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Compliance June 28, 2017
ERISA Safe Harbor for Government-Run Plans Officially Eliminated
In a new final rule, the Department of Labor removed its final rules regarding the ERISA safe harbor of government-run plans for private-sector workers.
Reported by Rebecca Moore
In a new final rule, Definition of Employee Pension Benefit Plan Under ERISA, the Department of Labor’s (DOL)’s Employee Benefit Security Administration (EBSA) removed its final rules regarding the Employee Retirement Income Security Act (ERISA) safe harbor of government-run plans for private-sector workers from the Code of Federal Regulations.
Earlier this year, Congress passed, and President Donald Trump signed resolutions to roll back the regulatory safe harbors created by the Obama administration.
The EBSA says these resolutions invalidate its previous final rules.