§1030 Alternative Methods of Compliance

Summary

The Secretary can allow a different way to meet any rule for a pension plan or a class of pension plans, including pension-linked emergency savings features. The Secretary may do this on their own or after an administrator asks. This is allowed only if three things are true. First, the alternative fits the law’s goals and gives plan members and the Secretary enough information. Second, following the original rule would raise plan costs or create unreasonable administrative burdens for that type of plan. Third, applying the rule would harm plan participants overall. The alternative can be made by rule or another method. If it is not made by rule, the Secretary must give notice, let people comment, and publish the alternative in the Federal Register.