The Department of Labor (DOL) has issued a final rule,
effective March 11, 2024, to help employers determine if a worker is considered
an employee or independent contractor under the Fair Labor Standards Act
(FLSA). The rule only affects a worker’s status under FLSA and doesn’t directly
apply to ERISA. The worker’s status under the FLSA standard may impact who can
join an employer-sponsored retirement plan. Employers must still consider the
existing IRS standard to determine a worker’s status for tax purposes. Read more.
Vanguard Retirement Plan Access™ Quarterly
