Tips for Selecting and Monitoring Employee Benefit Plan Service Providers

Under ERISA, employers are responsible for selecting and monitoring their employee benefit plan vendors. Poor vendor selection or failure to monitor vendor performance can subject employers to significant liabilities -- both government imposed penalties and participant lawsuits. There's arguably no better way to stay on top of these important ERISA compliance obligations than through advice directly from the Department of Labor (the DOL, which is the agency charged with responsibility for enforcing these requirements of ERISA). Here's a link to the DOL's Tips for Selecting and Monitoring Employee Benefit Plan Service Providers.