The Fine Print

Other elements of the proposed regulations:

Scope of the exemption.
Disclosures about automatic-portability transactions, fees, compensation, and services, including an acknowledgement of the automatic-portability provider's fiduciary status, website requirements for the automatic-portability provider, and a requirement that disclosures be written in a culturally and linguistically appropriate manner.
Investments permitted in connection with automatic-portability transactions.
Restriction on receipt or payment of third-party compensation by an automatic-portability provider in connection with an automatic-portability transaction.
Prohibition on exculpatory provisions disclaiming or limiting liability if an automatic-portability transaction results in an improper transfer.
Required actions to ensure that participant and beneficiary data is current, accurate, and secure.
Limitations on the use of data related to automatic-portability transactions for any purpose other than to execute such transactions or locate missing participants.
Record-retention requirements.
Annual audit and corrections procedures if an auditor determines the automatic-portability provider did not comply with the requirements of the statutory exemption and the proposed regulation.

The DOL statement also provided a link to the full notice of the rulemaking and the 60-day public comment period, with instructions on how to submit comments.

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