Introduction to DOL probes for ERISA plan service providers

By Michael Kreps, George Sepsakos and Arsalan Malik (October 7, 2021, 4:01 p.m. EDT) – The US Department of Labor has proactively shifted its enforcement resources in recent years from plan sponsors covered by the Safety Act employee retirement income. to financial institutions that provide services to ERISA plans.[1] This allowed the agency to investigate hundreds or thousands of plans at a time rather than investigating individual plan sponsors.

The DOL originally targeted fiduciary providers, such as investment advisers, investment managers and trustees. But the agency devoted more time and resources to non-fiduciary providers such as archivists.

Given this change, it’s important to know both what to expect when the …

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