14 Mar 2025
📄Regulatory Notice on Definition of Plan Assets for Employee Contributions
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Definition of Plan Assets-Participant Contributions
Summary
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Agencies
- Labor Department
Business Impact
$$ - Med
The regulatory notice discusses rules related to participant contributions becoming "plan assets" under ERISA, impacting compliance requirements for employers regarding pension and welfare plans. It specifies time limits for fund transfers, notices to participants, and extensions, which directly affect operational workflows and financial responsibilities for businesses managing employee benefits.