Past Assistant Secretary of the Department of Labor Lisa Gomez offered some good advice for retirement plan fiduciaries on how to stay off the DOL’s enforcement radar while speaking on a panel at the Qualified Plan Fiduciary Summit in Overland Park, Kan., on Tuesday.
Don’t screw up the basics!
During a keynote session titled, “Legislation and Fiduciary Frontlines: What Plan Sponsors Need to Know Now,” moderator Scott Liggett, Director of ERISA Oversight for Prime Capital Financial, asked Gomez about fiduciary red flags that would get the DOL’s attention.
“Red flags that we saw as regulators were usually getting down to the basics. Just areas in which plan sponsors were missing kind of the basics when it comes to filing 5500s, doing other types of disclosures that were incomplete,” said Gomez, who served as EBSA Secretary under the Biden administration. “If there were smaller issues, I was thinking that where there’s smoke, there’s fire.”
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