Press Releases

Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa M. Gomez to raise concerns about the Department of Labor’s (DOL) potential regulations impacting retirement plans. 

Foxx argues DOL’s Request for Information (RFI) contemplates significant changes to DOL’s electronic delivery guidance and goes well beyond what Congress intended when it passed SECURE 2.0, landmark legislation to improve the retirement system for workers, retirees, and employees. 

In the letter, Foxx writes: “The RFI includes several questions targeting the paper statement requirement enacted in section 338 of SECURE 2.0. These RFI questions contemplate amendments to DOL regulations well beyond the provisions of section 338. Congress’ directives to the Secretary of Labor in section 338 are clear, specific, and intentionally limited. This letter is intended to remind DOL of its obligation to comply with the statutory provisions of section 338, as limited by Congress.” 

The letter continues: “RFI Question 21 contemplates additional, and very significant, regulatory requirements not authorized by Congress. Question 21 asks, ‘should [DOL’s electronic delivery guidance] be modified such that their continued use by plans is conditioned on access in fact?’ To require a plan administrator to monitor electronic access is as ridiculous as requiring a plan administrator to confirm that a participant opens and reads paper mail.” 

Foxx concludes: “Congress’ directions to the Secretary in section 338 are both specific and limited. Section 338 does not authorize or contemplate the ill-conceived regulatory overreach foreshadowed in the RFI. DOL must limit its regulatory amendments to those Congress specified in section 338.” 

To read the full letter, click here. 

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