Department Of Labor Issues Joint Request To Help Improve Retirement Plan Benefits Information Provided To Workers, Federal Government

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