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CCH® PENSION — 07/29/11

EBSA semiannual regulatory agenda addresses electronic disclosures, fee disclosures, definition of "fiduciary"

The Employee Benefits Security Administration (EBSA) has released its semiannual regulatory agenda for Spring 2011, which outlines regulations that have been selected for review or development during the next year.

Prerule stage

EBSA has decided to review the current regulatory standards for the electronic distribution of disclosures required by Title 1 of ERISA. The review will take into account current technology, best practices and the need to protect the rights and interests of employee benefit plan participants and beneficiaries.

Proposed rule stage

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

• Guidance on periodic pension benefit statements.
• Improved fee disclosure rules for welfare plans.
• Amendment to claims procedure rules concerning the internal claims and appeals process.
• Whether, and how, to amend the abandoned plan regulations by expanding the scope of individuals entitled to be a "qualified termination administrator."

Final rule stage

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

• Rules on the annual funding notice for defined benefit plans.
• 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.
• Regulatory definition of the term "fiduciary."
• An amendment to enhance the information that must be disclosed concerning target date plans, or similar age-based, qualified default investment alternatives.

Source: The EBSA Agenda for Spring 2011 is available at www.Reginfo.gov.

For more information, visit http://www.wolterskluwerlb.com/rbcs.

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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