Termination of Abandoned Individual Account Plans (Us Employee Benefits Security Administration Regulation) (Ebsa) (2018 Edition)

Download or read book Termination of Abandoned Individual Account Plans (Us Employee Benefits Security Administration Regulation) (Ebsa) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-07-22 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Termination of Abandoned Individual Account Plans (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition) The Law Library presents the complete text of the Termination of Abandoned Individual Account Plans (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition). Updated as of May 29, 2018 This document contains three final regulations under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) that facilitate the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers. The first regulation establishes a procedure for financial institutions holding the assets of an abandoned individual account plan to terminate the plan and distribute benefits to the plan's participants and beneficiaries, with limited liability. The second regulation provides a fiduciary safe harbor for making distributions from terminated plans on behalf of participants and beneficiaries who fail to make an election regarding a form of benefit distribution. The third regulation establishes a simplified method for filing a terminal report for abandoned individual account plans. Appendices to these rules contain model notices for use in connection therewith. These regulations will affect fiduciaries, plan service providers, and participants and beneficiaries of individual account pension plans. This book contains: - The complete text of the Termination of Abandoned Individual Account Plans (US Employee Benefits Security Administration Regulation) (EBSA) (2018 Edition) - A table of contents with the page number of each section