DOL and AICPA Partner on National Education Campaign
In making this announcement, Labor Secretary Elaine L. Chao said, "Strong fiduciary oversight and protecting workers' benefits is our highest priority." "Getting it right, however, can be challenging. This is particularly true for small and medium-sized employers who have limited time, resources and access to professional help with benefit programs."
"Nothing can be more important than educating fiduciaries in their critical responsibility in the protection of employee benefit plans," said Barry Melancon, President and CEO of the AICPA. He added, "We're pleased with Secretary Elaine L. Chao's efforts to raise awareness of this important small business issue. Many of our CPA members, including CPA/PFS (Personal Financial Specialist) credential holders, serve as trusted advisors to the small business owner and provide advice to investment committees of public and private companies. Critical to the proper delivery of these services is guidance on prudent investment practices."
On September 28th, 2004 the DOL, the AICPA and the Arizona Society of CPAs will present a seminar in Phoenix, AZ that will be open to the small business community. The seminar program will emphasize the obligation of plan sponsors and other fiduciaries to:
- Understand the terms of their plans.
- Select and monitor service providers carefully.
- Make timely contributions to fund benefits.
- Avoid prohibited transactions.
- Make timely disclosures to workers, their beneficiaries, and the government.
The campaign includes educational materials, which will be featured on the fiduciary education web site. The publications and information on the upcoming seminars are available electronically at http://www.dol.gov/ebsa  or by calling toll-free 1-866-444-EBSA (3272).