Pension & Benefits News EBSA semiannual regulatory agenda addresses rules on abandoned plans, fiduciary relief
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Tuesday, November 20, 2018

EBSA semiannual regulatory agenda addresses rules on abandoned plans, fiduciary relief

By Pension and Benefits Editorial Staff

The Employee Benefits Security Administration (EBSA) has released its regulatory agenda for Fall 2018, which outlines regulations that have been selected for review or development during the next year.

Final rule stage. Among the items in EBSA’s final rule stage are:

  • Rulemaking that would examine whether, and how, to amend the “abandoned plan” regulations by expanding the scope of individuals entitled to be a “qualified termination administrator” (QTA).
  • Amendment of regulations concerning the filing of apprenticeship and training plan notices and top hat plan statements to substitute electronic filing for regular mail or hand delivery.
  • Adoption of an amended and restated Voluntary Fiduciary Correction (VFC) Program that will expand the scope of some transactions currently eligible for correction and streamline correction procedures for certain other transactions.
  • Final regulations that amend the definition of “fiduciary” under ERISA Sec. 3(21)(A)(ii) in light of the 2018 Fifth Circuit decision in Chamber of Commerce v. Department of Labor vacating in toto the 2016 fiduciary conflict of interest rules, including the Best Interest Contract Exemption (BICE), the Principal Transaction Exemption, and revised PTE 84-24.
  • Interim final regulations that will expand the exemption for health plans from requirements to provide coverage for contraceptive items and service for entities that object to providing such coverage based on religious beliefs, and based on moral convictions.

SOURCE: The Unified Agenda for Fall 2018.

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