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Regulations

When Congress passes legislation, it often requires government agencies to issue rules interpreting important aspects of the new laws. The agencies are required to publish their proposed regulations and to invite the public to comment on them. They also often hold hearings where anyone can ask to speak. When the agencies issue their final regulations, these are also published.

Below is a listing of recent regulatory activities related to the private retirement system.

Requests for Information (View all)

Comments to Consumer Financial Protection Bureau on Pension Advance Loans (October 13, 2016)

The Consumer Financial Protection Bureau issued a Request for Information on financial products that present consumer protection issues but are not included in the Bureau’s proposed rule on payday loans. The Pension Rights Center submitted comments on pension advances, a type of loan designed to skirt federal and state laws on disclosure and interest rates.

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Electronic Disclosure by Employee Benefit Plans

Electronic Disclosure by Employee Benefit Plans (June 6, 2011)

The U.S. Department of Labor issued a Request for Information regarding electronic disclosure by employee benefit plans. Read the Center's comments.

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Impact of Annuitization (May 3, 2010)

The Department of the Treasury and the Department of Labor issued a joint Request for Information (RFI) regarding the impact annuitization may have on workers participating in retirement plans.

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Proposed Regulations (View all)

Proposed regulations on the recovery of pension plan overpayments (July 2015)

The Pension Rights Center submitted comments to the Internal Revenue Service (IRS) on procedures for the recoupment (recovery) of overpayments made to participants.

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Proposed regulations on state-based retirement plans for private-sector workers (January 2016)

The Pension Rights Center submitted comments on the U.S. Department of Labor’s proposed regulations that would allow the creation of certain state-legislated retirement savings plans that would be exempt from the Employee Retirement Income Security Act of 1974 (ERISA).

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Proposed Rule on Conflicts of Interest in Investment Advice (November 2015)

The Pension Rights Center submitted comments to the Department of Labor (DOL) and testified at a hearing in support of the department’s proposed revision of the definition of “fiduciary.” The proposed definition describes the circumstances under which a financial adviser becomes a fiduciary and must give advice in the best interest of the customer, avoiding all conflicts of interest unless they are expressly allowed.

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Final Regulations (View all)

Final 401(k) Fee Disclosure Regulations

Final 401(k) Fee Disclosure Regulations

On October 20, 2010, the Department of Labor issued final regulations that require private retirement savings plans, such as 401(k)s, to tell employees how much they are being charged in record-keeping, investment management and other fees.

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Final Rule to Improve Transparency of Fees and Expenses to Workers in 401(k)-Type Retirement Plans

A final regulation issued by the Department of Labor requires 401(k)-type plans to disclose fee information to plan participants.

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Qualified Domestic Relations Orders

The Department of Labor issued final regulations clarifying that private pension and retirement savings plans cannot reject court orders dividing benefits at divorce (Qualified Domestic Relations Orders- QDROs) that are issued after the death of an employee or retiree. The DOL issued interim final regulations in March 2007. Read the PRC’s comments on the interim final regulations.

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