The Workflex in the 21st Century Act: Some of the Details
Michael Haberman, 02/07/18
On January 30, I wrote What is the Workflex in the 21st Century Act? as an introduction to a bill in the House of Representatives that the Society for Human Resources Management (SHRM) is supporting. I think is certainly worthy of consideration by employers. If you have not read my overview of the bill click on the link above and see what you think. In this post, I am going to fill in some of the detail.
Amendment to ERISA
ERISA, or the Employee Retirement Income Security Act, “…protects the retirement assets of Americans by implementing rules that qualified plans must follow to ensure plan fiduciaries do not misuse plan assets. Under ERISA, plans must provide participants with information about plan features and funding, and furnish information regularly and free of charge.” (According to Investopedia.) It is the law that defines what a plan must do to be “qualified”, which basically says the plan must be for the benefit of the employees. The main purpose of the Workflex Act is to set up a Qualified Flexible Workplace Arrangement (QFWA) plan.
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