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ERISA Amendments Effective Dec. 31
On Sept. 26, the Employee Benefits Security Administration of the Department of Labor (department) issued proposed regulations implementing amendments to ' 404(c) of the Employee Retirement Income Securities Act of 1974, as amended (ERISA).(The proposed regulations are at 29 CFR ' 550.404c-5.)
These amendments were made by ' 624 of the Pension Protection Act of 2006 (the act) and provide relief to fiduciaries of participant-directed individual account plans where, in the absence of investment directions from a participant, the plan invests such participant's assets in a 'qualified default investment alternative.'
In that case, new ' 404(c)(5)(A) to ERISA provides that participants will be deemed to have exercised control over the assets in their accounts with respect to the amount of contributions and earnings for purposes of ' 404(c)(1) of ERISA if such investment is made in accordance with regulations prescribed by the Secretary of Labor. Section 624(b) of the act directs the department to issue final regulations under ' 404(c)(5)(A) of ERISA no later than six months after the date of enactment of the act. Section 404(c)(5) and its corresponding regulations will become effective for plan years beginning after Dec. 31, 2006.
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