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The U.S. Department of Labor’s Pension and Welfare Benefits Administration has changed its name to the Employee Benefits Security Administration, or EBSA. The EBSA will assume the former PWBA’s responsibilities of administering private-sector retirement, health, and other employer-based benefit programs. Visit the EBSA’s website.
We earlier reported on a new program that makes it easier for employers and benefit plan officials to voluntarily correct certain employee benefit plan violations and avoid enforcement actions and penalties. Now, the Department of Labor’s Pension and Welfare Benefits Administration has released guidance with FAQs about the VFCP program and useful hypothetical examples. The […]
The U.S. Department of Labor’s Pension and Welfare Benefits Administration (PWBA) has just released its new enforcement strategy to ensure that pension plans comply with ERISA. The main target: defined contribution programs, particularly 401(k) plans. This means you could be hit with hefty penalties for pension plan administration errors, such as delinquent employee contributions and […]
As part of its ongoing ERISA enforcement, the Pension and Welfare Benefits Administration recently investigated Walnut, Calif.-based Avacon Corporation’s 401(k) ERISA compliance. As a result of the investigation, the PWBA filed acomplaint, charging that four Avacon plan officials and trustees had failed to forward employee contributions to the plan in a timely fashion. During the […]