The U.S. Department of Labor (DOL) recently issued guidance on whether accounts holding revenue sharing payments constitute “plan assets” under ERISA. Prior to the issuance of the DOL guidance, it was unclear whether these amounts would be deemed to be ERISA plan assets. If such amounts were treated as ERISA plan assets, they would be subject to various requirements under ERISA. The DOL also addressed the responsibilities of plan fiduciaries in evaluating revenue sharing agreements. Plan fiduciaries should review their current revenue sharing arrangements in light of the new DOL guidance.
To read the full article, click here.