DOL issued several final and proposed rules relating to plan sponsor and adviser duties and guidance on the SECURE Act. The DOL has proposed new guidance intended to regulate investment advice fiduciaries under ERISA; new regulations focused on the duties of plan fiduciaries with respect to decisions to include investments based on environmental, social, and corporate governance (ESG) considerations in a plan portfolio; and proposed regulations on plan sponsor obligations on proxy voting. The DOL also issued guidance on lifetime income calculations and ‘pooled plan provider’ requirements under the SECURE Act.
This summer has seen a flurry of DOL initiatives that will impact ERISA plan sponsors and their advisers. Interested parties should keep abreast of developments as the current timeline appears to be accelerated.
Workforce of the Future, Rewards and Well-Being Leader, PwC US