DOL Issues New ERISA Disclosure Requirements for Retirement Plan Service Providers


On July 16, 2010, the Department of Labor (DOL) published “interim” final regulations, proposed in December 2007, imposing new disclosure and related requirements under ERISA for certain service providers to retirement plans. The key elements of the final regulation are as follows:

Who is Affected?

ERISA fiduciaries, and investment advisers registered under either the Investment Advisers Act of 1940 or any state law, that provide services directly to certain types of retirement plans; ERISA fiduciaries that provide services to “plan asset” vehicles in which a covered plan holds a direct equity interest; Recordkeepers and brokers for participant-directed individual account plans, if one or more designated investment alternatives will be made available in connection with those services; and Service providers that do or may receive “indirect compensation or fees” in connection with enumerated types of services provided to a covered plan

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