U.S. Labor Department Launches National Education Campaign “Getting It Right—Know Your Fiduciary Responsibilities”

Archived News Release — Caution: Information may be out of date.

WASHINGTON—Secretary of Labor Elaine L. Chao today launched a nationwide campaign to improve workers’ health and retirement security by educating employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA). This is the latest in a series of compliance assistance initiatives by the department’s Employee Benefits Security Administration (EBSA).

“Strong fiduciary oversight and protecting workers’ benefits is our highest priority,” said Secretary Chao. ‘Getting it Right,’ however, can be challenging. This is particularly true for small and medium-sized employers who have limited time, resources and access to professional help with benefit programs. Today, we are announcing a series of educational seminars to help plan sponsors understand the rules and meet their responsibilities to workers and retirees, thereby improving their financial security.”

Seminars are scheduled for Florida, Ohio, Massachusetts and Arizona, beginning in June 2004. The program will emphasize the obligation of plan sponsors and other fiduciaries to:

• Understand the terms of their plans;
• Select and monitor service providers carefully;
• Make timely contributions to fund benefits;
• Avoid prohibited transactions; and
• Make timely disclosures to workers and their beneficiaries and reports to the government

Plan sponsors and other fiduciaries have a solemn responsibility to protect the interests of the workers and retirees in their benefit plans. The department’s program—“Getting It Right—Know Your Fiduciary Responsibilities”—will provide employers and plan officials with an understanding of the law and their responsibilities and will focus on steps for avoiding the most common problems we encounter in our enforcement activities.

The campaign also includes educational materials on topics such as understanding fees and selecting an auditor. These materials and more will be featured on a dedicated Web page for fiduciary education. The publications and information on the upcoming seminars is available electronically at www.dol.gov/ebsa or by calling toll-free 866-444-EBSA (3272). Other free publications concerning federal employee benefits law also are available on EBSA's Web site or by calling the toll-free number.

EBSA is sponsoring the campaign in partnership with the National Federation of Independent Business, the U.S. Chamber of Commerce, the Society for Human Resource Management, the American Institute of Certified Public Accountants, and the U.S. Small Business Administration.

The Department of Labor has a sound bite available online in two formats at http://www.dol.gov/opa/media/audio/ 

Archived News Release — Caution: Information may be out of date.