|
|
| |
The Role of the Labor Department in Regulating Retirement Plans |
|
|
|
|
|
From : U.S. Department of Labor
Personal Finance >
|
|
The Department of Labor enforces Title I of ERISA, which, in part, establishes participants’ rights and responsibilities and fiduciaries’ duties. However, certain plans are not covered by the protections of Title I. They are:
-
Federal, State, or local government plans, including plans of certain international organizations.
-
Certain church or church association plans.
-
Plans maintained solely to comply with State workers’ compensation, unemployment compensation, or disability insurance laws.
-
Plans maintained outside the United States primarily for nonresident aliens.
-
Unfunded excess benefit plans - plans maintained solely to provide benefits or contributions in excess of those allowable for tax-qualified plans.
The Labor Department’s Employee Benefits Security Administration is the agency charged with enforcing the rules governing the conduct of plan managers, investment of plan assets, reporting and disclosure of plan information, enforcement of the fiduciary provisions of the law, and workers’ benefit rights and responsibilities.
|
Sources of Plan Information
|
|
Type of Document
|
Who You Can Get It From
|
When You Can Get It
|
Your Cost
|
|
Summary Plan Description (SPD): This summary of your retirement plan tells you what the plan provides and how it operates.
|
Plan Administrator
|
Upon written request
|
Reasonable Charge
|
|
Automatically within 90 days after you become covered under the plan
|
Free
|
| |
Automatically every 5 years if your plan is amended
|
Free
|
| |
Automatically every 10 years if your plan has not been amended
|
Free
|
|
Department of Labor
|
Upon Request
|
Copying Charge
|
|
Summary of Material Modifications (SMM): This summarizes material changes to your plan.
|
Plan Administrator
|
Automatically within 210 days after the end of the plan year for which the plan has been amended or modified (distribution of a revised SPD satisfies this requirement)
|
Free
|
|
|
Department of Labor
|
Upon Request
|
Copying Charge
|
|
Summary Annual Report: This summarizes the annual financial reports that most retirement plans file with the Department of Labor.
|
Plan Administrator
|
Automatically within 9 months after the end of the plan year, or 2 months after the due date for filing the annual report
|
Free
|
|
Annual Report (Form 5500 Series): Annual financial reports that most retirement plans file with the Department of Labor.
|
Plan Administrator
|
Latest annual report upon written request
|
Reasonable Charge
|
|
|
Department of Labor
|
Upon Request
|
Copying Charge
|
|
Individual Benefit Statement: A statement describing your total accrued and vested benefits is required to be provided by ;most retirement plans.
|
Plan Administrator
|
Upon written request once every 12 months
|
Free
|
|
Documents and Instructions under which the plan is established or operated: This includes, for example, the plan document, collective bargaining agreement, trust agreement, SPD, SMM, and latest annual report .
|
Plan Administrator
|
Upon written request
|
Reasonable Charge
|
|
|
|
Available for Inspection upon request
|
Free
|
|
Notice to Participants in Underfunded Plans. Generally, single-employer pension plans that are less than 90% funded must give you notice reporting the finding level of the plan describing the and limits on PBGC's guarantees.
|
Plan Administrator
|
Within 2 months after the due date for filing the annual report
|
|
|
|
|
|
|
|
 |
Keywords |
|
|
|
|
|
