What are the DOL’s fiduciary programs? How can a trustee gather deposits due to the plan by an employer? Below are links to information regarding the answers to these questions.

Meeting Your Fiduciary Responsibilities DOL Booklet

Fiduciary Education Campaign

FAB 2008-1 Responsibility for Collecting Contributions

Elective Deferral Deposit Deadline 7-Day Safe Harbor Proposed Rules

Voluntary Fiduciary Correction Program

Department of Labor steps to increase fee disclosure.
The DOL has three steps planned for increased fee disclosure. In the first, The DOL has revised Form 5500, Schedule C, for 2009 to require the plan administrator to provide additional, detailed information about indirect plan fees.

The second is proposed regulations focuses on disclosure of the direct and indirect compensation received by service providers and potential conflicts that may affect their objectivity. The proposal is to clarify what constitutes a reasonable contract or arrangement and to require more comprehensive written disclosure concerning plan contracts with service providers. It applies to fiduciary service providers; providers of banking, consulting, custodial, insurance, investment advisory or management, recordkeeping, securities brokerage, or third party administration services; or providers who receive indirect compensation for accounting, actuarial, appraisal, auditing, legal, or valuation services.

The third step is expected to require additional disclosure of indirect compensation by either amending ERISA section 404(c) regulations or by requiring additional disclosure.