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.
A forum to discuss all issues pertaining to qualified retirement plans; including 401(k), profit sharing, defined contribution, defined benefit and employee benefits. Included will be fiduciary responsibility and liability, ERISA Sections 3(21) and 3(38), Fee Disclosure, fiduciary delegation, discretionary trustees, participant education, plan governance, Defined Goal investing, mutual funds, collective funds (CIFs), ETFs, Asset Allocation Models, Target Date/Risk and glide paths.
Thursday, May 19, 2011
Strong Words from EBSA Regarding 408(b)(2) Compliance
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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