29 U.S.C. § 1030a Eliminating Unnecessary Plan Requirements Related to Unenrolled Participants

LibraryUnited States Statutes
Edition2023
CurrencyCurrent through P.L. 118-22 with Court Rules updates (published on www.congress.gov on 12/01/2023)
Year2023
Citation29 U.S.C. § 1030a

(a) In general

Notwithstanding any other provision of this subchapter, with respect to any individual account plan, no disclosure, notice, or other plan document (other than the notices and documents described in paragraphs (1) and (2)) shall be required to be furnished under this subchapter to any unenrolled participant if the unenrolled participant is furnished-

(1) an annual reminder notice of such participant's eligibility to participate in such plan and any applicable election deadlines under the plan; and

(2) any document requested by such participant that the participant would be entitled to receive notwithstanding this section.

(b) Unenrolled participant

For purposes of this section, the term "unenrolled participant" means an employee who-

(1) is eligible to participate in an individual account plan;

(2) has been furnished-

(A) the summary plan description pursuant to section 1024(b) of this title, and

(B) any other notices related to eligibility under the plan required to be furnished under this subchapter, or the Internal Revenue Code of 1986, in connection with such participant's initial eligibility to participate in such plan;

(3) is not participating in such plan; and

(4) satisfies such other criteria as the Secretary of Labor may determine appropriate, as prescribed in guidance issued in consultation with the Secretary of Treasury.

For purposes of this section, any eligibility to participate in the plan following any period for which such employee was not eligible to participate shall be treated as initial eligibility.

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT