Abstract
· Fiduciary Oversight in the Co-op 401(k) Plan
The Employee Retirement Income Security Act was passed in 1974 to protect the rights of employees in qualified retirement plans, like the Co-op 401(k) Plan. Under ERISA, plans were mandated to name a Plan Fiduciary generally defined under ERISA§3(21) as someone who:
· DOL seven-day rule and your cooperative
Earlier this year, the Department of Labor (DOL) released final guidance for small plans (those with less than 100 participants) that created a safe harbor to the general deposit rule. Under the safe harbor, participant 401(k) deferral contributions and loan repayments will be considered timely deposited if made within seven business days.
