Compliance April 7, 2010

EBSA Enforcement Data Posted to the Web

The Employee Benefits Security Administration (EBSA) is one of a number of Department of Labor (DoL) agencies participating in a new Web site aimed at making a variety of enforcement data publicly available.
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According to the new site (http://ogesdw.dol.gov/index.php), EBSA has posted closed cases that resulted in a penalty assessment under the Deficient Filer program, the Late Filer program, and the Non-Filer program, beginning with FY2009. The agency is responsible for ensuring that plans file their annual Form 5500 timely, completely, and accurately through the enforcement programs as well as a voluntary compliance effort.

EBSA said the information will be updated quarterly.

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The new site will also include enforcement data from the Occupational Safety & Health Administration (OSHA) and the Wage and Hour Division.

For more information, visit http://ogesdw.dol.gov/coming_soon.php.

Products April 7, 2010

Principal Unveils Adviser-Based Asset Allocation Product

The Principal Financial Group has released RetireView, a product designed to help plan advisers help participants in their client plans choosing their optimum asset allocation.
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According to Principal, the new offering allows sponsors to select investment options populating 20 asset allocation models designed by Ibbotson Associates. Principal said the models include a variety of risk profiles, from conservative to aggressive.

Participants take a risk quiz and then select a model based on their investment profile and years until retirement.

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Principal said the offering can include two automatic features to ensure plan participants’ asset allocation models follow their original investment strategies despite market changes. One adjusts asset allocation as the participant gets older while the other rebalances the account on a quarterly basis to keep the mix in line with desired targets.

There are no additional fees to plan sponsors or participants for the new offering, Principal said.

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