Request for Information-SECURE 2.0 Section 319-Effectiveness of Reporting and Disclosure Requirements, 22971-22972 [2024-07018]

Agencies

• Employee Benefits Security Administration
• Internal Revenue Service
• DEPARTMENT OF LABOR
• Pension Benefit Guaranty Corporation
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 89, Number 65 (Wednesday, April 3, 2024)]
[Proposed Rules]
[Pages 22971-22972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-07018]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 89, No. 65 / Wednesday, April 3, 2024 / 
Proposed Rules

[[Page 22971]]



DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 54, and 301

RIN 1545-BQ98

DEPARTMENT OF LABOR

Employee Benefits Security Administration

29 CFR Parts 2510, 2520, and 2550

RIN 1210-AC09

PENSION BENEFIT GUARANTY CORPORATION

29 CFR Parts 4000, 4007, 4010, 4041, 4041A, 4043, 4050, 4062, 4063, 
4204, 4211, 4219, 4231, 4245, 4262, and 4281

RIN 1212-AB58


Request for Information--SECURE 2.0 Section 319--Effectiveness of 
Reporting and Disclosure Requirements

AGENCY: Internal Revenue Service, U.S. Department of the Treasury. 
Employee Benefits Security Administration, U.S. Department of Labor. 
Pension Benefit Guaranty Corporation.

ACTION: Request for information; extension of comment period.

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SUMMARY: This document extends the comment period for the request for 
information entitled ``SECURE 2.0 Section 319--Effectiveness of 
Reporting and Disclosure Requirements'' that was published in the 
January 23, 2024, issue of the Federal Register. The comment period for 
the request for information, which had been scheduled to close on April 
22, 2024, is extended 30 days to May 22, 2024.

DATES: The comment period for the request for information published 
January 23, 2024, at 89 FR 4215, is extended. To be assured 
consideration, comments must be received at one of the addresses 
provided below no later than May 22, 2024.

ADDRESSES: Written comments, identified by RIN 1210-AC09, may be 
submitted to one of the addresses specified below. Any comment that is 
submitted will be shared with the Department of the Treasury, the 
Internal Revenue Service (IRS), and the Pension Benefit Guaranty 
Corporation (PBGC). Please do not submit duplicates.
     Federal eRulemaking Portal: www.regulations.gov. Follow 
the instructions for submitting comments.
     Mail: Please address to ``Attention: Comment Extension; 
Request for Information--SECURE 2.0 Section 319--Effectiveness of 
Reporting and Disclosure Requirements.'' Office of Regulations and 
Interpretations, Employee Benefits Security Administration, U.S. 
Department of Labor, Room N-5655, U.S. Department of Labor, 200 
Constitution Avenue NW, Washington, DC 20210.
    Instructions: Persons submitting comments electronically are 
encouraged not to submit paper copies. Comments will be available to 
the public, without charge, at www.regulations.gov, on the Department 
of Labor's website at www.dol.gov/agencies/ebsa/laws-and-regulations/rules-and-regulations/public-comments, and at the Public Disclosure 
Room, EBSA, U.S. Department of Labor, Suite N-1515, 200 Constitution 
Avenue NW, Washington, DC 20210. Comments may also be accessed from 
PBGC's website at www.pbgc.gov.
    Warning: Do not include any personally identifiable or confidential 
business information that you do not want publicly disclosed. Comments 
are public records and can be retrieved by most internet search 
engines.

FOR FURTHER INFORMATION CONTACT: Kristen Zarenko, Office of Regulations 
and Interpretations, EBSA, Labor Department, (202) 693-8500. Jamie 
Dvoretzky, Office of Associate Chief Counsel (Employee Benefits, Exempt 
Organizations, and Employment Taxes (CC:EEE)), IRS, Treasury 
Department, at (202) 317-4102. David Simonetti, Legal Policy Division, 
Office of the General Counsel, PBGC, (202) 229-4362.

SUPPLEMENTARY INFORMATION: In the request for information (RFI), 
entitled ``Request for Information--SECURE 2.0 Section 319--
Effectiveness of Reporting and Disclosure Requirements,'' released by 
the Department of Labor (Labor Department), Department of the Treasury 
(Treasury Department), and Pension Benefit Guaranty Corporation (PBGC) 
(collectively, the Agencies), the Agencies requested commenters' input 
in response to a series of 24 questions relevant to section 319 of the 
SECURE 2.0 Act of 2022 (SECURE 2.0).\1\ Specifically, SECURE 2.0 
section 319 includes a wide-ranging directive to the Agencies to review 
each Agency's existing reporting and disclosure requirements under the 
Internal Revenue Code (Code) and the Employee Retirement Income 
Security Act (ERISA) for retirement plans. The Agencies are directed to 
then report to Congress on the effectiveness of these reporting and 
disclosure requirements, including recommendations to consolidate, 
simplify, standardize, and improve such requirements. The comment 
period for the RFI is scheduled to close on April 22, 2024.
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    \1\ The SECURE 2.0 Act of 2022, Division T of the Consolidated 
Appropriations Act, 2023, Public Law 117-328, 136 Stat. 4459 (2022).
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    Since the publication of the RFI in the Federal Register, 
interested parties have expressed concern with their ability to respond 
fully to the RFI by April 22, given the breadth of the topics and the 
significant number of questions raised in the RFI. These parties 
observe that significant work must be done to consider these topics 
adequately, including the collection and coordination of relevant data 
and information, research of the considerable laws, regulations, and 
other guidance implicated by the questions in the RFI, and preparation 
of meaningful responses to the Agencies' questions. The Agencies value 
robust public feedback as part of their mandated review of the 
effectiveness of Code and ERISA reporting and disclosure requirements. 
This feedback will be an integral resource for the Agencies in 
preparing the report to Congress, no later than December 29, 2025, as 
required by section 319 of SECURE 2.0. In response to these requests, 
the Agencies are extending the period for submitting comments on the 
RFI by an additional 30 days. To be assured consideration, comments on 
the RFI must be received no later than May 22, 2024.


[[Page 22972]]


    Signed at Washington, DC.
Rachel D. Levy,
Associate Chief Counsel (Employee Benefits, Exempt Organizations, and 
Employment Taxes), Internal Revenue Service, Department of the 
Treasury.
Helen H. Morrison,
Benefits Tax Counsel, Department of the Treasury.
Lisa M. Gomez,
Assistant Secretary, Employee Benefits Security Administration, 
Department of Labor.
Gordon Hartogensis,
Director, Pension Benefit Guaranty Corporation.
[FR Doc. 2024-07018 Filed 4-2-24; 8:45 am]
BILLING CODE 4510-29-P; 4830-01-P; 7709-02-P