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Compliance February 20, 2019
DOL to Hold Fiduciary Responsibilities Seminar in Portland
In addition, the agency is holding a three-day webcast series in March.
Reported by Lee Barney
The Department of Labor (DOL) Employee Benefits Security Administration’s (EBSA)’s next “Getting It Right—Know Your Fiduciary Responsibilities” seminar will be held in Portland, Oregon, on April 10.
It is designed to increase plan sponsors’ and advisers’ awareness and understanding about basic fiduciary responsibilities when operating a retirement plan. The DOL notes this can be particularly challenging for sponsors of small plans, as these employers have limited time, resources and access to professional help.
The seminar will cover:
- Understanding your plan and your responsibilities;
- Carefully selecting and monitoring service providers;
- Making contributions on time;
- Avoiding prohibited transactions; and
- Making appropriate disclosures to plan participants and filing annual reports to the government on time.
The agenda includes several DOL officials speaking on fiduciary responsibilities and well as a representative from the IRS who will address common mistakes and IRS correction programs.
More information and a link to register is here. The agenda is here.
In addition, EBSA has announced a “Getting It Right—Know Your Fiduciary Responsibilities” webcast series that will be held March 12 through March 14.