Interagency Agreement on ERISA Referrals: Information Sharing Between the FFIEC Agencies and the DOL

As of February 12, 2014, this guidance applies to federal savings associations in addition to national banks.*

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The revised agreement, like the now rescinded TBC-18, generally authorizes the banking regulators to provide notification to the DOL of possible violations by a financial institution of certain sections of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) 649-6360.

Kathryn E. Dick
Deputy Comptroller for Credit and Market Risk

Related Links

• Option A: DOL Interagency Agreement (PDF)
• Option B: DOL Interagency Agreement (with signatures) (PDF)

* References in this guidance to national banks or banks generally should be read to include federal savings associations (FSA). If statutes, regulations, or other OCC guidance is referenced herein, please consult those sources to determine applicability to FSAs. If you have questions about how to apply this guidance, please contact your OCC supervisory office.