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Selection of Annuity Providers-Safe Harbor for Individual Account Plans | Sporos

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Selection of Annuity Providers-Safe Harbor for Individual Account Plans

This direct final rule (DFR) removes 29 CFR 2550.404a-4 from the Code of Federal Regulations, which is a regulation published in 2008 that provides a fiduciary safe harbor for the selection of annuity providers for the purpose of benefit distributions from individual account retirement plans covered by title I of the Employee Retirement Income Act of 1974 (ERISA). The regulatory safe harbor became unnecessary in 2019 when Congress amended ERISA to add a more streamlined fiduciary safe harbor covering the same activity. Although the statutory safe harbor did not technically nullify or repeal the regulatory safe harbor, its existence offers an unnecessary and inefficient alternative and may inadvertently be a trap for the unwary. This action improves the daily lives of the American people by reducing unnecessary, burdensome, and costly Federal regulations.

Published

Jul 1, 2025

Effective

Sep 2, 2025

Comments Close

Jul 31, 2025

Citation

90 FR 28007

Agencies

2025-11615Selection of Annuity Providers-Safe Harbor for Individual Account Plans

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Agencies (2)

EBSA — Employee Benefits Security Administration

DOL — Labor Department

Topics

Employee benefit plans Foreign investments in United States Investments Pensions Reporting and recordkeeping requirements Securities Surety bonds Trusts and trustees

Regulation ID Numbers (RINs)

1210-AC33

CFR References

29 CFR 2550

Document Details

Type: Final Rule
Action: Direct final rule; request for comments.
Document #: 2025-11615
Citation: 90 FR 28007
Publication Date: Jul 1, 2025
Effective Date: Sep 2, 2025
Dates: The final rule is effective September 2, 2025, unless significant adverse comments are received by July 31, 2025. Significant adverse comments are ones which oppose the rule and raise, alone or in combination, a serious enough issue related to each of the independent grounds for the rule that a substantive response is required. If significant adverse comments are received, notification will be published in the Federal Register before the effective date either withdrawing the rule or issuing a new final rule which responds to significant adverse comments.
Federal Register Pages: Vol. 90, pp. 28007–28009
Page Views: 1,488

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