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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.