Role of Department of Labor
| What is the role of the Department of Labor? |
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The Department of Labor is responsible for administering the non-tax provisions of ERISA. Department of Labor supervises compliance with ERISA's reporting and disclosure and prohibited transaction rules. In the prohibited transaction area, Department of Labor has authority to issue exemptions from the prohibited transaction rules of ERISA. The Department of Labor also issues regulations in many areas such as the crediting of service plan participants. It also enforces ERISA's civil and criminal sanctions and has an advisory role to the Internal Revenue Service concerning the tax qualification of retirement plans. |
