The DOL says 77% of 401(k) plans are non-compliant in some form.
At a recent conference John Carl president of the Retirement Learning Center discussed the increased enforcement efforts. While 2009 was a bad year for the economy, Carl said, it wasn’t so bad for DOL — it added 997 employees that year — with 70% of those employees added to its enforcement division. The department’s Employee Benefits Security Administration (EBSA), for instance, saw a 28% budget increase in 2009, and EBSA added 29 enforcement personnel.
The IRS is coming.
Please comment or call to discuss how this could affect you and your organization.
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