DOL Releases Spring 2022 Regulatory Agenda

The Department of Labor has posted online its upcoming guidance priorities. A number of the guidance items deal with retirement savings arrangements, including the following.

• Two items in the “prerule” stage include improving the effectiveness of retirement plan disclosures and guidance on pooled employer plans
• A former initiative to modernize the Form 5500 appears in the proposed rule stage
• A rulemaking to amend the definition of fiduciary to include persons who render investment advice for a fee to employee benefit plans and IRAs
• Revised procedures for granting prohibited transaction exemptions
• A final rule regarding pension benefit statement lifetime income illustrations as required under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019
• Updates to the Voluntary Fiduciary Correction Program
• A third final rule concerning Form 5500 changes related to the SECURE Act
• A final rule regarding prudence and loyalty in selecting plan investments and exercising shareholder rights
• Amendments to the abandoned plan program