November 5, 2009
Who are the regulatory bodies in the Retirement and Pension Plan Administration industry?
P L asked:
I need to know the regulatory agencies that oversee the retirement and pension plan administration records. I am particularly interested to know regulations relating to records retention in the Retirement and Pension Plan administration industries.
Ashley
I need to know the regulatory agencies that oversee the retirement and pension plan administration records. I am particularly interested to know regulations relating to records retention in the Retirement and Pension Plan administration industries.
Ashley
Comments on Who are the regulatory bodies in the Retirement and Pension Plan Administration industry?
Amani
Governments.
whether it is government employees or employees in private organisations, the authority of planning is the government. They can pass legislations/rules/orders. The government bodies, private organisations, companies are following the govt rules.
Reid
There is no regulatory agency overseeing pension administration especially related to the retention of records.
State and Federal laws on recordkeeping do not specify how long a participant’s record must be kept. However, if you can prove that you are owed a benefit and a plan refuses to honor that you can go to either IRS or the Department of Labor to demand a review. This is a threat to the company’s tax deduction for the plan and is very serious.
If you are demanding a benefit with no proof. You are out of luck. Your only recourse is to go find one of the many lawyers who will take on these kind of cases. It helps to have a few friends and co workers who have had a similar experience so the lawyer can sue in a class action. They have dollars signs in their eyes when this happens.