
04 0094 DOC Dol Form
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People also ask
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What are the exemptions under ERISA?
ERISA exempts only two types of employers: Employee benefit plans maintained by governmental employers are exempt from ERISA's requirements. This exemption includes plans maintained by the federal, state or local (for example, a city, county or township) governments. Church plans are also exempt from ERISA.
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What does ERISA not apply to?
There are four main exceptions to ERISA. ERISA does not apply to plans offered by government employers and entities, unfunded excess benefit plans, plans maintained outside the United States, and plans established by religious organizations that do not irrevocably opt into ERISA.
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Which of the following types of employer plans are exempt from most or all ERISA provisions?
Government Plans: Plans established or maintained by federal, state, or local governments for their employees are generally exempt from ERISA.
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What transactions are prohibited under ERISA?
Prohibited transactions A sale, exchange, or lease between the plan and party-in-interest; Lending money or other extension of credit between the plan and party-in-interest; and. Furnishing goods, services, or facilities between the plan and party-in-interest.
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What does DOL mean in payroll?
U.S. Department of Labor (DOL) The Department of Labor (DOL) administers federal labor laws to guarantee workers' rights to fair, safe, and healthy working conditions, including minimum hourly wage and overtime pay, protection against employment discrimination, and unemployment insurance.
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What is the ERISA service provider exemption?
The Service Provider Exemption applies to the following types of transactions: (1) the sale, exchange or lease of property between a plan and a party in interest; (2) lending or money or other extension of credit between a plan a party in interest; or (3) the transfer to, or use by or for the benefit of, a party in ...
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What is the ERISA exclusion?
A failure to fund in ance with ERISA exclusion is a standard exclusion in fiduciary liability policies that precludes coverage for claims alleging failure to fund in ance with the guidelines prescribed by the Employee Retirement Income Security Act (ERISA).
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What are prohibited transaction exemptions?
The Department of Labor's (“DOL”) prohibited transaction exemption procedures provide an opportunity for plan sponsors, service providers, industry groups, or others to apply for permission to engage in a variety of transactions involving employee benefit plans covered by the Employee Retirement Income Security Act of ...
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