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Abandoned Plan Regulations

retirement-erisa · Employee Benefits Security Administration · Published 2024-05-17 · Effective 2024-07-16 · 89 FR 43636

Document

Document number
2024-09029
Federal Register citation
89 FR 43636
CFR reference
29 CFR 2520
Type
Rule
Action
Interim final rules with request for comments.
Category
retirement-erisa
Sub-agency
Employee Benefits Security Administration
Publication date
2024-05-17
Effective date
2024-07-16

Abstract

This rulemaking amends the Abandoned Plan Program regulations that provide streamlined procedures for the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers. The regulations, which were adopted in 2006 under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), did not cover individual account pension plans whose sponsors are in liquidation under chapter 7 of the U.S. Bankruptcy Code. These interim final rules expand the regulations to cover these plans so that bankruptcy trustees may use the Abandoned Plan Program's streamlined procedures to terminate and wind them up. Other technical amendments also are being made to improve the efficiency and operation of the Abandoned Plan Program. The amendments will affect employee benefit plans (primarily small defined contribution plans), participants and beneficiaries, service providers, and individuals appointed to serve as bankruptcy trustees under chapter 7 of the U.S. Bankruptcy Code. The Department is also issuing an amendment to PTE 2006-06, the prohibited transaction exemption accompanying the Abandoned Plan Program regulations, elsewhere in this issue of the Federal Register.

Source

Authoritative
Federal Register document
Machine
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