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OCC Updates Booklet on Retirement Plan Products and Services – IBA Compliance Connection

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OCC Updates Booklet on Retirement Plan Products and Services

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The OCC has updated its Retirement Plan Products and Services Comptroller’s Handbook booklet, replacing the OCC’s 2007 version of the booklet and the OTS’s 2010 “Introduction to Individual Retirement Accounts” in its Trust and Asset Management Handbook.

The new booklet’s Introduction includes new discussion of Department of Labor regulations and policies, BSA/AML regulations, and board and senior management responsibilities in overseeing risk management. It also updates the examination procedures, which can be tailored as necessary for individual bank risk profiles.

The updated booklet was announced in OCC Bulletin 2014-3, which also announces that three OCC bulletins on retirement plans now apply to federal savings associations: OCC Bulletin 2006-24 (on ERISA referrals between the FFIEC and DOL), OCC Bulletin 2007-7 (on the use of commission payments by fiduciaries), and OCC Bulletin 2008-10 (on annual reviews of fiduciary accounts).