OCC 2006-24

Subject: Interagency Agreement on ERISA Referrals
Date: June 1, 2006

To: Chief Executive Officers, Compliance Officers, and Legal Counsel of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel

Description: Information Sharing Between the FFIEC Agencies and the DOL

The attached interagency agreement entered into between the five federal banking agencies and the Department of Labor (DOL) replaces an interagency agreement that was published by the OCC through Trust Banking Circular 18 (TBC-18), dated February 4, 1981. Both the original and revised agreements establish procedures for the sharing of documentation between the banking agencies and the DOL that pertain to possible violations of the Employee Retirement Income Security Act of 1974 (ERISA). The agreements facilitate the information-sharing process among employees of the banking regulators and DOL.

DOL is charged with the administration, interpretation, and enforcement of standards of conduct and responsibility for fiduciaries of employee benefit plans under ERISA. ERISA specifically directs other federal agencies to cooperate with the DOL in the performance of its functions under ERISA.

The revised agreement, like the now rescinded TBC-18, generally authorizes the banking regulators to provide notification to the DOL of possible violations by a financial institution of certain sections of ERISA that meet specified criteria. The agreement authorizes referrals when a bank serves as a plan administrator or plan sponsor, as well as when a bank acts in either a fiduciary or co-fiduciary capacity, but is not a plan administrator or sponsor.

You may direct questions regarding this agreement to the Asset Management Group at (202) 874-4447.

Kathryn E. Dick
Deputy Comptroller for Credit and Market Risk

News and Issuances

Description: Information Sharing Between the FFIEC Agencies and the DOL

Related Links

Toolbox