Sec. 408. Consolidation of defined contribution plan notices
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Not later than 18 months after the date of the enactment of this Act, the Secretary of Labor and the Secretary of the Treasury shall adopt final regulations providing that a plan may, but is not required to, consolidate two or more of the notices required under sections 404(c)(5)(B) and 514(e)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1144(e)(3) ), sections 401(k)(12)(D), 401(k)(13)(E), and 414(w)(4) of the Internal Revenue Code of 1986, and section 2550.404a–5 of title 29, Code of Federal Regulations (29 C.F.R. 2550.404a–5) into a single notice or, to the extent provided by such regulations, consolidate such notices with the summary plan description or summary of material modifications described in section 104(b) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1024(b) ), so long as the combined notice, summary plan description or summary of material modifications includes the required content, clearly identifies the issues addressed therein, and is provided at the time and with the frequency required for each such notice.
The Secretary of Labor and the Secretary of the Treasury may include in such regulations rules to ensure that, to the extent such notices are consolidated with the summary plan description or summary of material modifications, the presentation, placement, or prominence of the information in such notices shall not have the effect of failing to inform participants and beneficiaries regarding the information in such notices. Clause
(i)of section 404(c)(5)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(c)(5)(B)) is amended— in subclause
(I)by striking within a reasonable period of time before each plan year, and inserting within a reasonable period before the arrangement described in subparagraph
(A)applies to such participant or beneficiary, and thereafter at least once within any 12-month period (without regard to the plan year) during which such arrangement applies, , and in subclause
(II)by striking and before the beginning of the plan year . Subparagraph
(A)of section 514(e)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1144(e)(3)(A)) is amended by striking , within a reasonable period before such plan year, provide to each participant to whom the arrangement applies for such plan year and inserting , within a reasonable period before the arrangement applies to a participant or beneficiary, and thereafter at least once within any 12-month period (without regard to the plan year) during which such arrangement applies, provide . Clause
(i)of section 401(k)(13)(E) of the Internal Revenue Code of 1986 is amended by striking , within a reasonable period before each plan year, each employee eligible to participate in the arrangement for such year receives and inserting each employee eligible to participate in the arrangement receives, within a reasonable period before the employee becomes eligible, and thereafter within a reasonable period before each plan year during which such arrangement applies, . Subparagraph
(D)of section 401(k)(12) of the Internal Revenue Code of 1986 is amended by striking , within a reasonable period before any year, given written notice and inserting given written notice, within a reasonable period before the employee becomes eligible, and thereafter within a reasonable period before each plan year during which such arrangement applies, . Subparagraph
(A)of section 414(w)(4) of the Internal Revenue Code of 1986 is amended by striking , within a reasonable period before each plan year, give to each employee to whom an arrangement described in paragraph
(3)applies for such plan year and inserting , within a reasonable period before an arrangement described in paragraph
(3)applies to an employee, and thereafter at least once within any 12-month period (without regard to the plan year) during which such arrangement applies, give to each such employee .
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- 29 CFR 2550.404
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Sec. 408
Consolidation of defined contribution plan notices
Cite29 CFR 2550.404
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