From: PlanAdvisor
Beyond the ongoing fiduciary rule RFI process, the DOL also has slated for this month an interim final rule about an amendment to its Abandoned Plan Program.
By Rebecca Moore
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As for the Department of Labor’s (DOL)’s regulatory agenda for 2017, it lists its Request for Information (RFI) on Fiduciary Rule and Prohibited Transaction Exemptions. The RFI has been issued and the first comment period about delaying the implementation of the rule has ended. The second comment period seeking information regarding potential new and amended administrative class exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act (ERISA) will end soon.
The DOL also has slated for this month an interim final rule about an amendment to its Abandoned Plan Program. The agency issued an NPRM in 2012 examining whether, and how, to amend those regulations by expanding the scope of individuals entitled to be a “qualified termination administrator” (QTA). Under the Termination of Abandoned Individual Account Plans regulations, only a QTA is authorized to determine whether an individual account plan is abandoned, and to carry out related activities necessary to the termination and winding up of the plan’s affairs.