The Department of Labor publishes a semi-annual Unified Agenda of rules and regulations that are in the works or under review. The latest list for DOL’s Employee Benefits Security Administration (EBSA) includes:
• Requiring DC account balances to be described in terms of the lifetime benefits they represent.
• Expanding the definition of a fiduciary to include advisors who provide advice for a fee to employee benefit plans.
• Expanding target date fund disclosure used in QDIAs.
• Expanding the scope of individuals who may serve as qualified termination administrators.
• Requiring service providers to furnish a guide or tool to help fiduciaries better understand fee disclosure under 408(b)(2).
Staying ahead of regulatory and compliance requirements and informing clients about the changes before they happen separates dabblers from professional plan advisors.
