Pension plan fiduciaries can accept up to $250 a year in gifts and other consideration from plan service providers without violating Department of Labor regulations, according to DOL guidance issued today.
The guidance also allows plan service providers to reimburse the expenses of plan fiduciaries for attending “educational” conferences if the fiduciary determines in advance that the payment is prudent, the expenses were consistent with a written plan policy designed to prevent abuse, and the expenses for attendance were reasonable and are “unlikely to compromise the plan representative’s ability to carry out his or her duties faithfully in accordance with ERISA.”
The full text of the guidance is on the DOL’s website at http://www.dol.gov/ebsa/oemanual/cha48.html.
