Regulatory Updates

Senate Proposal Would Allow Certain Plan Design Expenses from Plan Assets

Senators Jacky Rosen (D-NV) and Tim Scott (R-SC) have introduced S. 4086, the Increasing Small Business Retirement Choices Act. This bill would allow incidental plan expenses associated with implementing plan design features that benefit participants to be reimbursed from plan assets. Currently these discretionary settlor functions (such as adding an automatic enrollment feature) are not considered reasonable expenses of a plan and must be paid by the employer.

Regulatory Updates

Proposed Enhanced Disclosures About ESG Investment Practices

Proposed Enhanced Disclosures About ESG Investment Practices

The SEC has issued a proposed rule that would add reporting requirements for registered investment advisors, registered investment companies, certain advisers that are exempt from registration, and business development companies.