Department of Labor September 1, 2020 – Federal Register Recent Federal Regulation Documents

This proposed rule would establish the requirements for registering with the Department of Labor as a ``pooled plan provider'' for ``pooled employer plans'' under sections 3(43) and 3(44) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) provides that newly permitted ``pooled plan providers'' can begin offering ``pooled employer plans'' on January 1, 2021, but requires such persons to register with the Secretary of Labor before beginning operations. The proposed rule would also establish a new formEBSA Form PR (Pooled Plan Provider Registration)as the required filing format for pooled plan provider registrations. Filing the proposed Form PR with the Department of Labor would also satisfy the SECURE Act requirement to register with the Treasury Department. The proposed rule would affect persons wishing to serve as pooled plan providers, employee defined contribution pension benefit plans that are operated as pooled employer plans, employers participating in such plans, and participants and beneficiaries covered by such plans.