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Employee Benefits

ERISA Industry Committee calls for simplification of auto-portability rule

April 02, 2024 Reprints

The ERISA Industry Committee has urged the Labor Department to simplify its proposed rule to boost participation in automatic portability arrangements in defined contribution plans, BenefitsPro reports. The committee argues that the current proposal introduces unnecessary complexity and costs not required by the SECURE 2.0 Act. The proposed rule would also require auto-portability providers to offer non-English language support and documentation, a requirement not mandated by law that would increase administrative costs.

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ERISA Industry Committee calls for simplification of auto-portability rule

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