The ERISA Industry Committee (ERIC) is pushing back on the Department of Labor (DOL) ask to require retirement plans to provide what it calls excessive amounts of participant information for its SECURE 2.0-mandated “Retirement Savings Lost and Found” database.
ERIC has pushed on the DOL to redraft its proposed guidance implementing the Lost and Found database. ERIC is an industry group that represents large employers. ERIC says DOL is asking for plans to provide too much information outside the scope of SECURE 2.0. In addition, ERIC claims the proposal raises significant privacy concerns and questions about efforts to coordinate with the Internal Revenue Service (IRS) to access existing information needed to build the database.
I don’t like being volunteered to do things, so I can understand why any employer doesn’t want to provide information to the DOL.
