Legal Alert: DOL Guidance Clarifies Issues Relating to QDIA Regulation

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The Department of Labor (DOL) has issued guidance providing clarification on certain aspects of its 2007 Qualified Default Investment Alternatives (QDIA) regulation. The QDIA regulation is part of the DOL?s regulation under Section 404(c) of ERISA. Section 404(c) relieves plan fiduciaries from certain responsibilities and liabilities when participants direct the investment of their plan accounts. When a plan participant fails to provide such direction, the fiduciary is still entitled to Section 404(c) relief if the participant?s account is invested in a designated ?default? investment, provided that the QDIA regulation is followed.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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