A Benefits’ Prophesy for 2022

Retirement plan sponsors can expect continued evolution of the legislative and regulatory landscape in 2022, shaped by activity in Congress, the Biden administration, and federal courts. Before the upcoming midterm elections, Congress appears poised to move forward with broad, bipartisan "SECURE 2.0" legislation, building on the framework of the SECURE Act of 2019. Plus, the Department of Labor and Internal Revenue Service will continue working on guidance to implement the SECURE Act, while proceeding with several regulatory projects central to the Biden administration's policy goals, one of which involves updating regulations on fiduciary considerations for ESG factors in plan investment decisions.

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Related Content

• DOL Proposes to Warm the Climate for ESG Investing
  See how, after President Biden issued an executive order last year directing federal agencies to review regulations inconsistent with his climate-change agenda, DOL announced that it wouldn't enforce controversial 2020 rules on investment selection and proxy voting. In a later executive order, President Biden specifically directed DOL to reevaluate these rules. The proposal indicates that fiduciaries may need to consider ESG factors when evaluating an investment's projected return relative to the plan's funding objectives. Plus, DOL singled out climate-change factors as particularly relevant to the projected returns of defined benefit plan portfolios, given the longer-term nature of their benefit obligations. 

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.   

• Employee Benefits & Executive Compensation Key Legal Developments Tracker
  Stay informed on new developments.
  • ERISA. DOL published compliance assistance cautioning plan fiduciaries to exercise extreme care if considering adding a cryptocurrency option to a 401(k) plan's investment menu. DOL, Compliance Assistance Release No. 2022-01.  
  • Retirement Plans. IRS announces proposed rules, pursuant to the SECURE Act, on an exception to the unified plan (or “one bad apple”) rule available for qualified multiple-employer plans (MEPs) offered by a pooled plan provider (or for which all employers have another common interest) such that noncompliance by one participating employer will not result in full plan disqualification if certain conditions are met. 87 Fed. Reg. 17,225 (March 28, 2022).
  • Health and Welfare Plans. Centers for Medicare & Medicaid Services extends until further notice its non-enforcement policy (otherwise due to expire 10/1/22) allowing grandfathered health insurance policies and plans in the individual and small group market to continue exemption relief from certain healthcare reform requirements. CMS, Extended Non-Enforcement of ACA-Compliance with Respect to Certain Policies.
  • Health and Welfare Plans. IRS, in consultation with DOL and HHS, issues guidance under the No Surprises Act on rules for determining 2022 qualifying payment amounts when a plan or policy lacks relevant historical claims data. I.R.S. Notice 2022-11.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 20 practice areas, and find out how you can Become a Practical Guidance Author.
• The Practical Guidance Journal Spring 2022 Edition includes market trends on post-employment restrictive covenants. 
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  • Department of Labor Cautions Plan Fiduciaries Considering Cryptocurrency-Based Investments
  • Department of Labor as ERISA's Cops: DOL ERISA Enforcement Overview and Current Priorities
  • Participant-Directed Investments through Brokerage Windows
  • 2022 Health Law and Policy Outlook
  • Most EAPs Are Group Health Plans subject to COBRA
  • Applicable Large Employer (ALE) Considerations in the Context of an M&A Transaction

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