DOL Letter

[Guest halka]

We are a "financial institution" serving as trustee for numerous ERISA plans. We just received a generic letter from a DOL "Investigator" citing the DOL's "investigative authority" and requesting a significant amount of information on ALL ERISA plans for which we are trustee. I would first like to learn if other institutions have received this letter. If that is the case, I would like to learn if there is some "organized reaction" to this nonspecific inquiry or what response individual recipients are contemplating. Thanks

[Guest Bill]

We received such a letter related to "late" 401(k) contributions not too long ago and were subpoenaed to provide information on all plans that we are Trustee or Custodian that had deposited deferral money after the 15th day of the following month. We came to the conclusion that we had no choice but to disclose the information to the DOL