Pensions are a vital source of retirement income for most Americans. According to the Department of Labor, America's private sector pension and retirement savings system includes approximately 730,000 plans with assets totaling close to $4.9 trillion and covering more than 100 million participants. The Department of Labor's Employee Benefits Security Administration (EBSA) is the primary agency responsible for protecting private pension plan participants and beneficiaries from the abuse or theft of their pension assets by enforcing the Employee Retirement Income Security Act of 1974. Because private sector pensions are second only to Social Security in providing individuals' retirement income, effective oversight of the private pension industry's management of these assets is critical to ensure the economic security of workers, retirees, and their families. Yet, the ESBA has been criticized for failure in protecting the people from fiduciary interests, as well as for its lack of enforcement in compliance issues.
(GAO) (PDF)
Benefits Groups Call For Certain Changes In EBSA’s Proposed Regs On 401(k) Plan Fee Disclosure (Spencer's Benefits Reports)
Pensions are a vital source of retirement income for most Americans. According to the Department of Labor, America's private sector pension and retirement savings system includes approximately 730,000 plans with assets totaling close to $4.9 trillion and covering more than 100 million participants. The Department of Labor's Employee Benefits Security Administration (EBSA) is the primary agency responsible for protecting private pension plan participants and beneficiaries from the abuse or theft of their pension assets by enforcing the Employee Retirement Income Security Act of 1974. Because private sector pensions are second only to Social Security in providing individuals' retirement income, effective oversight of the private pension industry's management of these assets is critical to ensure the economic security of workers, retirees, and their families. Yet, the ESBA has been criticized for failure in protecting the people from fiduciary interests, as well as for its lack of enforcement in compliance issues.
(GAO) (PDF)
Benefits Groups Call For Certain Changes In EBSA’s Proposed Regs On 401(k) Plan Fee Disclosure (Spencer's Benefits Reports)
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