers and families by making it easier to understand their workplace benefits,“ said Assistant Secretary for Employee Benefits Security Lisa Gomez. “This Request for Information is an important step to explore how the content, design and delivery of disclosures required for retirement plans may be reimagined, improved, consolidated, standardized and simplified to enhance participants’ understanding of their rights and benefits, promote greater participant engagement and improve outcomes for people across the country.”
As the Lord Leads, Pray with Us…
- For Assistant Secretary Gomez to be discerning as she heads the Employee Benefits Security Administration.
- For Acting Secretary Julie Su to be led by the Lord as she oversees the Labor Department.
- For the leaders of the federal agencies as they seek information on retirement plan disclosures.
Sources: Department of Labor
