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The Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2026-02 on May 12, 2026, to address SECURE Act 2.0’s paper statement requirement for plans under ERISA §105(a)(2)(E). The new rule requires that defined contribution plans furnish participants with at least one paper pension benefit statement each calendar year. Defined benefit plans generally must furnish at least one paper statement every three calendar years. The requirement applies to the 2026 and later plan years.
Previously, the DOL had issued a February 25, 2026, proposed rule addressing how this new paper-statement requirement interacts with existing electronic disclosure safe harbors. The proposal would amend the 2002 electronic disclosure safe harbor to require a one-time initial paper notice for newly eligible participants and beneficiaries after December 31, 2025, informing them of their right to opt out of electronic delivery. It would also amend the 2020 alternative electronic disclosure safe harbor to address electronic delivery requests, required statement content, contact information, and a prohibition on charging fees for paper pension benefit statements.
There are two statutory exceptions to the SECURE Act 2.0’s paper benefit statement requirement. They are:
2002 DOL e-delivery safe harbor exception
The paper requirement does not apply to participants/beneficiaries who are furnished statements electronically under the DOL’s 2002 electronic disclosure safe harbor. Under the proposed 2026 rule, for new participants/beneficiaries first eligible after December 31, 2025, the plan would also need to provide a one-time paper notice before electronic delivery, explaining their right to request paper disclosures.
2. Affirmative electronic-delivery election exception
The paper requirement also does not apply if the participant or beneficiary affirmatively requests electronic delivery instead of paper.
Why the DOL Issued the FAB
The DOL recognized that plan administrators needed practical guidance before final rules were available. FAB 2026-02 says that, until the DOL issues a final regulation or other applicable administrative guidance, the DOL will not take enforcement action against plan administrators who comply in good faith with a reasonable interpretation of either the proposed rules or the statute [ERISA §105(a)(2)(E)] pending the final rule.
Advisor Practice Points
This is not a repeal or delay of the new paper-statement requirement. It is temporary enforcement relief while the DOL finishes the rulemaking process. Advisors could treat this as an opportunity to help plan committees create a defensible implementation record. Plan sponsors should not wait for final rules to audit their benefit-statement delivery practices.
Ask plan sponsors and recordkeepers:
Which participants are currently defaulted into electronic delivery?
Which participants have affirmatively opted into paper or opted out of e-delivery?
Are newly eligible participants receiving the required paper notice before being defaulted into electronic delivery?
Do pension benefit statements explain how to request electronic delivery and include plan contact information?
Is the plan charging any fee for paper benefit statements?
Has the committee documented its good-faith interpretation of the proposed rule or ERISA §105(a)(2)(E)?
The Department of Labor’s (DOL’s) April 1, 2026, Technical Release 2026-01 addresses the application of the Employee Retirement Income Security Act of 1984 (ERISA) fiduciary requirements and preemption principles to proxy advisory services related to retirement plan assets. The release is directed to plan administrators and other ERISA fiduciaries who rely on proxy advisory services, as well as to state legislators regulating proxy advisory firms.
The release focuses on two points. First, the DOL says that, to the extent proxy advisory firms either exercise authority or control over shareholder rights attributable to shares that are ERISA plan assets, including proxy voting, or provide advice for a fee to ERISA plans about how to exercise proxy voting rights, those firms must meet ERISA’s functional fiduciary requirements. Second, the DOL addresses state-law disclosure requirements for proxy advisory firms and states that ERISA would not preempt certain state laws requiring disclosure when recommendations are based on considerations other than maximizing risk-adjusted return. For example, a proxy advisory firm recommends voting “for” a shareholder proposal because it advances a social or political objective, even though the firm is not saying it will improve investment returns. A state law might require the firm to disclose: “This recommendation is not based solely on maximizing financial return.” The DOL says ERISA generally does not preempt that disclosure requirement. But for an ERISA retirement plan, that same disclosure would raise a concern because ERISA fiduciaries are supposed to focus on the plan participants’ financial benefit.
Why It Matters
DOL has long viewed shareholder rights attached to plan-owned shares as plan assets. The release reiterates that managing proxy voting and other shareholder rights is subject to ERISA’s duties of prudence and loyalty. This matters for plan advisors because investment committees often delegate proxy voting to investment managers, pooled fund managers, or proxy advisory services without regularly revisiting the governance framework. The new DOL release gives advisors a reason to put proxy voting back on the committee agenda.
The key question is not simply, “Does the plan use a proxy advisory firm?” The more important question is: Who controls proxy voting decisions, and are those decisions made solely in the interest of participants and beneficiaries?
For a typical 401(k) plan using mutual funds or collective investment trusts, the plan committee may not directly vote proxies for underlying portfolio companies. But the plan’s selection and monitoring of investment vehicles, managers, and service providers may still involve fiduciary oversight. For plans with separate accounts, company stock funds, direct holdings, or customized investment structures, the issue may be more direct.
Practice Points
Advisors should help committees review whether:
The investment policy statement addresses proxy voting and shareholder rights.
Proxy voting authority is retained, delegated, or embedded in investment products.
Investment managers or proxy advisors consider nonfinancial criteria.
Contracts clearly describe who has discretion and who provides advice.
The committee receives periodic reports on proxy voting policies and outcomes.
The fiduciary file documents that proxy-related decisions are tied to risk-adjusted economic value for participants.
The Takeaway
Proxy voting is not a side issue. The DOL is signaling that proxy governance is part of the overall ERISA fiduciary process, especially where proxy advisors influence or control plan-related shareholder rights.
The Department of Labor’s (DOL’s) Field Assistance Bulletin (FAB) 2026-01, dated April 14, 2026, sets out the DOL's upcoming guiding principles and enforcement priorities. It identifies four themes:
Focusing enforcement on egregious conduct and significant harm;
Avoiding regulation by enforcement where possible;
Requiring senior agency review of significant enforcement initiatives; and
Committing to timely, responsive enforcement.
The principles are designed to ensure that the DOL’s enforcement is fair, evenhanded, responsive, and focused. The DOL will prioritize criminal cases involving the most significant harm. In civil enforcement, it will prioritize matters involving the duty of loyalty, bad-faith administration, misappropriation of plan assets, impermissible conflicts of interest, and self-dealing conduct.
The FAB also addresses timing. Generally, the DOL will complete routine investigations involving less complicated issues, such as delinquent employee contributions, disclosure violations, and bonding violations, within 18 months, absent exigent circumstances. The DOL will conclude more complex investigations within 30 months.
Considering this guidance, one could surmise that larger plans would be more attractive enforcement targets. But even for smaller errant plans, the risk of investigation is never zero. The biggest practical triggers are usually not size alone. Based on DOL enforcement data and RLC experience, they are
Participant complaints,
Late or missing employee deferrals,
Delinquent or incorrect Form 5500 filings,
Prohibited transactions,
Missing participants
Distribution/loan issues,
Cybersecurity failures,
Unreasonable service-provider compensation.
This FAB is not a formal safe harbor for plan sponsors, however. The DOL expressly states that the bulletin is an internal department policy and is not intended to create enforceable rights. Still, it is useful because it alerts advisors and plan sponsors where the DOL is likely to focus.
Practice Points
Use this FAB to sharpen committee governance:
Review prohibited transaction and conflict-of-interest procedures.
Confirm that late employee contributions are identified and corrected quickly.
Check fidelity bond coverage.
Review participant disclosure workflows.
Document fee benchmarking and service-provider monitoring.
Make sure meeting minutes show a participant-focused rationale for decisions.
Review any environmental, social, or governance (ESG), proxy voting, or nonfinancial investment considerations through the lens of ERISA loyalty.
The Takeaway
The best defense remains a strong plan governance process, which is prudent, followed, and documented.
As announced in IRS Notice 2026-09, the IRS has extended the deadline for providers to amend IRAs, simplified employee pension (SEP), and savings incentive match plans for employees (SIMPLE) IRA plans to December 31, 2027. The delay was needed to allow the IRS to develop model language that IRA trustees, custodians, and issuers can use to amend IRAs and IRA-based plans for compliance with SECURE Act 2.0 and related legislation. The extension gives providers an additional year to complete the mandatory updates. IRA administrators and plan sponsors still must administer the arrangements in line with applicable law while the IRS finalizes document language.
For advisors serving small-business owners, this is especially relevant for SEP and SIMPLE IRA clients. Many small employers rely heavily on custodial documents and prototype materials. Notice 2026-09 reduces the immediate pressure to amend documents before model language is available, but it increases the need to track operational compliance.
Practice Points
Identify clients with IRAs, SEP, or SIMPLE IRA arrangements.
Ask custodians when updated document packages are expected.
Keep a record of which clients may need updated agreements or participant notices.
Confirm operational compliance with SECURE 2.0 provisions already in effect.
Avoid assuming this extension applies to all qualified plan amendment deadlines.
The Takeaway
The amendment deadline moved for IRAs and IRA-based plans, but the operational compliance conversation did not. Advisors can use the extra time to help clients ensure documents for their IRAs, SEPs, and SIMPLE IRAs are up to date.
IRS Notice 2026-13 provides two updated safe harbor explanations that plan administrators may use to satisfy IRC §402(f) rollover notice requirements for eligible rollover distributions. One explanation applies to distributions not from a designated Roth account, and the other applies to those from a designated Roth account. The notice modifies the safe harbor explanations previously provided in Notice 2020-62 and reflects changes under SECURE Act 2.0 and Government Accountability Office (GAO) recommendations.
The IRS separately announced that the guidance updates safe harbor explanations to reflect tax law changes made after August 6, 2020, including changes to the 10 percent additional tax on early withdrawals, surviving-spouse RMD rules, and the increased age for determining required beginning dates for required minimum distributions (RMDs).
Timing and Delivery
The notice addresses the GAO recommendation that participants receive rollover information when they separate from service. The IRS says there is no statutory authority to automatically require a rollover notice at separation. However, it encourages plan administrators to consider providing the notice at separation under existing rules, followed by a summary within the required notice timeframe if the full notice was already provided and remains available on request. Notice 2026-13 also clarifies that if a participant qualifies to receive eligible rollover distributions from both a designated Roth account and a non-Roth account, the plan sponsor must provide both explanations.
Generally, the plan sponsor must provide the safe harbor explanation within a reasonable period before a distribution is made. A reasonable period for providing the notice is no less than 30 days (subject to waiver by the distributee) and no more than 180 days before the date on which the distribution is made [Proposed Treasury Regulation §1.402(f)-1, Q&A-2(a)].
The risk is not only technical compliance. Old rollover notices can create confusion around Roth distributions, RMDs, early-distribution exceptions, inherited accounts, and withholding. For advisors, outdated notices also create friction in rollover conversations and may lead participants to misunderstand the tax consequences of taking lump sums versus rolling over assets.
Practice Points
It would be helpful for advisors to ask recordkeepers and third-party administrators (TPAs) the following questions:
Have the plan’s 402(f) rollover notices been updated for Notice 2026-13?
Are Roth and non-Roth explanations being provided separately when needed?
Are call-center scripts and online distribution flows updated?
Are terminated participants receiving rollover information at an appropriate time?
Are plan communications customized to remove inapplicable sections, where appropriate?
The Takeaway
Plan sponsors and advisors should refresh their distribution procedures and education now. Notice 2026-13 is a practical reason to review every rollover packet, online distribution page, and participant-facing rollover conversation.
IRS Notice 2026-33 provides guidance on qualified long-term care (LTC) distributions from defined contribution (DC) plans under IRC §401(a)(39), including guidance for certified LTC insurance issuers, plan administrators, and individuals receiving such distributions. The notice also provides safe harbors for plan administrators making qualified LTC distributions and extends certain amendment deadlines.
Effective for distributions made after December 29, 2025, SECURE Act 2.0, section 334, permits sponsors of DC plans to allow qualified LTC distributions. A qualified LTC distribution is limited to the least of three amounts:
The amount paid or assessed during the taxable year for certified LTC insurance for the employee or spouse;
10 percent of the present value of the employee’s vested accrued benefit under the plan; or
$2,600, as indexed for 2026.
At the request of the participant, the qualified LTC issuer must provide an “LTC premium statement” to the plan sponsor before a distribution can be treated as a qualified LTC distribution. The IRS confirms that DC plans are not required to offer qualified LTC distributions. If a plan chooses to add them, the amendment is treated as a discretionary amendment and must be adopted based on the following deadlines.
| Plan type | Amendment deadline |
|---|---|
| DC plans that are not governmental plans, public school 403(b) plans, or applicable collectively bargained plans | December 31, 2027 |
| Applicable collectively bargained DC plans | December 31, 2028 |
| Governmental DC plans | December 31, 2029 |
Key Tax and Administration Rules
A qualified LTC distribution is not eligible for the extended three-year repayment treatment that applies to some other SECURE Act 2.0 distributions. It is also not treated as an eligible rollover distribution for direct rollover rules, 402(f) rollover notice requirements, or mandatory 20 percent withholding, although other withholding rules may still apply.
Plan administrators are permitted to rely on the issuer’s LTC premium statement, including that the issuer filed an “issuer disclosure” with the IRS, the coverage is certified LTC insurance, and the premium amount is owed for the year.
Payors must report qualified LTC distributions on Form 1099-R.
While qualified LTC distributions avoid the early distribution penalty tax, they are still considered taxable income.
If a plan does not permit qualified LTC distributions, a participant cannot simply treat another otherwise permissible distribution as a qualified LTC distribution, even if the funds are used to pay LTC insurance premiums.
Practice Points
Implementation of qualified LTC distributions requires coordination among the plan sponsor, recordkeeper, TPA, payroll, the insurance issuer, and participants. Plan advisors can provide value by raising the following questions with their plan sponsor clients:
Should the plan add qualified LTC distributions?
If so, who will ensure the plan is amended to add the option?
Can the recordkeeper properly administer qualified LTC distributions?
Who will manage participant communications?
When a distribution is requested, has the plan received the required premium statement from the issuer of the LTC contract?
For wealth management clients who are plan participants, it would be helpful for advisors to explain that:
Qualified LTC distributions are only available if the plan allows for them.
The distribution recipient must request that the issuer of the LTC contract provide an LTC premium statement to the DC plan.
The distribution limit is relatively modest.
The distribution may still be taxable, although exempt from the 10 percent early withdrawal penalty.
They may want to consider other ways to fund long-term care coverage.
The Takeaway
Clients, potentially, have a new financial planning tool for funding long-term care. It is not a universal solution, however. Qualified LTC distributions are one part of a broader LTC funding conversation.
IRS Notice 2026-34 provides the IRS’s 2026 Cumulative List of Changes for qualified defined benefit (DB) pre-approved plans. The list is intended to help document providers applying for IRS opinion letters for the fourth remedial amendment cycle, known as Cycle 4, for DB pre-approved plans. Cycle 4 began on April 1, 2025, and the Cycle 4 submission period runs from August 1, 2026, through July 31, 2027. The IRS will consider only items on the 2026 Cumulative List (e.g., RMDs, rollovers, spousal consent, distribution provisions, etc.) when determining whether to issue a Cycle 4 opinion letter for a DB pre-approved plan. The notice also cautions that the cumulative list does not extend plan amendments due by December 31, 2026, for SECURE Act 2.0.
The notice is primarily directed at pre-approved plan providers, but advisors should care because document cycles affect plan restatements, amendments, design conversations, and sponsor obligations. If a business owner client sponsors a DB plan, including a cash balance plan, this is an opportunity to coordinate with the actuary, TPA, and ERISA counsel regarding plan design.
Practice Points
Advisors can add value by
Identifying clients with traditional DB or cash balance plans.
Asking whether the plan uses a pre-approved document.
Confirming who is responsible for the Cycle 4 submission or restatement process.
Reviewing plan provisions affected by SECURE 2.0 and related legislation.
Coordinating changes with the TPA and actuary.
Making sure clients understand that the cumulative list itself does not extend SECURE Act 2.0 amendment deadlines.
The Takeaway
Traditional DB and cash balance plans are powerful planning tools, but they are document-sensitive. Use Notice 2026-34 and the Cycle 4 restatement to trigger a document conversation for business-owner clients with such plans.
President Trump signed Executive Order 14403, “Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov,” directing the IRS to launch TrumpIRA.gov by January 1, 2027. The site is intended to help workers compare and select qualifying low-cost individual retirement accounts (IRAs) offered by private-sector financial institutions.
The order is aimed primarily at workers who do not have access to employer-sponsored retirement plans, including independent contractors, part-time workers, small-business employees, and self-employed individuals. For advisors, the executive order is important because it links three major retirement policy themes: IRA access, the SECURE Act 2.0 Saver’s Match, and federal oversight of low-cost retirement savings products.
What TrumpIRA.gov is Intended To Do
TrumpIRA.gov is to be designed as a federally administered information platform, not a new government-run retirement plan. The site is expected to list financial institutions that offer qualifying IRAs and accept the federal Saver’s Match contribution. The executive order directs the IRS to create a platform that allows individuals to compare IRAs based on cost, quality, and investment options.
The order says qualifying IRAs should include diversified investment options such as target-date or lifecycle options, balanced funds, or principal-protection options. It also sets a low-cost standard, directing that listed IRAs maintain low administrative costs, with overall net expense ratios, including operating costs, management fees, and administrative expenses, limited to 0.15%. Listed IRAs also may not impose minimum contribution or balance requirements.
Connection to the Federal Saver’s Match
One of the most important planning points is the connection between TrumpIRA.gov and the federal Saver’s Match enacted under SECURE Act 2.0. The Saver’s Match is scheduled to replace the current Saver’s Credit structure by providing eligible lower- and moderate-income workers with a federal matching contribution deposited into a qualifying retirement account, beginning in 2027.
The executive order directs the IRS to take steps to ensure that qualifying individuals who contribute to IRAs, including IRAs listed on TrumpIRA.gov, receive the Saver’s Match if they are otherwise eligible. The order also directs the IRS to encourage financial institutions to accept Saver’s Match contributions.
TrumpIRA.gov creates a new education opportunity. Many workers who are eligible for retirement savings incentives do not understand how to use them. A 2026 Transamerica study revealed that 62 percent of U.S. workers who were most likely to be eligible for the Saver’s Credit were unaware of it. TrumpIRA.gov could become a centralized point of comparison and enrollment for workers outside the employer-plan system.
For plan advisors, the executive order may affect conversations with small employers that do not currently sponsor a retirement plan. TrumpIRA.gov could become an alternative savings access point for workers, but it should not be viewed as a substitute for employer-sponsored plan design when a 401(k), SIMPLE IRA, SEP IRA, or pooled employer plan would better serve the business and its employees.
For wealth advisors, the order creates a planning topic for workers, contractors, household employees, part-time workers, caregivers, and small-business owners. Advisors should be prepared to explain the difference between an IRA marketplace, an employer-sponsored retirement plan, and the Saver’s Match.
For firms that offer IRA platforms, the order could also become a product, compliance, and distribution topic. Financial institutions may need to evaluate whether their IRA offerings meet the IRS’s standards for cost, transparency, investment menu design, Saver’s Match acceptance, and worker protections.
Charitable Contributions to IRAs
The executive order also directs the IRS to provide guidance on the tax treatment of contributions made by tax-exempt organizations to IRAs maintained by workers who are members of a charitable class. This could become a meaningful development for nonprofits, foundations, religious organizations, community groups, and philanthropic programs focused on retirement security.
Advisors should monitor future IRS guidance carefully. The key question will be how charitable contributions can be made to eligible workers’ IRAs without jeopardizing the contributing organization’s tax-exempt status or creating unintended tax consequences for the recipient.
Worker Protection and Prohibited Transaction Issues
The IRS and DOL are charged with issuing regulations, exemptions, or guidance, as appropriate, to protect workers, maintain transparency, and prevent prohibited transactions involving IRAs listed on TrumpIRA.gov. This is a key technical point. Because IRAs are not ERISA-covered employer plans, it will be interesting to see how the IRS and DOL define the standards for qualifying financial institutions, investment menus, fees, disclosures, conflicts, rollover recommendations, and prohibited transaction safeguards.
Practice Points
Prepare now by taking the following steps:
Identify clients who do not have access to employer-sponsored retirement plans and may benefit from IRA-based savings education.
Review which small-business clients may be better served by a SIMPLE IRA, SEP IRA, 401(k), pooled employer plan, or other employer-sponsored arrangement.
Monitor IRS guidance on Saver’s Match implementation and charitable contributions to IRAs.
Watch for DOL and IRS guidance on worker protections, transparency, prohibited transactions, and qualifying IRA standards.
Prepare client education that explains the difference between TrumpIRA.gov, Trump Accounts for children, traditional IRAs, Roth IRAs, SIMPLE IRAs, SEP IRAs, and employer-sponsored retirement plans.
Review whether any firms with IRA offerings could meet the platform’s cost, quality, investment option, and Saver’s Match acceptance standards.
The Takeaway
TrumpIRA.gov could become a material retirement access and education channel beginning in 2027. Advisors should monitor forthcoming IRS and DOL guidance and be ready to help clients evaluate the spectrum of IRA, IRA-based plans, and qualified plans available to them.