Employee Benefits Security Administration 2020 – Federal Register Recent Federal Regulation Documents

Proposed Extension of Information Collection Requests Submitted for Public Comment
Document Number: 2020-23191
Type: Notice
Date: 2020-10-20
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor (the Department), in accordance with the Paperwork Reduction Act, provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of the information collection requests (ICRs) contained in the documents described below. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http://www.reginfo.gov/public/do/PRAMain).
203rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting
Document Number: 2020-22766
Type: Notice
Date: 2020-10-15
Agency: Employee Benefits Security Administration, Department of Labor
202nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting
Document Number: 2020-21307
Type: Notice
Date: 2020-09-28
Agency: Employee Benefits Security Administration, Department of Labor
Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies
Document Number: 2020-20875
Type: Notice
Date: 2020-09-22
Agency: Employee Benefits Security Administration, Department of Labor
Fiduciary Duties Regarding Proxy Voting and Shareholder Rights
Document Number: 2020-19472
Type: Proposed Rule
Date: 2020-09-04
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor (Department) is proposing to amend the ``Investment duties'' regulation issued in 1979 to address the application of the prudence and exclusive purpose duties under the Employee Retirement Income Security Act of 1974 (ERISA) to the exercise of shareholder rights, including proxy voting, the use of written proxy voting policies and guidelines, and the selection and monitoring of proxy advisory firms. This document also states that Interpretive Bulletin 2016-01 no longer represents the view of the Department regarding the proper interpretation of ERISA with respect to the exercise of shareholder rights by fiduciaries of ERISA-covered plans, and notes that it will be removed from the Code of Federal Regulations when a final rule is adopted.
Registration Requirements for Pooled Plan Providers
Document Number: 2020-18504
Type: Proposed Rule
Date: 2020-09-01
Agency: Employee Benefits Security Administration, Department of Labor
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.
201st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting
Document Number: 2020-19034
Type: Notice
Date: 2020-08-28
Agency: Employee Benefits Security Administration, Department of Labor
Hearing on Improving Investment Advice for Workers & Retirees
Document Number: 2020-18716
Type: Proposed Rule
Date: 2020-08-25
Agency: Employee Benefits Security Administration, Department of Labor
Notice is hereby given that the Employee Benefits Security Administration (EBSA) will hold a public hearing to consider issues attendant to adopting a proposed prohibited transaction exemption on Improving Investment Advice for Workers and Retirees. Testimony will be limited to individuals or parties who submitted, in accordance with the instructions included in the proposed prohibited transaction exemption, a comment or hearing request on the proposed exemption before the close of the comment period. Due to the COVID-19 pandemic, the hearing will be held virtually and there will be no in-person testimony.
Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage
Document Number: 2020-14895
Type: Proposed Rule
Date: 2020-07-15
Agency: Employee Benefits Security Administration, Department of Labor, Department of Health and Human Services, Internal Revenue Service, Department of Treasury, Department of the Treasury
This document is a notice of proposed rulemaking regarding grandfathered group health plans and grandfathered group health insurance coverage that would, if finalized, amend current rules to provide greater flexibility for certain grandfathered health plans to make changes to certain types of cost-sharing requirements without causing a loss of grandfather status.
Improving Investment Advice for Workers & Retirees
Document Number: 2020-14261
Type: Proposed Rule
Date: 2020-07-07
Agency: Employee Benefits Security Administration, Department of Labor
This document gives notice of a proposed class exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code). The prohibited transaction provisions of ERISA and the Code generally prohibit fiduciaries with respect to employee benefit plans (Plans) and individual retirement accounts and annuities (IRAs) from engaging in self-dealing and receiving compensation from third parties in connection with transactions involving the Plans and IRAs. The provisions also prohibit purchasing and selling investments with the Plans and IRAs when the fiduciaries are acting on behalf of their own accounts (principal transactions). This proposed exemption would allow investment advice fiduciaries under both ERISA and the Code to receive compensation, including as a result of advice to roll over assets from a Plan to an IRA, and to engage in principal transactions, that would otherwise violate the prohibited transaction provisions of ERISA and the Code. The exemption would apply to registered investment advisers, broker- dealers, banks, insurance companies, and their employees, agents, and representatives that are investment advice fiduciaries. The exemption would include protective conditions designed to safeguard the interests of Plans, participants and beneficiaries, and IRA owners. The new class exemption would affect participants and beneficiaries of Plans, IRA owners, and fiduciaries with respect to such Plans and IRAs.
Conflict of Interest Rule-Retirement Investment Advice: Notice of Court Vacatur
Document Number: 2020-14260
Type: Rule
Date: 2020-07-07
Agency: Employee Benefits Security Administration, Department of Labor
This document implements the vacatur of the Department's 2016 final rule defining who is a ``fiduciary'' under the Employee Retirement Income Security Act of 1974. This document also reflects the removal of two prohibited transaction exemptions (PTEs 2016-01 and 2016-02) published with the 2016 final rule and the return of the amended prohibited transaction exemptions (PTEs 75-1, 77-4, 80-83, 83- 1, 84-24, and 86-128) to their pre-amendment form. In addition, this document reinstates Interpretive Bulletin 96-1.
200th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting
Document Number: 2020-14228
Type: Notice
Date: 2020-07-02
Agency: Employee Benefits Security Administration, Department of Labor
Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA; Correction
Document Number: 2020-13084
Type: Rule
Date: 2020-07-02
Agency: Employee Benefits Security Administration, Department of Labor
This document corrects an inadvertent error in paragraph numbering in the final rule entitled ``Default Electronic Disclosure by Employee Pension Benefit Plans under ERISA,'' published in the Federal Register on May 27, 2020 (85 FR 31884). That rule adopted a new safe harbor for plan administrators to use to furnish information to participants and beneficiaries of retirement plans subject to the Employee Retirement Income Security Act of 1974.
Financial Factors in Selecting Plan Investments
Document Number: 2020-13705
Type: Proposed Rule
Date: 2020-06-30
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor (Department) in this document proposes amendments to the ``Investment duties'' regulation under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), to confirm that ERISA requires plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.
Prohibited Transactions Involving Pooled Employer Plans Under the SECURE Act and Other Multiple Employer Plans
Document Number: 2020-13142
Type: Notice
Date: 2020-06-18
Agency: Employee Benefits Security Administration, Department of Labor
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) amended the Employee Retirement Income Security Act of 1974 (ERISA) to allow for pooled employer plans (PEPs). PEPs are required to designate a pooled plan provider who is a named fiduciary of the PEP. As a fiduciary, the pooled plan provider is subject to standards and restrictions in ERISA and the Internal Revenue Code, including the prohibited transaction provisions restricting fiduciaries of plans from engaging in conflict of interest transactions. This document requests information on the possible parties, business models, and conflicts of interest that respondents anticipate will be involved in the formation and ongoing operation of PEPs. This document also requests information on similar issues involving multiple employer plans sponsored by employer groups or associations or professional employer organizations (referred to herein as ``MEPs''). The Department of Labor (the Department) is considering whether to propose a class exemption on its own motion to cover prohibited transactions involving PEPs and MEPs.
Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA
Document Number: 2020-10951
Type: Rule
Date: 2020-05-27
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor is adopting in this document a new, additional safe harbor for employee benefit plan administrators to use electronic media, as a default, to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The rule allows plan administrators who satisfy specified conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website, or to furnish disclosures via email. Individuals who prefer to receive disclosures on paper can request paper copies of disclosures and opt out of electronic delivery entirely. The Department expects the rule to enhance the effectiveness of ERISA disclosures and significantly reduce the costs and burden associated with furnishing many of the recurring and most costly disclosures. In addition to benefiting workers, this rule will immediately assist employers and the retirement plan industry as they face a number of economic challenges due to the COVID-19 emergency, including logistical and other impediments to compliance with ERISA's disclosure requirements.
Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak
Document Number: 2020-09399
Type: Rule
Date: 2020-05-04
Agency: Employee Benefits Security Administration, Department of Labor, Internal Revenue Service, Department of Treasury, Department of the Treasury
This document announces the extension of certain timeframes under the Employee Retirement Income Security Act and the Internal Revenue Code for group health plans, disability and other welfare plans, pension plans, and participants and beneficiaries of these plans during the COVID-19 National Emergency.
Proposed Extension of Information Collection Requests Submitted for Public Comment
Document Number: 2020-09026
Type: Notice
Date: 2020-04-29
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor (the Department), in accordance with the Paperwork Reduction Act, provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed extension of the information collection requests (ICRs) contained in the documents described below. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http://www.reginfo.gov/public/do/PRAMain).
Exemption From Certain Prohibited Transaction Restrictions Involving UBS Asset Management (Americas) Inc.; UBS Realty Investors LLC; UBS Hedge Fund Solutions LLC; UBS O'Connor LLC; and Certain Future Affiliates in UBS's Asset Management and Global Wealth Management U.S. Divisions (collectively, the Applicants or the UBS QPAMs) Located in Chicago, Illinois; Hartford, Connecticut; New York, New York; and Chicago, Illinois, Respectively
Document Number: 2020-02834
Type: Notice
Date: 2020-02-12
Agency: Employee Benefits Security Administration, Department of Labor
This document contains a notice of exemption issued by the Department of Labor (the Department) from certain of the prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and/or the Internal Revenue Code of 1986 (the Code). The exemption affects the ability of certain entities with specified relationships to UBS AG (UBS), UBS Securities Japan Co., Ltd. (UBS Securities Japan), and UBS (France) S.A. (UBS France) to continue to rely upon relief provided by Prohibited Transaction Exemption 84-14.
Proposed Information Collection Request Submitted for Public Comment; EBSA Participant Assistance Program Customer Survey
Document Number: 2020-01503
Type: Notice
Date: 2020-01-29
Agency: Employee Benefits Security Administration, Department of Labor
The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA 95), provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the public's reporting burden. It also helps the public understand the Department's information collection requirements and provide the requested data in the desired format. The Employee Benefits Security Administration (EBSA) is soliciting comments on the proposed information collection request (ICR) described below. A copy of the ICRs may be obtained by contacting the office listed in the ADDRESSES section of this notice. ICRs also are available at reginfo.gov (http:// www.reginfo.gov/public/do/PRAMain).
Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2020
Document Number: 2020-00486
Type: Rule
Date: 2020-01-15
Agency: Employee Benefits Security Administration, Department of Labor, Employment and Training Administration, Wage and Hour Division, Employment Standards Administration, Mine Safety and Health Administration, Occupational Safety and Health Administration, Office of Workers' Compensation Programs
The U.S. Department of Labor (Department) is publishing this final rule to adjust for inflation the civil monetary penalties assessed or enforced by the Department, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Inflation Adjustment Act). The Inflation Adjustment Act requires the Department to annually adjust its civil money penalty levels for inflation no later than January 15 of each year. The Inflation Adjustment Act provides that agencies shall adjust civil monetary penalties notwithstanding Section 553 of the Administrative Procedure Act (APA). Additionally, the Inflation Adjustment Act provides a cost- of-living formula for adjustment of the civil penalties. Accordingly, this final rule sets forth the Department's 2020 annual adjustments for inflation to its civil monetary penalties.