OMB Completes Review of DOL Automatic Portability Exemption Proposal

A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.

Section 120 of SECURE 2.0 amended Internal Revenue Code Section 4975 to add a statutory exemption for the receipt of fees and compensation by an automatic portability provider for services provided in connection with an automatic portability transaction. This regulation is intended to provide details on implementation.