Retirement Regulation

The updated form, which includes improved reporting by pooled employer plans and addresses provisions in the SECURE Act 2.0, is estimated to reduce overall filing costs for employee benefit plans by $95 million.

The majority of retirement plan changes go into effect over a span of the next one to three years, but putting certain protocols in place now will help ease the burden while navigating through the vast array of new regulations.

Employers need to get ahead of the curve in engaging their plan administrators, amending their plans and communicating significant changes to employees, such as emergency withdrawals and student loan match.

The proposal would create a two-tier system – one for those who directly invest with a mutual fund, and another for those that invest through intermediaries, such as the typical retirement plan participant, say opponents.

Having access to a retirement plan is not enough. Employers can get them in the game by maximizing their match, aligning their investment options with their beliefs and connecting them to help with their debt.

In the wake of SECURE 2.0, the Department of Labor has extended the public comment period for the Voluntary Fiduciary Correction Program that allows fiduciaries to self-correct late participant contributions.