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Field Assistance Bulletin 2002-3: DOL Addresses Disclosure and Other Obligations Relating to “Float”
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]Link to more items from this source
Nov. 18, 2002
Excerpt: A number of financial services providers, such as banks and trust companies, acting as non-discretionary directed trustees or custodians maintain general or 'omnibus' accounts to facilitate the transactions of employee benefit plans. The service provider may retain earnings ('float') resulting from the anticipated short-term investment of funds held in such accounts. Typically, these accounts hold contributions and other assets pending investment directions from plan fiduciaries.

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