The Department of Labor’s Employee Benefits Security Administration (DOL/EBSA) announced new guidance as featured below. You can subscribe to DOL/EBSA’s home page for updates
ERISA at 40
As we recognize the 40th anniversary of ERISA’s passage this year, DOL/EBSA invites you to visit our dedicated Web page. On October 21, DOL/EBSA hosted a symposium to commemorate the 40th anniversary. You can view the discussions online. The first panel discussed “From Statute to Action” and the second panel examined “Leadership and Legacy.”
Fiduciary guidance on lifetime income
On October 23, DOL/EBSA issued an information letter to the Department of the Treasury responding to a request for views on whether a series of target date funds (Funds) could serve as "qualified default investment alternatives" within the meaning of 29 CFR Section 2550.404c-5 (the QDIA regulation), in light of the Funds' investments in unallocated deferred annuity contracts, described in IRS Notice 2014-66. The letter also addressed whether, and to what extent, the Department's "annuity selection safe harbor," 29 CFR Section 2550.404a-4, is available in connection with the selection of the unallocated deferred annuity contracts as investments of the Funds. The letter was issued in coordination with IRS's issuance of Notice 2014-66.
E-filing for “top hat” plan statements and apprenticeship and training plan notices
On September 30, DOL/EBSA published a proposed regulation that would require electronic filing of “top hat” plan statements and apprenticeship and training plan notices.
Under current law, top hat plans and apprenticeship and training plans file paper statements and notices with DOL/EBSA. The proposed regulation would revise current filing procedures to require electronic submission but would not change current content requirements.
The new electronic filing system is available and filers are encouraged to use it pending the adoption of the final regulation. The new system for top hat plans and the new system for apprenticeship and training plan notices are available on DOL/EBSA’s website. DOL/EBSA will treat electronic filers as satisfying the current requirement to file paper.
Comments on the proposed regulation and the design of the new filing system are due by December 29, 2014.
Outreach and education
For notice of upcoming events as they are scheduled, subscribe to DOL/EBSA’s website home page. DOL/EBSA conducts seminars on retirement plans and health benefits plans for small businesses.