Checklist For Retirement Plan Sponsors In Reviewing Fee Disclosures From Service Providers


As we have previously alerted you in our June 2012 Alert, the U.S. Department of Labor’s (“DOL’s”) so-called “Service Provider Fee Disclosure Regulations” took effect on July 1, 2012, and requires certain service providers (e.g., investment advisors, recordkeepers and others)1 to retirement plans that are covered by the Employee Retirement Income Security Act (“ERISA”) to disclose compensation and fee information to fiduciaries of such plans in writing. Generally, covered service providers should have already provided such disclosures to retirement plans by July 1, 2012.

In their position on the receiving-end of such disclosures, responsible retirement plan fiduciaries—i.e., those who have decision-making authority over the retirement plan—are required to take affirmative actions when they receive such disclosures in order to avoid penalties and civil actions under ERISA. Such affirmative actions are two-fold...

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Published In: Administrative Agency Updates, Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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