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DOL/EBSA

RIN: 1210-AA59

Publication ID: Fall 1997

Title: Amendment of Regulations Relating to Definition of "Plan Assets" --Participant Contributions (SIMPLE PLAN)
Abstract: The purpose of this rulemaking is to harmonize the rules under Title I of ERISA concerning when participant contributions will be considered assets of the plan with a recent amendment of section 408(p) of the Internal Revenue Code section 1426 of the Small Business Job Protection Act of 1996, P.L. 104-108) which specifies a different maximum time period for depositing salary reduction elective contributions to Savings Incentive Match Plans for Employees (SIMPLE plans) involving Individual Retirement Accounts (IRAs). Specifically, this amendment of the Department's plan asset - participant contributions regulation will provide for a maximum time period with respect to SIMPLE plans of 30 days following the last day of the month with respect to which the contributions are made, consistent with section 408) of the Code.
Agency: Department of Labor(DOL)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 29 CFR 2510.3-102
Legal Authority: PL 93-406, Sec 505 of ERISA, 88 STAT 894, 29 USC 1135 Sec 102 of Reorg. Plan No. 4 of 1978 (43 FR 47713, 10/17/78) Secretary of Labor's Order No. 1- 87 (52 FR 13139, 4/21/87)

Timetable:

Action	Date	FR Cite
NPRM	03/27/1997	63 FR 14760
NPRM Comment Period End	05/27/1997
Interim Final Rule	10/00/1997

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Included in the Regulatory Plan: No
Agency Contact: Melissa R. Dennis Pension Law Specialist Department of Labor Employee Benefits Security Administration Room N5669, 200 Constitution Avenue NW., FP Building, Room N-5655, Washington, DC 20210 Phone:202 693-8500 Fax:202 219-7291