DOL Provides Guidance on Fiduciary Duty in the Wake of Madoff

 The DOL provides guidance to plan fiduciaries, service providers and other affected parties  in light of the alleged abuses involving Bernard Madoff.

Document Excerpt

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), today announced guidance on the duties of employee benefit plan fiduciaries in light of alleged abuses involving Bernard L. Madoff Investment Securities LLC.

The department is providing guidance to fiduciaries, investment managers and other investment service providers to plans who believe they may have exposure to losses on investments with entities related to the Madoff firm. The guidance also provides steps that can be taken to assess and protect the interests of plans, participants and beneficiaries under the Employee Retirement Income Security Act (ERISA).

Link http://www.dol.gov/ebsa/newsroom/2009/ebsa020509.html

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