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ERISA Section 404(c) Compliance Do you, as an employer, want protection from liability for your employee’s losses in your 401(k) plan? Then you need to make sure your 401(k) plan ins compliant with ERISA Section 404(c). What does ERISA Section 404(c) Require? Some employers (plan fiduciaries) have skimmed summaries of ERISA Section 404(c) and concluded that they are "safe" if the plan offers participants at least three diversified investment choices, along with opportunity to make frequent changes among them. However, the regulation clearly specifies that participants also must have "sufficient information to make informed investment choices." A subsequent Interpretative Bulletin issued by the Department of Labor (96-1) clarifies what this means, as well as the potential loss of ERISA Section 404(c) protection for companies that offer participant investment advice. Life Solutions provides a ERISA Section 404(c) compliance checklist to our clients. Is your 401(k) plan in compliance with Section 404(c)? Do you want to make sure? Click here! The ERISA Section 404(c) regulation is published by the DOL here: http://www.dol.gov/dol/allcfr/ebsa/Title_29/Part_2550/29CFR2550.404c-1.htm For more information, see DOL Interpretative Bulletin 96-1 located here: http://www.dol.gov/ebsa/regs/fedreg/final/96_14093.htm
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