Pension Plans: Stronger Labor ERISA Enforcements Should Better Protect Plan Participants
DIANE Publishing, 1995 - 51 pages
Discusses the need to improve the Labor Dept1s. enforcement strategy, the methodology for targeting pension and welfare plans for investigation, and the use of penalties to increase ERISA compliance. 2 tables.
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agencies Area office officials assess penalties Assistant Secretary computer targeting programs conversion rate Cuba dollar recoveries enforcement activities enforcement efforts enforcement strategy ENTER NUMBER ERISA Targeting September erisa violations fewer fiduciary or knowing fiduciary penalty fiduciary violations financial institutions Form 5500 series GAO Letter GAO/HRD-93-34R ERISA Targeting highest-ranking plans identify plans individuals indicted Internal Revenue Service Investigations initiated investigative resources Letter to Assistant Mail Questionnaire monetary recoveries multivariate analysis number of plans participants impacted Penalty assessment letters Pension and Welfare pension plans percent plans for investigation plans identified plans to test program year 1993 prohibited transaction PWBA Area Offices PWBA believes pwba headquarters quantitative indicators Questionnaire to PWBA randomly select plans recommendations Referral involved Results of Mail Robert Brady Secretary for Pension service providers settlement agreement seven area offices significant issue strategy staff target plans test programs test results U.S. Attorney violate ERISA Welfare Benefits Administration welfare plans
Page 18 - House and Senate Committees on Appropriations with the agency's first request for appropriations made more than 60 days after the date of the report. We are providing copies of this report to the Chairman
Page 23 - accordance with generally accepted government auditing standards. However, we did not independently verify all
Page 44 - the Department of Labor's enforcement of the Employee Retirement Income Security Act
Page 4 - a penalty up to 5 percent of the prohibited transaction and up to 100 percent if the transaction is not corrected within 90 days. Labor must, with certain exceptions, assess a penalty against a fiduciary or any person who knowingly participated in a fiduciary breach that occurred
Page 12 - be assessed only against fiduciaries or knowing participants in a breach who, by court order or settlement agreement, restore plan assets.
Page 4 - penalties against the violators. Labor may assess a penalty of up to $1,000 per day against a plan administrator who fails or refuses to file a
Page 3 - strategy is to achieve the greatest possible ERISA compliance by using resources effectively. PWBA believes that investigations of significant issue cases have a broader impact than investigations of individual cases because
Page 2 - PWBA has done little to assess the effectiveness of computer targeting programs developed to systematically select pension and welfare plans for investigation of potential fiduciary violations.