SECURE 2.0 Act of 2022

On January 18, the U.S. Department of Labor (DOL) announced that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0 Act of 2022. The goal of automatic portability transactions is to help workers keep track of their retirement savings accounts and improve retirement security by reducing cash-outs when they change jobs. According to the most recent annual Form 5500 data, there are an estimated 635,000 defined contribution plans in the United States, covering an estimated 86.6 million participants with account balances totaling $9.3 trillion in assets...

On January 19, the U.S. Department of Labor (DOL) announced today that its Employee Benefits Security Administration, the Department of the Treasury, the IRS, and the Pension Benefit Guaranty Corporation (PBGC) will jointly issue a Request for Information (RFI) soliciting public input as the federal government reviews the effectiveness of existing reporting and disclosure requirements for retirement plans, as required by the SECURE 2.0 Act of 2022. The Employee Retirement Income Security Act and the Internal Revenue Code include requirements on the information about retirement plan benefits and features that must be reported to the agencies and provided to plan participants and beneficiaries. In the SECURE 2.0 Act, Congress directed the age