Employee Benefits Security Administration
The Labor Department’s Employee Benefits Security Administration (EBSA) is the agency charged with enforcing the rules governing the conduct of plan managers, investment of plan money, reporting and disclosure of plan information, enforcement of the fiduciary provisions of the law, and workers’ benefit rights. You can call EBSA toll-free at 1-866-444-3272, or contact the regional EBSA office nearest you for help.
When you call EBSA to file a complaint, make sure you have the necessary documents, such as your summary plan description and recent plan statements, with you. The regional office will ask you a series of questions to help determine the nature of your complaint. If it’s warranted, EBSA will then contact your employer and launch an investigation into the administration of your plan. EBSA will not disclose your identity to your employer. However, if your employer discovers that you have filed a complaint, your job will not be affected. Anti-retaliation provisions protect you from mistreatment or discrimination and ensure that you can’t be fired.
FINRA
If a problem involves a brokerage firm serving as the 401(k) fund administrator, or brokers who provided advice or handled transactions, you have the option of filing a complaint with FINRA.
- You can check online whether a brokerage firm or its representatives are FINRA members through FINRA BrokerCheck.
- You can file an online complaint at FINRA's Investor Complaint Center.
The Legislative Agenda
Even well run plans may have unsettling elements, such as blackout periods or restrictions on when you can sell company stock you hold in your account. Blackout periods occur when your employer switches plan providers, and all accounts are frozen until the record-keeping and other details are in place. But you should get advanced warning before the blackout takes effect.
These issues are on the Congressional agenda. Sponsors of this legislation want to make it easier for you and other participants to manage your investment portfolios effectively.
|
