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Article Index » employee benefits » defined benefit plans
Report Link Department of Labor Releases Final Regulations on Defined Contribution Plan Default Investment Vehicles.
Littler Mendelson, P.C. - October 29, 2007
The Department of Labor has issued final regulations that provide a safe harbor to qualified plan fiduciaries in connection with their provision of default investment alternatives to plan participants. Default investment alternatives are investments that are automatically provided by plan sponsor fiduciaries when participants who are given the opportunity to direct the investment of their defined contribution plan accounts do not make an affirmative investment election. This regulation will be applicable to 401(k) plans that use automatic enrollment for newly-eligible employees, as well as plans that do not receive an affirmative election from participants in situations such as a plan merger or transfer, elimination of an investment alternative, or replacement of a service provider. The final regulations are effective December 26, 2007.
Report Link DOL Publishes Rule Penalizing Plan Administrators For Failure to Notify Participants of Right to Diversify.
Ford & Harrison LLP - August 20, 2007
The Department of Labor (DOL) has issued both a direct final rule and a proposed rule assessing civil penalties against administrators of defined contribution plans who fail to notify plan participants of their right to sell company stock. The penalty shall not exceed $100 per day for each violation.
Report Link Pension Protection Act of 2006: Ice Age for the Defined Benefit Dinosaur?
Cooley Godward Kronish LLP. - September 07, 2006
The Pension Protection Act of 2006 (the “Act”), which was signed into law by President Bush on August 17, 2006, represents the most comprehensive revision to the laws governing retirement plans since the enactment of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Act follows tepid stock market performance, low interest rates, and increasingly unfavorable participant demographics, the combination of which has contributed to the deterioration of the funding of many defined benefit pension plans and, in extreme cases, plan termination where a plan sponsor was unable to meet its funding obligation. As a result, many of the Act’s provisions are aimed at defined benefit pension plans. However, the Act also makes changes to the rules governing 401(k) and other defined contribution plans, nonqualified deferred compensation plans, individual retirement accounts (“IRAs”), and health and welfare benefits. This Alert provides an overview of many of the Act’s provisions but focuses on those that are likely to be of greatest interest to Cooley clients.

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