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The United States Department of Labor's Employee Benefits Security Administration ("EBSA") is responsible for overseeing Title I, promulgating regulations implementing and interpreting the statute as well as conducting enforcement. Plan fiduciaries and plan participants may also bring certain civil causes of action in Federal Court.
EBSA is led by the Assistant Secretary of Labor for Employee Benefits Security, a Sub-Cabinet-level position requiring nomination by the President of the United States and confirmation by the United States Senate. The office is currently held by Lisa Gomez, who was sworn in as Assistant Secretary on October 11, 2022.
The employee benefit plans under EBSA’s jurisdiction at the time held about $6.1 trillion in assets and covered approximately 150 million Americans. As Assistant Secretary, Campbell was the primary Federal regulatory and enforcement official for Title I of the Employee Retirement Income Security Act of 1974 (ERISA). Mr.
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Americans have abandoned 29.2 million 401(k) accounts holding trillions in assets. You can find them using a new government database or calling past employers.
EBSA Form 700, version as of January 1, 2014 EBSA Form 700, revised version as of August 2014. EBSA Form 700 is a form that the United States Government had required certain non-profit organizations to complete and submit, beginning January 1, 2014, in order to claim an exemption from the contraceptive mandate under the Affordable Care Act.
The EBSA plans to propose a new rule related to fiduciary standards for advisors of retirement and employee benefit plans but has not published a schedule for implementation. Therefore, adding a contingency—that the SEC act first—may delay the timing of a final rule from the EBSA, but at no additional cost to the agency. [3]
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