Department of Labor Expands Audit and Enforcement Focus, Imposing $1.27 Billion in Fines

Excerpt: “According to the National Association of Plan Advisors, in the 12 months ending Oct. 1, 2012, more than 300 investigations resulting in $1.27 billion in fines were levied by the United States Department of Labor’s Employee Benefits Security Administration (EBSA). EBSA reports as many as 75 percent of 401(k) plans that it audits are out of compliance. Last year, EBSA’s enforcement efforts resulted in more than 3,500 civil investigations.”