SAN DIEGO — A better understanding of how employers can better understand and comply with rules and regulations governing employer-sponsored 401(k) plans was the topic of discussion at a recent seminar from the Department of Labor.
Representatives from credit unions were among the attendees at the session sponsored by The Foundation for Fiduciary Studies, an investment fiduciary and best practices advocacy group.
Alan Weiss, associate regional director for the Los Angeles Regional Office of the U.S. Department of Labor was one of several panelists during the October session. Among the items discussed was 401(k) fiduciary compliance issues including the DOL's expectations of plan sponsors, DOL voluntary correction programs, understanding, monitoring and disclosing plan fees, preparing for a DOL audit, amendments to the 2006 Pension Protection Act (PPA) and avoiding 401(k) litigation.
Michelle Pagni, human resources director for Point Loma Credit Union, said the seminar "was the most valuable 401(k) training session that I have attended."
"In my opinion, it was a don't miss event because of the information that was shared about PPA, DOL and 401(k) compliance," Pagni said. "We've learned more from these annual seminars than we have from any other education tool at our disposal."
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