WASHINGTON, July 1 -- Employee Benefits Security Administration has issued a rule called: Removal of Definition of "Plan Assets"-Insurance Company General Accounts.
The rule was published in the Federal Register on July 1 by Timothy D. Hauser, Employee Benefits Security Administration, Department of Labor.
Summary: This DFR removes 29 CFR 2550.401c-1 from the Code of Federal Regulations, which the Department of Labor (DOL) believes is obsolete. The regulation applies only to certain insurance policies or contracts issued to (or on behalf of) employee benefit plans on or before December 31, 1998. Given the unlikelihood that any of these policies or contracts remain in effect, the DOL believes the regulation is no longer needed and, if left...