OMB Completes Review of DOL Regulatory Terms

Two Department of Labor (DOL) regulatory actions have been removed from the Office of Management and Budget’s list for review, signaling they may be released soon.

Section 319 of SECURE 2.0 directs agencies to review and to report back to Congress on ways in which reporting and disclosure requirements can be simplified or standardized. A prerule item titled “Improving Participant Engagement and Effectiveness of ERISA Retirement Plan Disclosures” is likely to engage stakeholders in requests for comment in support of this requirement.

A prohibited transaction exemption (PTE) final rule is also likely to be published soon. The rule would revise DOL procedures for granting PTEs, which were last updated in 2011. A proposed amendment was published on March 15, 2022.