DOL Announces Two Know Your Fiduciary Responsibilities Seminars

The Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) is holding two additional “Getting It Right—Know Your Fiduciary Responsibilities” seminars, with the first one taking place in Detroit on June 5 and the second in Wilmington, Delaware, on June 25.

They are designed to increase plan sponsors’ and advisers’ awareness and understanding about basic fiduciary responsibilities when operating a retirement plan. The DOL says, “Strong fiduciary oversight and protecting workers’ benefits is one of the highest priorities of the U.S. Department of Labor. The best way to protect workers’ benefits is by preventing problems before they start.” The DOL notes this can be particularly challenging for sponsors of small plans, which have limited time, resources and access to professional help.

Each 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.

DOL officials and IRS representatives will be making the presentations.

The link to register for the Detroit seminar is here, and the link to view the agenda is here. The link to register for the Wilmington seminar is here and to view the agenda is here.