OMB to Review Proposed DOL Guidance on Retirement Plan Disclosures

The Office of Management and Budget (OMB) has received for review Department of Labor (DOL) new proposed regulations on procedures for satisfying retirement plan disclosure requirements. These regulations are the DOL’s response to an Executive Order issued by President Trump in August 2018, in which the President asked the agency to seek regulatory means of simplifying compliance with retirement plan disclosure obligations.

Based on comments attributed to DOL sources, many expect these regulations to address the potential for greater use of electronic delivery of required plan disclosures, something that has been a longstanding initiative of retirement plan service providers.

While no legal deadline for completing review of this guidance is noted in the OMB website posting, it is generally expected that OMB’s review would be completed within 30–90 days, after which the guidance will be published in the Federal Register.