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CCH® PENSION — 01/13/11

EBSA semiannual regulatory agenda addresses lifetime income option, fiduciary rules

The Employee Benefits Security Administration (EBSA) has released its semiannual regulatory agenda for Fall 2010, which outlines regulations that have been selected for review or development during the next year.

Prerule stage

EBSA has included, as a prerule stage item, an initiative to explore what steps, if any, that the Department could or should take, by regulation or otherwise, to enhance the retirement security of American workers by facilitating access to and use of lifetime income or income arrangements designed to provide a stream of income after retirement.

EBSA, in conjunction with the Treasury Department, issued a request for information (RFI) in February 2010 to solicit views, suggestions, and comments from the public on how to enhance retirement security for all workers by reducing the chances that workers will run out of funds during their retirement years.

Proposed rule stage

Among the items in EBSA's proposed rule stage are:

• Rules on the annual funding notice for defined benefit plans.
• Guidance on periodic pension benefit statements.
• Regulatory definition of the term "fiduciary."
• Improved fee disclosure rules for welfare plans.
• Amendment to claims procedure rules concerning the internal claims and appeals process.

Final rule stage

Among the items in EBSA's final rule stage are:

• A Prohibited Transaction Exemption for the provision of investment advice to participants in individual account plans.
• Improved disclosure rules to help pension plan fiduciaries determine if fees for an arrangement for services are "reasonable."
• Regulations governing prohibited transaction exemption procedures.

Source: The EBSA Agenda for Fall 2010 is available at www.RegInfo.gov.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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