DOL Provides Guidance on Fiduciary Duties
The Department of Labor's Employee Benefits Security Administration (EBSA), recently announced guidance on the duties of employee benefit plan fiduciaries in light of alleged abuses involving Bernard L. Madoff Investment Securities LLC.
The department is providing guidance to fiduciaries, investment managers, and other investment service providers to plans who believe they may have exposure to losses on investments with entities related to the Madoff firm.
The guidance also provides steps that can be taken to assess and protect the interests of plans, participants, and beneficiaries under the Employee Retirement Income Security Act (ERISA).
The guidance is available on EBSA's Web site at www.dol.gov/ebsa under Compliance Assistance.