Compliance June 28, 2017
DOL Officially Pulls Back Final Rules for Government-Run Plans
The agency says resolutions passed by the president invalidate its earlier final rules.
Reported by Rebecca Moore
In a new final rule, Definition of Employee Pension Benefit Plan Under ERISA, the Department of Labor (DOL)’s Employee Benefit Security Administration (EBSA) removed its final rules regarding the Employee Retirement Income Security Act (ERISA) safe harbor of government-run plans for private-sector workers from the Code of Federal Regulations.
Earlier this year, Congress passed, and President Donald Trump signed resolutions to roll back the regulatory safe harbors created by the Obama administration.
The EBSA says these resolutions invalidate its previous final rules.