05.12.23
New DOL Fiduciary Rule Plan Coming Soon, Top Official Says
by: Melanie Waddell
Issuing a new fiduciary rule is a “huge priority” for the U.S. Department of Labor, according to Assistant Secretary for Employee Benefits Security Lisa Gomez, who said at a recent industry event that one should be released soon. Gomez noted that Labor is also working on a number of projects related to implementing the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act. For example, the department is setting up a “lost and found” retirement plan participant database. Another Secure 2.0 task has to do with retirement disclosures and notices. “There are a number of different provisions in Secure [2.0] that have to do with reviewing, analyzing and changing various types of notices,” Gomez said, “both in the defined benefit and defined contribution context.”
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