Financial Adviser Arrangements Targets of Expanded EBSA Enforcement

The Department of Labor expects to ramp up an investigatory project that targets undisclosed or indirect retirement plan consultant and adviser fees, a DOL enforcement official said July 26.

“That project has yielded some pretty good results,” Mabel Capolongo, director of enforcement at DOL’s Employee Benefits Security Administration, said during a teleconference sponsored by the American Bar Association’s Joint Committee on Employee Benefits. “With the new 408(b)(2) regulations, we expect to expand that project significantly,” Capolongo said.

DOL refers to the project, which is national in its scope, as the Consultant/Advisor Project. DOL initiated the project to investigate undisclosed and ...