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The Employee Retirement Income Security Act of 1974 (ERISA)
is a federal law that sets minimum standards for retirement and health
benefit plans in private industry. ERISA does not require any employer to
establish a plan. It only requires that those who establish plans must
meet certain minimum standards.
ERISA covers retirement, health and other welfare
benefit plans (e.g., life, disability and apprenticeship plans). Among
other things, ERISA provides that those individuals who manage plans (and
other fiduciaries) must meet certain standards of conduct. The law also
contains detailed provisions for reporting to the government and
disclosure to participants. There also are provisions aimed at assuring
that plan funds are protected and that participants who qualify receive
their benefits.
ERISA has also been expanded to include new health
laws. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA)
amended ERISA to provide for the continuation of health care coverage for
employees and their beneficiaries (for a limited period of time) if
certain events would otherwise result in a reduction in benefits. The
Health Insurance Portability and Accountability Act of 1996 (HIPAA)
amended ERISA to make health care coverage more portable and secure for
employees.
EBSA's compliance assistance information will assist
employers and employee benefit plan officials in understanding and
complying with the requirements of ERISA as it applies to the
administration of employee retirement, health and other welfare benefit
plans.
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Exemptions
Interpretations
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Upcoming
Seminar Locations
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Previous Seminar Locations
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Albany, NY
Albuquerque, NM
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Arlington, VA
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Austin, TX
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Boise, Idaho
Camp Hill, PA
Carlisle, PA
Casper, WY
Chandler, AZ
Charleston, WV
Chicago, IL
Columbia, SC
Columbus, OH
Denver, CO
Des Moines, IA
Dover, DE
Durham, NC
Harrisburg, PA
Hartford, CT
Helena, MT
Indianapolis, IN
Jackson, MS
Lansing, MI
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Las Vegas, NV
Little Rock, AR
Los Angeles, CA
Louisville, KY
Manchester, NH
Minneapolis, MN
Nashville, TN
New Orleans, LA
New York, NY
Oklahoma City, OK
Omaha, NE
Orlando, FL
Overland Park, KS
Pierre, SD
Portland, ME
Richmond, VA
Rutland City, VT
Salem, OR
Salt Lake City, UT
San Antonio, TX
Savannah, GA
Seattle, WA
Shreveport, LA
St. Louis, MO
Warwick, RI
Washington, DC
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COBRA
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HIPAA
Multiple Employer Welfare
Arrangements
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Multiple
Employer Welfare Arrangements Under ERISA (MEWA) – A
booklet addressing many questions concerning the effect of
ERISA on federal and state regulation of MEWAs.
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Health
Benefits Education for Small Businesses – Tips that employers can use to help ensure that employees have
the health care coverage they need.
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The
Form M-1 Online Filing System is an
electronic filing system for the Form M-1 annual report for multiple
employer welfare arrangements. The system
allows filers to complete the form and submit it at no
cost. This system is an example of an E-Government initiative which uses improved
technology to make it easier for citizens and businesses to
interact with the government.
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Form
M-1 Annual Report – This form is required to be filed under section 101(g) and
section 734 of the Employee Retirement Income Security Act of
1974, as amended (ERISA), and 29 CFR 2520.101-2.
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FAQS on the Form
M-1 – Frequently asked questions
and answers regarding the Form M-1 filing requirements.
Claims Procedure
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Model Notice of Multiemployer Plan in Critical Status Model Notice - The PPA of 2006 amended ERISA and the IRC to require that sponsors of multiemployer defined benefit pension plans that are in endangered or critical status provide notice to participants. The model notice is intended to facilitate compliance with this notification requirement.
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Meeting
Your Fiduciary Responsibilities – To meet their responsibilities as plan sponsors, employers need to
understand some basic rules, specifically the Employee Retirement
Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the
law.
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Selecting
An Auditor For Your Employee Benefit Plan – Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to file the
Form 5500. This booklet will assist plan administrators in
selecting an auditor and reviewing the audit work and report.
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Selecting
And Monitoring Pension Consultants – Tips For Plan Fiduciaries –
ERISA requires that fiduciaries of employee benefit plans administer and manage their plans prudently and in the interest of the plan’s participants and beneficiaries. In carrying out these responsibilities, plan fiduciaries often rely heavily on pension consultants and other professionals for help. Findings included in a report by the
SEC released in May 2005, however, raise serious questions concerning whether some pension consultants are fully disclosing potential conflicts of interest that may affect the objectivity of the advice they are providing to their pension plan clients.
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Tips
For Selecting And Monitoring Service Providers For Your Employee
Benefit Plan – Business owners are
responsible for ensuring that their 401(k) plans comply with Federal law
and rely on other professionals to assist them with
their plan duties. Selecting a
service provider is one of the most important responsibilities of a plan
sponsor.
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Statement of Assistant Secretary Ann L. Combs on the Duties of Fiduciaries in Light of Recent Mutual Fund Investigations
– Addresses the obligations of fiduciaries to review mutual fund and pooled investment fund investments with respect to reported and potential late trading and
market-timing abuses. Also provides examples of steps to deal with
market-timing concerns within plans without losing the protections of section 404(c) of
ERISA.
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FAQs on the Small Pension Plan Audit Waiver
Regulation – FAQs on how to determine whether a small plan
has met the conditions for the audit waiver requirements under
the amended regulation.
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Reporting
And Disclosure Guide For Employee Benefit Plans – A quick reference tool for certain basic reporting and
disclosure requirements under ERISA.
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401(k) Plan Fees Disclosure
Tool – A form that provides employers with a handy way to make
cost-effective decisions and compare the investment fees and
administrative costs of competing providers of plan services.
Now available in MS
Word format.
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Pension
Plans and ERISA – FAQs that describe the provisions of
the federal pension law.
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Cash
Balance Pension Plans FAQs – FAQs
that describe basic information about cash balance plans.
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QDRO's
- An Overview – QDRO's are domestic relations orders that recognize the existence of
an alternate payee's right to receive benefits payable to a
participant under a pension plan.
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Determining Qualified Status and Paying Benefits
– Outlines a plan administrator's duties, requirements for
qualification for QDRO's.
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Drafting
QDRO's – Outlines the procedure for dividing pension benefits, defines
survivor benefits, and explains the form of payment for QDRO's.
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Employee
Plans News – A publication of the Employee Plans office of the
Tax Exempt and Government Entities Operating Division of the
IRS. This quarterly newsletter provides information about
current developments and upcoming events within the retirement plans
arena.
2009 Form 5500 Revision
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Final Rule – Annual Reporting and Disclosure – The final rules conform the
Department's annual reporting regulations to the changes to the Form
5500 Annual Return/Report.
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Notice of
Adoption of Forms Revisions – The Notice of Adoption of Forms
Revisions describes changes to the Form 5500 Annual Return/Report
for reporting years beginning on or after January 1, 2009, including
a new Short Form 5500 (5500-SF) for eligible plans.
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Technical Appendix
– Providing supporting documentation for the Regulatory
Impact Analysis included in the Final Rule - Annual
Reporting and Disclosure.
Final Rule On Electronic Filing/Proposed Amendments To Form 5500
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Final Rule
– Electronic Filing of Annual Reports – The Final Rule establishes an electronic filing requirement
for the Form 5500 Annual Return/Report for reporting years
beginning on or after January 1, 2008. Note: The electronic filing requirement is for reporting years beginning on or after January 1, 2009. See Final Rule above under 2009 Form 5500 Revision.
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Notice of Proposed Forms Revisions
– The Notice of Proposed Forms Revisions describes proposed
changes to the Form 5500 Annual Return/Report for reporting
years beginning on or after January 1, 2008, including a new
Short Form 5500 (5500-SF) for eligible plans Public Comments.
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Proposed Rule
– Annual Reporting and Disclosure – The Proposed Rule would conform the Department’s annual
reporting regulations to the proposed changes to the Form 5500
Annual Return/Report.
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Proposed Revisions for 2008 Form 5500 and Schedules Instructions
– Mark-up showing the proposed changes for the 2008 Form 5500
and Schedules and Instructions that are itemized in Appendices
C and D to the Notice of Proposed Forms Revisions.
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The proposed Short Form 5500 (Form
5500-SF) and Instructions are included as Appendices A and B to the
Notice of Proposed Forms Revisions.
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Technical Appendix
– Providing supporting documentation for the
Regulatory Impact Analysis included in the Proposed Rule – Annual
Reporting and Disclosure.
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Notice
of Supplemental Proposed Forms Revisions – Proposed
changes supplement proposed revisions to the Form 5500
published prior to the enactment of the PPA, by DOL, the IRS,
and the PBGC.
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Proposed Supplemental Form 5500 Schedules:
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Schedule SB
– Actuarial Information – Single Employer Defined Benefit Plans
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Schedule MB
– Actuarial Information – Multiemployer DB & Money Purchase Plans
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Schedule R
– Retirement Plan Information
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Estimates
of the Burden for Filing Form 5500: The Change in Burden from
the 1997 to the 1999 Forms – A 1999 report prepared for
EBSA by Mathematica Policy Research, which documents cost
estimates of prior reporting requirements and serves as the
basis for the current unit cost estimates.
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Instructions
provided by EBSA to the peer reviewer pursuant to the OMB
Final Information Quality Bulletin for Peer Review.
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Peer
Review Report – Completed pursuant to the OMB Final
Information Quality Bulletin for Peer Review and cited in the
Regulatory Impact Analysis included in the Proposed Rule – Annual Reporting and Disclosure.
General Reporting And Filing Compliance Assistance
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Meeting
Your Fiduciary Responsibilities – To meet their responsibilities as plan sponsors, employers need to
understand some basic rules, specifically the Employee Retirement
Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the
law.
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Understanding Retirement Plan Fees And
Expenses – This booklet will help retirement plan sponsors better understand and
evaluate their plan's fees and expenses. While the focus is on
fees and expenses involved with 401(k) plans, many of the principles
discussed in the booklet also will have application to all types of
retirement plans.
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401(k) Plan Fee Disclosure Tool
– A form that provides employers with a handy way to make cost-effective decisions and compare the investment fees and administrative costs of competing providers of plan services.
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Selecting
An Auditor For Your Employee Benefit Plan – Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to file the
Form 5500. This booklet will assist plan administrators in
selecting an auditor and reviewing the audit work and report.
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Reporting
and Disclosure Guide for Employee Benefit Plans – This guide is intended to be used as a quick reference tool for
certain basic reporting and disclosure requirements under ERISA.
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Statement of Assistant Secretary Ann L. Combs on the Duties of Fiduciaries in Light of Recent Mutual Fund Investigations
– Addresses the obligations of fiduciaries to review mutual fund and pooled investment fund investments with respect to reported and potential late trading and
market-timing abuses. Also provides examples of steps to deal with
market-timing concerns within plans without losing the protections of section 404(c) of
ERISA.
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ERISA
Advisory Opinions – The policies, regulations, opinions,
and interpretation regarding the fiduciary, reporting,
disclosure, and coverage provisions of ERISA.
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ERISA
Procedure 76-1: Filing Requests for Advisory
Opinions/Information Letters – This ERISA procedure describes the general procedures of the
department in issuing information letters and advisory
opinions under the Act.
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Class Exemptions
– A class exemption is an administrative "blanket"
exemption, which permits a person to engage in a similar
transaction or a series of similar transactions with plan in
accordance with the terms and conditions of the class
exemption, without requiring the person to obtain an
individual exemption.
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EXPRO
Exemptions – PTE 96-62 currently requires that applicants demonstrate that
their proposed transactions are substantially similar to
transactions in at least two exemptions previously granted by
the department within five years of their submission.
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Individual
Exemptions – An individual exemption is an administrative
exemption, which applies only to the specific person named or
otherwise defined in the exemption, and allows such person to
engage in a variety of transactions that would be otherwise
prohibited.
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Exemption
Procedures Under Federal Pension Law – This booklet provides information to employers, plan
administrators and employee benefit practitioners about the
basic requirements and procedures needed to apply for
exemptions from the prohibited transaction rules of ERISA.
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Voluntary
Fiduciary Correction Program (VFCP) – A voluntary
compliance program intended to protect the financial security
of workers through the identification and correction of
transactions that violate Part 4 of Title I of ERISA.
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Strategic
Enforcement Plan (STEP) – Explains the general framework
through which EBSA's enforcement resources may be focused to
achieve the agency's policy and operational objectives.
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The Enforcement
Manual – A manual providing detailed information on
procedures used by the EBSA Office of Enforcement in its
investigative programs.
Voluntary Fiduciary Correction Program
The Voluntary Fiduciary Correction Program
(VFCP) encourages voluntary compliance by
self-correcting violations of the law. The program also helps plan
officials understand the law and gives immediate relief from
payment of excise taxes under a class exemption.
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Highlights |
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The 2006 VFCP Update, published in the Federal
Register on April 19, 2006, finalizes the revised VFCP. The 2006 VFCP
was effective May 19, 2006.
An amended class exemption, published in the
Federal Register on the same day as the 2006 VFCP Update, was also
effective May 19, 2006.
Delinquent Filer Voluntary Compliance Program
The Delinquent Filer Voluntary Compliance Program
(DFVCP) encourages voluntary compliance with
ERISAs annual reporting requirements and gives delinquent plan
administrators a way to avoid higher civil penalty assessments
by satisfying the program’s requirements and voluntarily paying a
reduced penalty. |
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Highlights |
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The Abandoned Plan
Program facilitates the termination of, and distribution of
benefits from, individual account pension plans that have been
abandoned by their sponsoring employers. The program was
established pursuant to three final regulations and a related
class exemption and is administered by EBSA national and regional
offices. |
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Highlights |
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Abandoned Plan Search
– This search helps participants and others find out whether a plan is in the process of being, or has been, terminated and the name of the Qualified Termination Administrator
(QTA) responsible for the termination.
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Federal Register Final Rule – This document contains three final regulations under ERISA that facilitate the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers.
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Class Exemption
– Class exemption for services provided in connection with the termination of abandoned individual account plans.
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Distributions for Missing
Non-Spouse Beneficiaries Final Rule – This document contains an interim final rule amending regulations that provide guidance and a fiduciary safe harbor for the distribution of benefits on behalf of beneficiaries in terminated and abandoned individual account plans.
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Class Exemption
– This document contains a proposed amendment to Prohibited Transaction Exemption
2006-06 for services provided in connection with the termination of abandoned individual account plans.
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Fact Sheet
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Model Notice of Intent to Terminate Plan
– A qualified termination administrator may
use this notice to inform a plan sponsor of a proposed
termination, pursuant to § 2578.1(b)(5).
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Model Notice of Plan Abandonment and Intent to Serve as QTA
– An entity may use this notice to inform
EBSA that it elects to serve as a qualified termination
administrator for a particular plan, pursuant to § 2578.1(c)(3).
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Model Notice of Plan Termination
– A qualified termination administrator
may use this notice to inform participants and beneficiaries
of the termination, pursuant to § 2578.1(d)(2)(vi).
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Model Final Notice
– A qualified termination administrator
may use this notice to inform EBSA that the termination
process has been completed and that all benefits have been
distributed, pursuant to § 2578.1(d)(2)(ix).
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Special
Terminal Report Instructions for Abandoned Plans – A
qualified termination administrator must use these
instructions to satisfy the reporting requirements set forth
in § 2520.103-13.
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