Which federal agency oversees retirement savings plans?

The Employee Benefits Security Administration (EBSA) is the correct choice because it is specifically tasked with overseeing the administration and compliance of retirement savings plans governed by the Employee Retirement Income Security Act (ERISA). This agency operates under the Department of Labor and is responsible for ensuring that workers' retirement plan benefits are protected and that the plans meet various legal requirements. EBSA enforces regulations regarding reporting, disclosure, and fiduciary responsibilities, playing a critical role in safeguarding the interests of employees and retirees with regard to their retirement savings.

In contrast, while the Department of Labor is indeed involved in the regulation of retirement savings plans, it encompasses a wider array of functions beyond just retirement plans, making it less specific than EBSA. The Federal Reserve focuses on monetary policy and federal banking regulations rather than retirement savings. The Securities and Exchange Commission primarily regulates the securities industry and protects investors, but it does not have direct oversight over retirement savings plans in the same way that EBSA does. Thus, EBSA is the most accurate answer to the question about who oversees retirement savings plans.