2022 Trust Forum Presentations

Internal Use Only

DOL Investigations – What Happens? • The DOL regularly requests interviews with plan fiduciaries. • During an interview, the DOL will expect an individual to – • Be familiar with the plan and understand his or her fiduciary responsibilities. • Explain fiduciary committee process. • Explain any matters flagged by the DOL in its review of meeting minutes or other materials. • Describe oversight practices, including how fees are monitored.

Internal Use Only

DOL Investigations – What Happens?

• DOL investigations may be resolved through a voluntary compliance resolution. • Typically, if the DOL’s concerns relate to plan practices, the DOL may issue a “closing letter” if the plan implements requested changes (e.g., missing participant search steps). • If the DOL concludes that plan losses occurred, DOL will seek damages from plan fiduciaries and/or service provider. • The DOL’s conclusions could be challenged, but often involves a long and difficult process.