According to the Department of Labor, 401(k) plan sponsors aren't complying with ERISA standards adequately.
Of the plans audited by the DOL last year, 75 percent resulted in sponsors being fined, penalized or forced to make reimbursements for errors. The average fine was $600,000, a jump from $150,000 just four years ago.
The financial crisis of 2008 casts a long shadow. Since then, DOL's added 1,000 enforcement officials to ensure 401(k) plan compliance.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
