Proposed Automatic Rollover Rules Issued
On March 1, 2004, the Department of Labor issued proposed regulations to retirement plans and financial institutions that provide guidance on how to implement a new requirement that mandatory retirement plan distributions between $1,000 and $5,000 must be automatically rolled over into an individual retirement account unless the participant directs otherwise. The proposed rules provide safe harbors from fiduciary liability in the selection of the financial institution to provide the IRA and the selection of the IRA investments. The Department is seeking comments on the proposed rule until April 1, 2004 with the intent to issue a final rule in June, 2004. The automatic rollover requirement is to be effective six months after the date of publication of the final rule. For details, please read the proposed rule and a related proposed prohibited transaction class exemption.
For further information, please contact any of our employee benefits attorneys:
Attorneys
Mary Beth Braitman Janine Bosley
marybeth.braitman@icemiller.com janine.bosley@icemiller.com
(317) 236-2413 (202) 824-8618
Craig Burke Gary Dankert
craig.burke@icemiller.com gary.dankert@icemiller.com
Assistant phone: (317) 236-2256 (317) 236-2203
Jennifer Bartels Frahm Philip Gutwein II
Jennifer.frahm@icemiller.com philip.gutwein@icemiller.com
(317) 236-2302 (317) 236-2483
Lisa Harrison Martha Hutzelman
lisa.harrison@icemiller.com martha.hutzelman@icemiller.com
(317) 236-5806 (202) 824-8619
James Kemper Jason Levine, LL.M
james.kemper@icemiller.com jason.levine@icemiller.com
(317) 236-2293 (202) 824-8614
Terry Mumford terry.mumford@icemiller.com
(317) 236-2110 (317) 236-2347
Melissa Proffitt Reese Marc Sciscoe
melissa.reese@icemiller.com marc.sciscoe@icemiller.com
(317) 236-2470 (317) 236-2178
Tara Schulstad Sciscoe Christopher Sears
tara.sciscoe@icemiller.com christopher.sears@icemiller.com
(317) 236-5888 (317) 236-5891
Tiffany Sharpley Stephanie Smithey
tiffany.sharpley@icemiller.com stephanie.smithey@icemiller.com
(317) 236-2111 (317) 236-2141
Eric Swank Annemarie McGavin
eric.swank@icemiller.com annemarie.mcgavin@icemiller.com
(317) 236-2440 (202) 824-8642
M. Marcelle Mayard-Henry, LL.M
marcelle.mayard-henry@icemiller.com
(317) 236-5934
*Please note, the professionals listed below are not lawyers, are not licensed to practice law and do not provide legal services.
Paralegals
Nancy Germano Jennifer Lucas
nancy.germano@icemiller.com jennifer.lucas@icemiller.com
(317) 236-5862 (317) 236-2207
Taretta Shine (Chicago) Gregory Wolf
taretta.shine@icemiller.com gregory.wolf@icemiller.com
(312) 726-8132 (317) 236-2201
Retirement Plan Consultant Communications Consultant
Julie Herrick
julie.herrick@icemiller.com
(317) 236-5977 (317) 236-5812
Office Locations
Indianapolis Office: Washington, D.C.:
One American Square 1090 Vermont Avenue, N.W.
34th Floor, Box 82001 Suite 920
Indianapolis, Indiana 46282 Washington, D.C. 20005
Phone: (317) 236-2100 Phone: (202) 824-8600
Fax: (317) 236-2219 Fax: (202) 824-8601
Chicago Office:
135 S. LaSalle Street
Suite 4100
Chicago, IL 60603
Ice Miller is a full-service law firm with offices in Chicago, Indianapolis and Washington, D.C. The 27 employee benefits professionals of Ice Miller provide legal and consulting services for retirement and health and welfare benefits and executive compensation to public and private employers, financial institutions, insurance companies and other types of benefit service providers.
For additional copies of current publications, contact the Business Development Department at (317) 221-2844. Please visit our Web site at www.icemiller.com for more information about Ice Miller.
This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.
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