Originally published April 28, 2010

On April 26, 2010, the U.S. Department of Labor issued its Spring 2010 Semi-Annual Regulatory Agenda. This publication takes the form of a Federal Register notice to comply with certain administrative requirements. The agenda itself is available on the DOL Website with most entries supported by a fact sheet (click here for Fall 2009 and Spring 2010 entries).

DOL's agenda and related materials include 20 pending projects related to employee benefits, which are listed below in order of the projected timetable for next steps. (In the ordinary course, dates projected in the agenda may prove ambitious.) New projects highlighted by DOL are shown in bold.

In addition, three pending developments regarding ERISA class exemptions are not included in the regulatory agenda but are currently under review by the Office of Management and Budget (specifically, its Office of Information and Regulatory Affairs) and are also noted below.

Guidance Project

Next Step

Projected Date

Pending at OMB

Timing and order of domestic relations orders

  • Implement Pension Protection Act (PPA) §1001

Final regulation

4/2010

X

Lifetime income options in retirement plans

  • Joint request for information with Treasury

Comment period closes

5/3/2010

  

Enhanced fee disclosure for retirement plans

  • Under ERISA service provider exemption

Interim final rule

5/2010

X

Target date funds

  • Evaluation and selection of target date funds by plan fiduciaries

Compliance assistance checklist, published jointly with SEC

Spring 2010

  

Definition of "fiduciary"

  • Expand to include more persons, such as pension consultants, as fiduciaries

Proposed regulation

6/2010

  

Target date funds

  • Increased disclosure to participants

Proposed amendment to QDIA regulation

8/2010

  

Annual funding notice

  • Implement PPA §501

Proposed regulation

8/2010

  

Pension benefit statements

  • Implement PPA §508

Proposed regulation

9/2010

  

Enhanced fee disclosure for plan participants

  • Under ERISA §404

Final regulation

9/2010

  

Definition of "welfare plan"

  • Clarify when a health care arrangement established by a State or local government that covers private sector employees does not constitute an "employee welfare benefit plan"

Proposed regulation

9/2010

X

Health plan self-compliance tool

  • Reflecting Genetic Information Nondiscrimination Act (GINA), Mental Health Parity and Addiction Equity Act (MHPAEA) and Children's Health Insurance Program Reauthorization Act (CHIPRA)

Compliance assistance checklist

9/2010

  

Statutory exemption for investment advice in participant-directed plans

Final regulation

12/2010

  

Enhanced fee disclosure for welfare plans

  • Under ERISA service provider exemption

Proposed regulation

3/2011

  

Claims procedure

  • Notice, timing, appeals and other elements of the claims procedure regulation

Proposed amendment to existing regulation

4/2011

  

CHIPRA notice requirement

Proposed regulation

4/2011

  

Guidance under MHPAEA

Proposed regulation

4/2011

  

Penalties for GINA noncompliance

Proposed regulation

4/2011

  

HIPAA regulations

Final regulation

9/2011

  

Regulations under Patient Protection and Affordable Care Act (PPACA)

Undetermined

    

Delinquent Filer Voluntary Compliance Program (DFVCP)

Conform to EFAST2 electronic filing system for Form 5500

    

PTE 96-23 for plan asset transactions determined by in-house asset managers (INHAM)

Proposed amendment

  

X

PTE 84-24 for plan asset transactions determined by qualified professional asset managers (QPAM)

Proposed amendment

  

X

Proposed PTE for release of claims and extensions of credit in connection with litigation

Proposed exemption

  

X

The narrative to the agenda also reports that DOL's Employee Benefits Security Administration (EBSA) will be working with DOL's Wage and Hour Division (WHD) with respect to settlements with employers regarding misclassification of employees as independent contractors. WHD will require settling employers to review their benefit plans, resolve the benefit rights of misclassified employees and report related violations of plan provisions and ERISA to EBSA.

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This article is for informational purposes and is not intended to constitute legal advice.