On March 29, 2024, the American Retirement Association submitted a comment letter to the Department of Labor in support of announcing a delayed enforcement period and an interim “good faith” compliance period that would enable all service providers time to configure their systems and procedures to comply with the rule without unnecessarily delaying the implementation of important auto-portability services. Additionally, the letter urges the Department to adopt a principles-based approach to regulating and enforcing the PTE for auto-portability transactions.
