What is a primary regulatory agency overseeing 401(k) plan compliance under ERISA?

The Department of Labor (DOL) serves as the primary regulatory agency overseeing 401(k) plan compliance under the Employee Retirement Income Security Act (ERISA). ERISA sets standards for retirement plans, including 401(k)s, to protect individuals in these plans. The DOL is responsible for enforcing provisions of the law and ensuring that plan fiduciaries adhere to their responsibilities, which include acting in the best interests of plan participants, providing required disclosures, and adhering to reporting and accountability standards.

By overseeing compliance, the DOL ensures that retirement plans operate fairly and transparently, ultimately safeguarding the retirement savings of employees. While the Internal Revenue Service (IRS) is involved in the tax aspects and compliance regarding contributions and distributions of 401(k) plans, the DOL's role is more focused on the overall administration and adherence to ERISA’s requirements.

Options involving the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) pertain more to securities regulation and broker-dealer conduct. They do not have the authority or responsibility for the compliance of retirement plans like 401(k)s under ERISA.