DOL Begins SECURE 2.0 Mandated Review of Pension Risk Transfer Interpretive Bulletin

The Department of Labor (DOL) has released a paper to initiate consultation with the ERISA Advisory Council as a first step in fulfilling the requirements of Section 321 of the SECURE 2.0 Act (SECURE 2.0) titled “Review of Pension Risk Transfer Interpretive Bulletin.” This section of SECURE 2.0 requires the DOL to review Interpretive Bulletin 95-1 relating to the fiduciary standards under ERISA when selecting an annuity provider for a defined benefit pension plan. The DOL is also directed to consult with the ERISA Advisory Council to determine whether any amendments to the interpretive bulletin are warranted. Following the review and consultation, the DOL is required to report its findings, including an assessment of any risk to participants, to Congress by December 29, 2023.