DOL's Su to Ask Lawmakers for $4.7M to Implement Secure 2.0

By Melanie Waddell

News April 16, 2024 at 02:01 PM

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Julie Su. Credit: U.S. Department of Labor

Acting Labor Secretary Julie Su plans to ask House lawmakers Wednesday for $4.7 million for Labor's Employee Benefits Security Adminisration to implement provisions of the Secure 2.0 Act.

Su is scheduled to testify before a House Appropriations subcommittee.

In her prepared testimony, Su states that the $13.9 billion fiscal 2025 budget for Labor "continues to build on the Biden-Harris Administration's principles for growing a worker-centered economy from the bottom up and the middle out by creating pathways to good jobs and expanding equitable opportunities, while empowering and protecting workers and their families."

Su plans to tell lawmakers that "although EBSA's reach is extraordinarily broad, with additional responsibilities added by Congress, its budget has not increased proportionally with the increased responsibilities."

With the requested $4.7 million, "EBSA will implement a wide range of retirement-focused provisions and numerous new requirements established under the Secure 2.0 Act, which includes amendments to existing law as well as new provisions focused on increasing retirement savings, improving rules governing the administration of retirement plans, and lowering the cost of setting up retirement plans," Su's testimony states.

Su's testimony does not mention Labor's new fiduciary rule, which cleared review by the Office of Management and Budget on April 10. A Labor spokesperson told ThinkAdvisor on April 11 a final rule "will be published" in the Federal Register.

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