DOL Extends Time for SECURE 2.0 Reporting, Disclosure Comments

The Department of Labor’s Employee Benefits Security Administration division on Wednesday extended the comment period for a request for information on Section 319 of the SECURE 2.0 Act of 2022 for an additional 30 days.

EBSA, the IRS and the Pension Benefit Guaranty Corporation issued a request for information on Section 319 in January, seeking advice on how to improve the reporting and disclosure regime for retirement plans governed by the Employee Retirement Income Security Act.

The comment period for the RFI, labeled “SECURE 2.0 Section 319—Effectiveness of Reporting and Disclosure Requirements,” which was scheduled to close on April 22, is now extended to May 22.

According to the agencies, the comment period was extended because interested parties expressed concern about their ability to respond fully to the RFI by April 22, given the “breadth of topics and the significant number of questions raised in the RFI.” These parties said “significant work” must be done to consider these topics adequately.

The agencies are requesting commenters’ input in response to a series of 24 questions relevant to Section 319. Once comments are received, the agencies must report to Congress on the effectiveness of these reporting and disclosure requirements, including any recommendations to consolidate, simplify, standardize and improve such requirements.

According to the RFI, the regulators will aim to both reduce compliance burdens for plan sponsors and ensure plan participants’ receipt and understanding of the information “they need to monitor their plans, plan for retirement, and get the benefits they have earned.”

The regulators’ report will also consider how participants and beneficiaries are providing preferred contact information, the methods by which plan sponsors and plans are furnishing disclosures and the rate at which participants and beneficiaries are receiving, addressing, understanding and retaining disclosures.

Section 319 requires the agencies to publish a report by December 29, 2025.

Comments may be submitted electronically through the Federal eRulemaking Portal or by mail. More information on mailing addresses can be found on the Federal Register. Commenters are advised to not submit duplicates.