Employee Benefits Security Administration

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Employee Benefits Security Administration

An agency under the U.S. Department of Labor responsible for enforcing the Employee Retirement Income Security Act. Specifically, EBSA enforces a number of regulations designed to ensure that employers and other involved parties do not misuse the funds entrusted to them in retirement accounts. Among other provisions, EBSA requires retirement account managers to provide information to account holders on a regular basis. It also enforces standards for managers' use of discretionary authority. Until 2003, EBSA was known as the Pension and Welfare Benefits Administration, and before 1986 it was the Pension and Welfare Benefits Program.
References in periodicals archive ?
The nonprofit does not have to fill out EBSA Form 700 and send it to its insurance company.
Concentrating on the DB comparison (Figure 13C), the first impression may be that the EBSA numbers do not square well with the current study.
It includes an examination of the structure and functions of the EBSA and covers civil and criminal enforcement, ESBA enforcement projects, party-in-interest transactions, investment fees, self-dealing, kickbacks and fiduciary duties.
The challenge provided to the international community by section 303 of the EBSA is a daunting one.
EBSA, FORM 5500 DIRECT FILING ENTITY BLLETIN: ABSTRACT OF 2008 FORM 5500 ANNUAL REPORTS (Mar.
A plan or applicant is not under investigation merely because the EBSA has contacted the plan, applicant or plan sponsor about a participant complaint, unless the complaint involves a transaction that is the subject of the VFC Program application.
EBSA has been pursuing an aggressive enforcement project by investigating the timing of employer payments into benefit plans and vigorously pursuing recoveries of diverted contributions and earnings, Cummings says.
Under the accommodation now offered in the Affordable Care Act, any religious corporation objecting to the contraceptive mandate can defer to its insurance company to provide contraceptives at no cost to the employer by filling out EBSA Form 700 and sending it to the insurance company.
EBSA reports as many as 75 percent of 401(k) plans that it audits are out of compliance.
The new election will obviously produce for us a new secretary of Labor and a new assistant secretary in EBSA, and obviously a new president.
Auerbach, Chief, Division of Accounting Services, EBSA at 202/693-8363 or by e-mail at auerbach.
EBSA works to safeguard the economic interest of more than 150 million people who participate in an estimated 6 million employee benefit plans with assets in excess of $4.