[Code of Federal Regulations]

[Title 29, Volume 9]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 29CFR2520.104-24]



[Page 443-444]

 

                             TITLE 29--LABOR

 

 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF 

                                  LABOR

 

PART 2520_RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE--Table of 

Contents

 

    Subpart D_Provisions Applicable to Both Reporting and Disclosure 

                              Requirements

 

Sec.  2520.104-24  Exemption for welfare plans for certain selected 

employees.



    (a) Purpose and scope. (1) This section, under the authority of 

section 104(a)(3) of the Employee Retirement Income Security Act of 

1974, exempts unfunded or insured welfare plans maintained by an 

employer for the purpose of providing benefits for a select group of 

management or highly compensated employees from the reporting and 

disclosure provisions of part 1 of title I of the Act, except for the 

requirement to provide plan documents to the Secretary of Labor upon 

request under section 104(a)(1) of the Act.

    (2) Under section 104(a)(3) of the Act, the Secretary is authorized 

to exempt by regulation any welfare benefit plan from all or part of the 

reporting and disclosure requirements of title I of the Act.

    (b) Exemption. Under the authority of section 104(a)(3) of the Act, 

each employee welfare benefit plan described in paragraph (c) of this 

section is exempted from the reporting and disclosure provisions of part 

1 of title I of the Act, except for providing plan documents to the 

Secretary of Labor upon request as required by section 104(a)(6).



[[Page 444]]



    (c) Application. This exemption is available only to employee 

welfare benefit plans:

    (1) Which are maintained by an employer primarily for the purpose of 

providing benefits for a select group of management or highly 

compensated employees, and

    (2) For which benefits (i) are paid as needed solely from the 

general assets of the employer, (ii) are provided exclusively through 

insurance contracts or policies, the premiums for which are paid 

directly by the employer from its general assets, issued by an insurance 

company or similar organization which is qualified to do business in any 

State, or (iii) both.



[40 FR 34533, Aug. 15, 1975, as amended at 67 FR 776, Jan. 7, 2002]