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Campaign
Partners
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Secretary of Labor Elaine L. Chao launched a
nationwide campaign to improve workers' health and retirement security by
educating employers and service providers about their fiduciary
responsibilities under the Employee Retirement Income Security Act
(ERISA). This is the latest in a series of compliance assistance
initiatives by the Department's Employee Benefits Security Administration
(EBSA). |
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Plan sponsors and other fiduciaries have a solemn
responsibility to protect the interests of the workers and retirees in their
benefit plans. The Department's program - "Getting It Right - Know Your
Fiduciary Responsibilities" - will provide employers and plan officials with an
understanding of the law and their responsibilities and will focus on steps for
avoiding the most common problems EBSA encounters in its enforcement
activities. |
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The program will emphasize the obligation of plan
sponsors and other fiduciaries to: |
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Upcoming Seminar
Locations |
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Previous Seminar
Locations |
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Burlington, MA
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Columbus, OH
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Kansas City, MO
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Miami, FL
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Philadelphia,
PA
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Phoenix, AZ
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Understand the terms of their
plans;
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Select and monitor service
providers carefully;
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Make timely contributions to
fund benefits;
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Avoid prohibited transactions;
and
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Make timely disclosures to
workers and their beneficiaries and reports to the government.
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The Fiduciary Education Campaign includes
nationwide educational seminars to help plan sponsors understand rules and meet
their responsibilities to workers and retirees, thereby improving their
financial security. The campaign also includes educational materials on
topics such as understanding fees and selecting an auditor. EBSA is
sponsoring the campaign in partnership with the Society of Human Resource
Management, the National Federation of Independent Business, the U.S. Chamber
of Commerce, the American Institute of Certified Public Accountants, and the
U.S. Small Business Administration. |
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Meeting Your Fiduciary
Responsibilities - To meet their responsibilities as plan sponsors,
employers need to understand some basic rules, specifically the Employee
Retirement Income Security Act (ERISA). ERISA sets standards of conduct
for those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the law.
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Understanding Retirement Plan
Fees And Expenses - This booklet will help retirement plan sponsors
better understand and evaluate their plan's fees and expenses. While the
focus is on fees and expenses involved with 401(k) plans, many of the
principles discussed in the booklet also will have application to all types of
retirement plans.
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401(k) Plan Fee Disclosure Tool - A form
that provides employers with a handy way to make cost-effective decisions and
compare the investment fees and administrative costs of competing providers of
plan services.
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Selecting An Auditor For Your
Employee Benefit Plan - Federal law requires employee benefit plans with
100 or more participants to have an audit as part of their obligation to file
the Form 5500. This booklet will assist plan administrators in selecting
an auditor and reviewing the audit work and report.
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Reporting and Disclosure Guide for Employee
Benefit Plans - This guide is intended to be used as a quick reference
tool for certain basic reporting and disclosure requirements under
ERISA.
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The Voluntary Fiduciary Correction Program (VFCP)
is designed to encourage employers to voluntarily comply with ERISA by
self-correcting violations of the law. Workers can benefit from the program as
a result of the increased retirement security associated with restoration of
plan assets and payment of additional benefits. The program also will help plan
officials understand the law. In addition, the Department is giving applicants
immediate relief from payment of excise taxes under a class exemption.
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The Delinquent Filer Voluntary Compliance Program
(DFVC) is designed to encourage voluntary compliance with the annual reporting
requirements under ERISA. The program gives delinquent plan administrators a
way to avoid potentially higher civil penalty assessments by satisfying the
program’s requirements and voluntarily paying a reduced penalty amount. To
increase incentives for delinquent plan administrators to voluntarily comply,
the Department reduced penalties and simplified the rules governing
participation in the program. |
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