Benefits experts weigh in on pension oversight, fiduciary responsibilities
Employee Benefit News, August, 2007 by Lydell C. Bridgeford
This article is a follow-up to a story in the June 1 EBN, which detailed a Government Accountability Office report urging Department of Labor officials to improve staff retention and toughen up pension plan oversight. The article is available at BenefitNews.com.
The Employee Benefits Security Administration probably doesn't capture the public's attention with the same intensity as the Internal Revenue Service. However, the agency - which ensures proper management of the nation's approximately 30,000 pensions covering some 16 million workers - still carries considerable weight.
EBSA is charged with flagging fiduciaries that violate ERISA laws when they embezzle plan funds, make poor investment decisions, keep faulty records, inadequately notify workers about major...
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