WASHINGTON, July 1 -- Employee Benefits Security Administration has issued a rule called: Selection of Annuity Providers-Safe Harbor for Individual Account Plans.
The rule was published in the Federal Register on July 1 by Timothy D. Hauser, Employee Benefits Security Administration, Department of Labor.
Summary: This direct final rule (DFR) removes 29 CFR 2550.404a-4 from the Code of Federal Regulations, which is a regulation published in 2008 that provides a fiduciary safe harbor for the selection of annuity providers for the purpose of benefit distributions from individual account retirement plans covered by title I of the Employee Retirement Income Act of 1974 (ERISA). The regulatory safe harbor became unnecessary in 2019 when Congres...