Which regulatory agency can relieve a fiduciary from a breach of fiduciary duty regarding Employee Benefit Plans?

The Department of Labor (DOL) is the regulatory agency that has the authority to relieve a fiduciary from a breach of fiduciary duty regarding Employee Benefit Plans. Under the Employee Retirement Income Security Act (ERISA), the DOL is tasked with overseeing and enforcing the rules governing fiduciary responsibilities in the management of employee benefit plans.

If a fiduciary can demonstrate that they acted in good faith and met the standards outlined in ERISA, the DOL has the capacity to grant relief from certain liabilities associated with breaches of fiduciary duty. This relief may come in the form of a prohibited transaction exemption or other corrective actions intended to protect the interests of plan participants and beneficiaries.

The other agencies listed—such as the Internal Revenue Service, the Office of the Comptroller of the Currency, and the Federal Reserve Bank—have different roles and responsibilities that do not include the authority to grant relief from breaches of fiduciary duty specifically related to employee benefit plans as defined under ERISA.