The Internal Revenue Service on Friday said defined contribution plans' use of a target-date fund series containing deferred annuities won't violate IRS rules against DC plans discriminating in favor of higher paid employees, as long as other IRS guidelines are followed. Phyllis Borzi, assistant secretary of labor for the Employee Benefits Security Administration, endorsed the IRS rule as meeting the qualified default investment alternatives standards in the Employee Retirement Income Security Act as long as DC plan sponsors follow Labor Department rules on annuity contracts.
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