Keyword: financial services provider

DOL Enforcement Update

According to a recent study by Alliance Bernstein, only 63% of all plan sponsors consider themselves to be plan fiduciaries. The cases summarized below highlight the DOL’s commitment to a rigorous enforcement of the law and underscore the need for competent guidance on ERISA compliance. While proactive retirement plan advisors are leveraging new challenges to create opportunities (e.g., educating plan sponsors on requirements, assisting with the implementation and maintenance of policies and procedures, supporting document retention and compliance reporting, etc.), many financial professionals lack the experience or commitment to assist in this regard. Because most plan sponsors rely upon their financial advisor for guidance, he/she may be interviewed as part of the DOL’s investigation.   Read More