Nassau Posted October 19, 2017 Report Share Posted October 19, 2017 Is a QDIA notice required for a non ERISA Plan? Please provide the regulations that address this question. Thanks. Link to comment Share on other sites More sharing options...
PAiPal Posted October 19, 2017 Report Share Posted October 19, 2017 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 Link to comment Share on other sites More sharing options...
Peter Gulia Posted October 19, 2017 Report Share Posted October 19, 2017 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 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Gilmore Posted October 21, 2017 Report Share Posted October 21, 2017 When is a QDIA required? Link to comment Share on other sites More sharing options...
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