Plan Sponsors Getting Big Fines From DOL

February 21, 2012 — Typically, only one in four retirement plans audited in the last few years has earned the federal government’s seal of approval.

An estimated 70% of retirement plans audited by the Department of Labor (DOL) in 2009 and 2010 were fined, received penalties or had to make reimbursements for errors–all of which ending up costing plan fiduciaries about $450,000 per plan, according to the department. The size of the average fine indicates that the DOL is uncovering problems at larger plans.

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