On Wednesday, June 24, 2009, the Department of Labor (“DOL”) is sponsoring a free retirement plan compliance assistance seminar for businesses entitled, “Getting It Right: Know Your Fiduciary Responsibilities.” The seminar, which is scheduled for 8:30 a.m. to 4:30 p.m., will be held downtown at the Ralph H. Metcalfe Federal Building, Morrison Conference Room, 77 W. Jackson Boulevard. The seminar is free and open to the first 200 registrants.
Representatives from the DOL are scheduled to review and answer questions regarding fiduciary responsibilities, discuss reporting and disclosure requirements, and review the DOL’s voluntary plan correction programs. Additionally, a representative from the IRS is scheduled to discuss common plan mistakes and the methods available to correct such mistakes. As the DOL states in the seminar brochure and as we have stressed many times, “strong fiduciary oversight is one of the highest priorities of the DOL.” Further, “getting it right” means (1) understanding your plan and your responsibilities, (2) carefully selecting and monitoring service providers, (3) making employee contributions on time, (4) avoiding prohibited transactions, (5) making appropriate disclosures to plan participants and (6) filing annual reports on time.