Department of Labor Advances Fee Disclosure Initiatives for ERISA Plan Service Providers

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Concerns over the lack of fee-related disclosures by ERISA plan service providers have been reflected in recent regulatory action by the Department of Labor. On November 16, 2007, the Department of Labor, Employee Benefits Security Administration (DOL) issued revisions to Form 5500, which require more detailed disclosure of fee information in connection with a plan?s annual reporting requirements. On December 13, 2007, the DOL proposed a new rule that would require ERISA plan service providers to fully disclose any fee or alternative compensation arrangements to plan fiduciaries.

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