The U.S. Department of Labor
Posted by
npocpas1
–
npocpas1
–
We are looking forward hosting a free Pension Symposium next Wednesday, October 28. The symposium is presented by the United States Department of Labor, so we want give them an introduction here.
The mission of the United States Department of Labor is, “To foster, promote, and develop the welfare of the wage earners, job seekers, and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.”
As a branch of the Department of Labor, the Employee Benefits Security Administration (EBSA) acts to support this larger mission. The EBSA “is committed to educating and assisting the 143 million workers, retirees and their families covered by approximately 681,000 private retirement plans, 2.3 million health plans, and similar numbers of other welfare benefit plans holding approximately $8.7 trillion in assets; as well as plan sponsors and members of the employee benefits community. EBSA balances proactive enforcement with compliance assistance and works diligently to provide quality assistance to plan participants and beneficiaries. It is the policy of EBSA to provide the highest quality of service to its customers.” In short, they act in support of those who will need to be knowledgeable about retirement and the pathways to properly get there.
“EBSA's goal in providing direct assistance is to raise the knowledge level of plan participants and beneficiaries, plan sponsors, service providers and other interested parties and to ensure that they have access to available plan documents filed with the Department of Labor.
This enables participants to better understand and exercise their rights under the law and, when possible, to recover any benefits to which they may be entitled. This also allows plan administrators and practitioners the opportunity to better understand and comply with the law.”
The EBSA believes that, “getting it right means understanding your plan and your responsibilities, carefully selecting and monitoring service providers, making contributions on time, providing appropriate disclosures to plan participants and filing annual reports to the government on time, and avoiding prohibited transactions.”
(All information taken from the Department of Labor website. Find more information at http://www.dol.gov/ebsa/aboutebsa/main.html)
The mission of the United States Department of Labor is, “To foster, promote, and develop the welfare of the wage earners, job seekers, and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.”
As a branch of the Department of Labor, the Employee Benefits Security Administration (EBSA) acts to support this larger mission. The EBSA “is committed to educating and assisting the 143 million workers, retirees and their families covered by approximately 681,000 private retirement plans, 2.3 million health plans, and similar numbers of other welfare benefit plans holding approximately $8.7 trillion in assets; as well as plan sponsors and members of the employee benefits community. EBSA balances proactive enforcement with compliance assistance and works diligently to provide quality assistance to plan participants and beneficiaries. It is the policy of EBSA to provide the highest quality of service to its customers.” In short, they act in support of those who will need to be knowledgeable about retirement and the pathways to properly get there.
“EBSA's goal in providing direct assistance is to raise the knowledge level of plan participants and beneficiaries, plan sponsors, service providers and other interested parties and to ensure that they have access to available plan documents filed with the Department of Labor.
This enables participants to better understand and exercise their rights under the law and, when possible, to recover any benefits to which they may be entitled. This also allows plan administrators and practitioners the opportunity to better understand and comply with the law.”
The EBSA believes that, “getting it right means understanding your plan and your responsibilities, carefully selecting and monitoring service providers, making contributions on time, providing appropriate disclosures to plan participants and filing annual reports to the government on time, and avoiding prohibited transactions.”
(All information taken from the Department of Labor website. Find more information at http://www.dol.gov/ebsa/aboutebsa/main.html)
| Free forum by Nabble | Edit this page |