Question

The Internal Revenue Service (IRS) and Department of Labor (DOL) are both responsible for overseeing compliance with ERISA.

1) TRUE
2) FALSE

Answer 1

The IRS and DOL have different responsibilities when it comes to overseeing compliance with ERISA.

Step-by-step explanation:

The statement is FALSE. While both the IRS and DOL play a role in administering the Employee Retirement Income Security Act (ERISA), they have different responsibilities. The IRS primarily focuses on the tax aspects of the law, ensuring compliance with tax regulations related to retirement plans. On the other hand, the DOL is responsible for overseeing the overall compliance with ERISA, including fiduciary duties, reporting, disclosure requirements, and enforcement.