On August 25, 2016, the Department of Labor (DOL) issued its final rule on the circumstances in which state payroll deduction savings programs with an
Starting May 31, 2012, the Department of Labor (DOL) will require employers to give participants and beneficiaries of 401(k) and similar plans disclosures regarding participant fees, expenses, and plan administrative costs.
On September 13, 2011, the U.S. Department of Labor (“DOL”) in Technical Release 2011-03 (the “Release”) released interim guidance on how plan administrators may use electronic media to deliver the newly required fee disclosures for participant-directed plans.
The Department of Labor ("DOL") issued new regulations on January 14, 2010 (75 Fed. Reg. 2068) confirming earlier regulations and guidance that plan assets should be contributed to an employee benefit plan on the earliest date the amounts can reasonably be separated from the employer’s general assets.
The U.S. Department of Labor (DOL) continues to be responsive to the needs of the 403(b) community for additional guidance.
The Department of Labor has issued Field Assistance Bulletin (FAB) 2010-01 clarifying the extent to which pre-2009 contracts no longer receiving employer contributions under a tax-sheltered annuity Section 403(b) arrangement may be omitted from ERISA plan reporting, and when Section 403(b) arrangements are exempt from ERISA under the Department's "safe harbor" regulation.
In these increasingly difficult economic times, the Department of Labor continues to pursue an aggressive enforcement policy that is intended to safeguard employee contributions to 401(k) and health and welfare plans by investigating situations in which employers delay in forwarding participant contributions to employee benefit plans.
In conjunction with the publication of final tax regulations under Section 403(b), the Labor Department has issued a field assistance bulletin considering the interaction of ERISA with these final regulations.