Fil Williams of the DOL's EBSA recently stated at the Mid-Atlantic Benefit Conference on May 5, 2011: “…for those employers to whom the new Section 408(b)(2) rules do apply, responsible plan fiduciaries ultimately will be obligated to terminate contracts or arrangements with service providers that do not comply.”
Even though the DOL has aready postponed the final 408(b)(2) regulations once, they are scheduled to become effective January 1, 2012. This along with the new participant disclosure regulation (effective in November 2011) will make for a busy Thanksgiving, end of year, for retirement plan services providers.
An associate of ours at Unified Trust, Pete Swisher, recently published a column in the ASPPA Summit Newsletter addressing the regulations and six ways to prepare your practice by November. It is available by clicking here.
What is this EBSA?
ReplyDeleteThe Employee Benefits Security Administration (EBSA) is an administrative department within the Department of Labor responsible for the education, assistance, and enforcement of retirement plans for the more than 150 million Americans and 718,000 private retirement plans in the qualified plan system.
ReplyDeleteMore information can be obtained via the Department of Labor's website by clicking the following link:
http://www.dol.gov/ebsa/aboutebsa/main.html