Erisa Retirement Plan Who Can Be Beneficiary In Suffolk
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. 29 §271 et seq., along with the Federal Fair Labor Standards Act of 1938 (FLSA) and the corresponding regulations, govern the overtime requirements for non-exempt employees in Puerto Rico. The FLSA applies to every employer with an annual business volume in excess of five hundred thousand dollars ($500,000).
As in the United States, the National Labor Relations Act (NLRA) applies in Puerto Rico to covered employers engaged in interstate commerce.
ERISA § 1 022(i)(2) provides that Puerto Rican pension plans may irrevocably elect to be tax-qualified under IRC § 40l(a), and, if they so elect, will be treated as trusts created or organized in the United States for purposes ofiRC § 401 (a) .
The Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) included a new provision for part-time employees. SECURE 2.0 expanded the rules to include Puerto Rico 401(k) only plans that are subject to ERISA.
Your named beneficiary is the person who will receive your pension or survivor benefits (if eligible) in the event of your death. You can change your designation at any time; remember to make changes if you experience a life event , such as getting married or divorced.
ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.
The plan administrator is the person designated to enroll employees and their dependents in insurance plans. Employers can: Contract with a private company to handle enrollments.
Under ERISA, each fund is subject to additional requirements and obligations once more than 25 percent of the fund's assets under management (AUM) are subject to ERISA (the 25 percent threshold).
Your 401(k) plan administrator is typically the employer that sponsors your retirement savings account. The name of this individual or organization will be listed on your retirement account statements.
A 401(k) plan administrator is the entity that oversees the operation of the plan. Unless otherwise named, plan sponsors also serve as the plan administrator (and may also be the plan's Named Fiduciary). Plan sponsors and plan administrators are often the same entity.
