Department of Labor issues joint request to help improve retirement plan benefits information provided to workers, federal government

Summary:

The US Department of Labor's Employee Benefits Security Administration, along with the Department of the Treasury, IRS, and Pension Benefit Guaranty Corp., has announced a Request for Information (RFI) to solicit public input on the effectiveness of existing reporting and disclosure requirements for retirement plans. The RFI aims to explore ways to reimagine, improve, consolidate, standardize, and simplify the content, design, and delivery of disclosures to enhance participant understanding, promote engagement, and improve outcomes. The goal is to gather feedback from stakeholders and inform a report to Congress on revamping the requirements by 2025. The RFI includes 24 questions covering various topics, including the number and frequency of disclosures, information disclosed, accessibility, and plans' experiences completing reports. The public comment period is 90 days.