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Department of Labor: Mandatory Rollover Accounts

ABA Contact: Lisa Bleier (202) 663-5479
Published: Federal Register Vol. 69 – March 2, 2004 page 9900
Comments Due: April 1, 2004
Disposition: Filed electronically and 3 copies sent through regular mail on April 1, 2004

The comment letter is about proposed regulations implementing section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). This provision calls on the Department of Labor to develop safe harbors relating to the automatic rollovers of certain tax-qualified plan distributions to individual retirement accounts (IRAs). As part of EGTRRA, the Internal Revenue Code was amended to require that when a participant makes no election when leaving employment and has a plan account between $1,000 and $5,000 that the default action would be to transfer that money directly to an individual retirement plan.

2004 Regulations Chart
Federal Register
Comment Letter