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Release Date: 10/16/2002
Release Number: 02-20
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington, DC - The U.S. Department of Labor’s
Pension and Welfare Benefits Administration (EBSA) today unveiled its first
“Field Assistance Bulletin” to publicize technical guidance provided to its
field enforcement staff. |
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In the course of audits and investigations by EBSA field
enforcement staff, difficult legal issues often arise. In an effort to
provide the regional office staff with prompt guidance, EBSA has developed a new
vehicle for communicating technical guidance from the national office.
Field Assistance Bulletins will ensure that the law is applied consistently
across the various regions. They also will provide the regulated community
with an important source of information about the agency’s views on technical
applications of ERISA. All FABs will be posted on EBSA’s website and be
available to the public. |
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“The vast majority of plan sponsors and service providers
want to satisfy their ERISA obligations, and we want to provide compliance
assistance to make it easy,” said Ann L. Combs, Assistant Secretary for
Pension and Welfare Benefits. “Our enforcement program will be enhanced
if employers, unions and service providers understand the rules.” |
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Secretary of Labor Elaine L. Chao has made compliance
assistance a top Department priority. The FABs are the next step in
EBSA’s continuing compliance assistance program to educate and assist
employers, plan officials, service providers and others in achieving and
maintaining compliance with ERISA. These efforts include working to foster
self-regulation and oversight by offering programs that encourage voluntary
compliance, such as the Voluntary Fiduciary Correction Program and the
Delinquent Filer Voluntary Compliance Program. EBSA’s compliance
assistance program also includes outreach, new educational materials and a
dedicated web page. |
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The first FAB, Field Assistance Bulletin 2002-1,
addresses the fiduciary considerations involved with the refinancing of an ESOP
loan under section 408(b)(3) of ERISA. Field Assistance Bulletin 2002-1, as well
as future bulletins, will be available at www.dol.gov/ebsa
under Compliance Assistance and Laws and Regulations. |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |
