Labour market · 20/12/1995

New Proposed Regulation Clarifies Plan Assets Definition for ERISA and IRS

The U.S. Department of Labor has released a proposed regulation that aims to clarify when certain employee contributions are considered 'plan assets' under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC). The new rule is expected to provide guidance for employers sponsoring 401(k) plans and other contributory plans, as well as fiduciaries, participants, and beneficiaries.