EBSA semiannual regulatory agenda addresses rules on Form 5500 revision, fiduciary relief

The Employee Benefits Security Administration (EBSA) has released its regulatory agenda for Fall 2017, which outlines regulations that have been selected for review or development during the next year.
In the prerule stage, EBSA lists a request for information on more streamlined compliance options in connection with the fiduciary conflict of interest rule and accompanying prohibited transactions exemptions.

Proposed rule stage

Among the items in EBSA’s proposed rule stage is revising and modernizing the financial and other annual reporting requirements on the Form 5500 and implementing regulations, including making the investment and other information on the Form 5500 more data mineable and enhancing the agencies’ ability to collect employee benefit plan data that best meets the needs of changing compliance projects, programs, and activities.

Final rule stage

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

  • Rulemaking that would delay or amend final regulations concerning claims procedures for employee benefit plans providing disability benefits.
  • Rulemaking that would examine whether, and how, to amend the “abandoned plan” regulations by expanding the scope of individuals entitled to be a “qualified termination administrator” (QTA).
  • Amendment of regulations concerning the filing of apprenticeship and training plan notices and top hat plan statements to substitute electronic filing for regular mail or hand delivery.
  • Adoption of an amended and restated Voluntary Fiduciary Correction (VFC) Program that will expand the scope of some transactions currently eligible for correction and streamline correction procedures for certain other transactions.

Source: The Unified Agenda for Fall 2017
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