Regulatory and Legislative

Additional Form 5500 Guidance Under SECURE Act at OMB

The Office of Management and Budget has received a final rule from the Department of Labor titled “Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500.”

According to a description of the rule, it is likely to include guidance on the implementation of group of plans reporting pursuant to Section 202 of the SECURE Act. The DOL released certain form revisions earlier in the year but indicated that it was evaluating public comments on elements of the September 2021 proposal related to 1) DCG reporting under the SECURE Act and related audit issues, 2) Schedule MEP reporting requirements, 3) financial improvements to the Schedule H, 4) changes in participant counts related to plan audit requirements, 5) reporting for multiple employer welfare arrangements (MEWAs) that file Form M-1, and 6) questions on pension plan compliance.

Regulatory and Legislative

ESG Final Rule Published in Federal Register

ESG Final Rule Published in Federal Register

The DOL’s final rule titled Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights has been published in the Federal Register.