Collecting Delinquent Contributions

According to SunGard Relius, "Recent Department of Labor (DOL) investigations have revealed agreements which attempt to relieve financial institutions acting as plan trustees of any responsibility for collecting delinquent employer and employee contributions.  The investigations also revealed plan and trust document which are silent or ambiguous as to the responsibility for collecting delinquent contributions.  In response to these findings, the DOL issued a Field Assistance Bulletin (FAB) 2008-1 in which it explained the DOL's position regarding the fiduciary responsibility for the collection of delinquent funds.  For the full article, click here.