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QDIA Notice Requirements

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Title I of ERISA contains the Fiduciary requirements.  Section 4 of ERISA list the plans that are not subject to Title I.  ERISA Regulation Section 2510.3-3 clarifies the term "employee benefit plan" by saying a plan that just covers 100% owners, partners and their spouses is a plan without employees and is not covered by Title I.

If a plan is not subject to Title I, under these provisions it is not subject to the QDIA requirement under 404



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If ERISA's title I does not govern a plan, it also doesn't relieve a person from a liability or a responsibility.

The person evaluating whether to instruct a default investment and how to communicate about the possibilities of a default investment might want its lawyer's advice about State law.  Further, it might consider the plan's provisions and what effect they might have under State law.



Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania



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