Regulatory Updates

Pooled Plan Provider Registration Regulations Published

The final regulations from the Department of Labor (DOL) outlining registration requirements for pooled plan providers of pooled employer plans were published today in the Federal Register. These regulations are effective upon this publication.

The DOL received many comment letters identifying concerns with the timing of registration relative to being able to offer these arrangements, as well as questions regarding specific data required in the filings. Of primary interest are the following changes from the proposed rule released by the DOL in August.

  • The meaning of “beginning operations as a pooled plan provider” was modified to mean “when the first participating employer executes or adopts a participation, subscription, or similar agreement for the plan specifying that it is a pooled employer plan or, if earlier, when the trustee of the plan first holds any asset in trust.” Previously, this definition was linked to marketing and other activities.
  • A special provision was added that allows initial registration to be filed any time before February 1, 2021, provided it is filed on or before the initiation of operations. This effectively waives the otherwise applicable 30-day waiting period to begin operations after registration for plans intending to operate before this date.
  • Several clarifications to the data required in the initial and supplemental filings was provided.

Regulatory Updates

DOL Final ESG Guidance Published

The DOL’s final rule on environmental, social, and governance (ESG) investments is published in the Federal Register.