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.
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References in periodicals archive ?
The proposed templates and the current templates are available on the EBSA website.
Phyllis Borzi, assistant secretary for EBSA, has remained steadfast in her determination to include IRAs in the fiduciary duty redraft.
The Employee Benefits Security Administration's (EBSA) investigators or auditors often arrange service by prior telephone conversation or through the individual's or entity's legal counsel.
EBSA investigators found that Moates had embezzled $150,000 from an employee benefit plan sponsored by a pool company.
EBSA provides a hotline (866444-3722) for reporting parity violations.
Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) and the FBI has led to prison sentences for two former officials of First Farmers Financial LLC (FFF) in Orlando, Florida.
Phyllis Borzi, the former head of EBSA during the Obama administration and architect of the fiduciary rule, told IA that she worries Labor, in revising the rule, "will render the [fiduciary] standard unenforceable either directly or by deferring to a weak and unenforced (or unenforceable) SEC rule that is called a Cybest-interest' standard but is really a Cysuitability light' standard."
"It is difficult for the work on the fiduciary rule to move forward without political leadership" at EBSA and without a full SEC, said Fred Reish, partner at Drinker Biddle & Reath in Los Angeles.
EBSA drafted the class exemption to flesh out the final version of the DOL fiduciary rule, which came out in April 2016.
On the occasion of the 2016 IBSF World Snooker Championship, which will be held in Sharm El-Sheikh on 20 July, Daily News Egypt met with Vice President of the International Billiards and Snooker Federation (IBSF) and Chairperson of the European Billiards and Snooker Association (EBSA) Maxime Cassis to discuss the sport and the his expectations for the championship.
EBSA's review found that 61 percent of audits complied with professional auditing standards or had only minor deficiencies under professional standards.