Related: The DOL's 2023 agenda: A new fiduciary rule and SECURE 2.0 guidance

In addition to the proposed fiduciary rule, EBSA, among other things, said it also plans to:

Consult with various stakeholders about ways to improve the effectiveness of retirement plan disclosures required under ERISA. The department said it will try to balance the disclosures with the potential cost to plans and plan participants. Labor officials said that the plan is consistent with section 319 of the SECURE Act 2.0.
Meet with stakeholders about how to implement the inclusion of pooled employer plans as a type of single employer pension benefit plan. The SECURE Act gave the department the authority to issue guidance to carry out the new provisions. The project will take into account a section of the SECURE Act 2.0 that requires the Secretary of Labor to conduct a study of the pooled employer plan industry and submit it to Congress within five years, according to the department.
Issue a final rule to revise the department's procedure for granting prohibited transaction amendments. Portions of the rule are designed to improve the readability of the procedure, while much of the plan will reflect changes that have occurred since the rule was last updated in 2011. The changes, the department said, will attempt to clarify the information and documentation required in an application, and revise the definition of a qualified independent fiduciary and qualified independent appraiser to ensure independence. The department also will attempt to clarify the content of specific reports and documents required, update the timing requirements to make them clearer and expand the opportunities for applicants to submit information electronically.

The fiduciary rule will also include a comment period.

Instant Insights /

New fiduciary rule's release date confirmed in DOL's updated agenda

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