Retirement Plan Clarifications: Insurers' Fiduciary Role in General Accounts
This act clarifies rules for retirement plans investing in insurance company general accounts. It aims to simplify plan management by specifying when an insurance company is considered a fiduciary. These changes may affect how your retirement savings are managed, providing greater legal clarity for managing entities. The act applies retroactively, meaning its rules also cover transactions prior to its enactment.
Key points
An insurance company will not automatically be considered a fiduciary of your retirement plan just because you invested in its general account.
Your retirement plan's assets with an insurer are the insurance promises and guarantees, not the insurer's entire assets.
The changes are retroactive, covering transactions from six years prior to enactment.
Status:
Expired
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