The Department of Labor (DOL) has published a lengthy regulatory agenda for 2013 that includes:
1.  An amendment under the Abandoned Plan Program that would expand the scope of individuals entitled to act as a “Qualified Termination Administrator”(QTA); the comment period for the proposal ended February 11, 2013.
2.  A Guide for 408(b)(2) disclosures; DOL wants plan providers to give precise details about where particular items can be found in the disclosures; guide requirement will be prospective; anticipated date for proposed regulation is May 2013.
3.  A (re)proposal of fiduciary advice rules; includes expanded definition of fiduciary and prohibited transaction exemptions; anticipated date of reproposed regulation is July 2013.
4.  A proposal to require retirement income projections on participant statements; DOL to explore how statements for defined contribution plans should communicate this information.
5.  An amendment to require additional disclosures for target-date funds (TDFs) under participant disclosure rules and qualified default investment alternative (QDIA) rules; anticipated date for final regulation is November 2013; as part of this initiative, in February 2013, the Employee Benefits Security Administration (EBSA) issued guidance for plan sponsors on selecting TDFs.