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If you are at this page, "DOL Enforcement," something
must be worrying you. Perhaps you are a fiduciary of a plan who
made a little, or even a big mistake and you are trying to "correct" the
problem. Maybe you have been contacted by the DOL, or a
participant. You might even have been contacted by a financial
service provider who has warned you that your current fiduciary
practices are "flawed" and putting you at risk of fiduciary liability or
DOL action. Unfortunately the "fiduciary scare tactic" has become
a common marketing practice for investment advisors and others whose
"black box" is better than the incumbent who is serving you, or
certainly better than anything that you have done on your own without
"expert" advice. At ERISA.com, we do not have a proverbial "dog in
the hunt." We don't sell investment advice and we can give you an
unbiased opinion on what risks you are running, if any, in your role as
an ERISA fiduciary.
Give ERISA.com a call for unbiased fiduciary risk assessment.
Call Mike Hughes at 727-460-2919 if you
have been "spooked" by an ERISA fiduciary vendor. Most likely
you'll sleep better after you talk to us. |
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The Employee Benefits Security Administration published this manual
solely for the internal administrative use of its employees. This manual
does not restrict or limit in any way the Employee Benefits Security
Administration's discretion in carrying out responsibilities imposed on
the Secretary of Labor by the Employee Retirement Income Security Act.
Nothing in this manual is intended to be an interpretation of law or
regulation or to serve as guidance for persons outside the Department of
Labor. Nor does this manual confer on any person, including one who is
the subject of an Employee Benefits Security Administration
investigation or enforcement action, a right to rely on any policy or
procedure stated herein, or otherwise create any other substantive or
procedural rights.
EBSA Enforcement
Manual |
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The Consultant/Adviser Project (CAP) focuses on the
receipt of improper or undisclosed compensation by employee benefit plan
consultants and other investment advisers. EBSA’s investigations will
seek to determine whether the receipt of such compensation, even if it
is disclosed, violates ERISA because the adviser/consultant used its
position with a benefit plan to generate additional fees for itself or
its affiliates. When ERISA violations are uncovered, EBSA will seek
corrective active for past violations as well as prospective relief to
deter future violations. EBSA may also need to investigate individual
plans to address such potential violations as failure to adhere to
investment guidelines and improper selection or monitoring of the
consultant or adviser. The CAP will also seek to identify potential
criminal violations, such as kickbacks or fraud.
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The Office of Enforcement oversees the administration of the Voluntary
Fiduciary Correction Program (VFCP), a voluntary program intended to
protect the financial security of workers through the identification and
correction of transactions that violate Part 4 of Title I of ERISA.
Applications to the VFCP should be mailed to the appropriate EBSA
office.
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Information provided by plan participants and
beneficiaries is an important source on which EBSA relies for developing
investigations. Complaints are often the agency's first indications of
problems with a pension or health and welfare plan. If you believe that
there is a problem with your plan, we want to know about it. Please
contact the EBSA office nearest you. You may also reach us by calling
our toll-free number 1.866.444.3272 or by submitting your complaint
electronically at askebsa.dol.gov.
If you are complaining about being denied a benefit
from an employee benefit plan, you should make an application through
your plan’s normal claims procedures before contacting us. When you
contact us, a Benefits Advisor will attempt to answer your questions and
resolve your complaint with the plan administrator informally. If your
application has been denied, we will intervene on your behalf where
there is reason to believe you are entitled to benefits. Such
intervention will be informal and generally will not include litigation
on behalf of any individual.
If your complaint involves a plan-wide violation of
ERISA and the Benefits Advisor is unable to resolve the matter
informally, a formal investigation may be opened. In these
circumstances, it is our policy to contact the complainant on a
quarterly basis to advise that the complaint is being addressed. In
order to maintain the independence and integrity of the investigative
process, EBSA does not discuss the status of an on-going investigation
with a complainant.
Annual Returns/Reports of Employee Benefit Plans
(Form 5500 Returns) provide financial and operational information. They
should be provided by plan administrators, and help participants and
beneficiaries police their plans. If you have any problem obtaining
copies of your plan’s Annual Return or other plan documents, please
contact the ERISA Public Disclosure Room. If you believe that your plan
did not file an Annual Return (or that the information provided on your
Annual Return is not accurate), please contact EBSA's Office of the
Chief Accountant at 202.219.8360. If you have any technical questions
concerning ERISA, call 1.866.444.3272 or submit your inquiry
electronically at askebsa.dol.gov.
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