Wednesday, June 21st, 2023 A biweekly topical newsletter from PLANSPONSOR Regulations Information for defined contribution plan sponsors about regulation, compliance and enforcement. Compliance EBSA Says It Will Propose Fiduciary Rule in August The regulatory agenda contained several other items, such as the 401(k) lost and found, emergency savings sidecars and pooled employer plans. Compliance Plan Sponsors Prepare: Health Care Regs Going the Way of 401(k)s Health care regulation enacted in 2021 is coming to the fore, as deadlines loom and litigation appears to be ramping up. Compliance Pilot Claims American Airlines Prioritized ‘Underperforming’ ESG Funds A class action complaint brought against American, Fidelity and Edelman Financial Engines targets ESG 401(k) investments. Compliance Senate HELP Committee Asks DOL to Focus on 6 SECURE 2.0 Provisions Areas including emergency savings and employee ownership were identified as 2024 brings more SECURE 2.0 regulatory deadlines. Compliance IRS Issues Interim EPCRS Correction Guidance Under SECURE 2.0 Plan sponsors can make additional corrections via SCP, rather than VCP, while a “reasonable amount of time” to discover an error is defined as 18 months. Compliance Vanguard to Pay FINRA $800,000 for Money Market Errors The firm cited ‘technical’ issues in a letter of acceptance for overstating projections for 8.5 million accounts. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Spotlight directly in your mailbox!

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