Assistant Secretary of Labor Says ESOPs a Priority

Phyllis Borzi, the Assistant Secretary of Labor of the Employee Benefits Security Administration (EBSA) in the U.S. Department of Labor, told the audience at the ASPPA/DOL Speaks conference on September 17 that she will be taking a hard look at both compliance and enforcement issues for plans the U.S. Department of Labor covers. While major issues will be delayed remittances of contributions to 401(k) plans and criminal prosecutions for embezzlement of plan funds, ESOP valuations will also be one of the priorities.