People who didn’t sponsor a plan or weren’t involved in the retirement plan industry before 2012, think some 401(k) industry veterans like myself, are part of some multiverse when we talk about life before fee disclosure. The...more
Junk fees have made, and continue to make, state attorney general headlines with recent actions by Maryland and Rhode Island relating to consumer transportation. The rubber met the road when Maryland Attorney General Anthony...more
Minnesota’s Budget and Economy Improve Minnesota Management and Budget released the February Budget and Economic Forecast on Thursday, February 29, showing improvement since the November Forecast. The current 2024-25 biennium...more
On February 7, a coalition of 19 state attorneys general (AG) filed a comment letter supporting the Federal Trade Commission’s (FTC) proposed Trade Regulation Rule on Unfair or Deceptive Fees (Rule). The state AGs echoed the...more
Under a new law that took effect on February 11, 2024, all “sellers” in New York who apply a credit card surcharge to sales transactions must now comply with certain consumer disclosure requirements. Signed into law by...more
Fee disclosure regulations and a whole bunch of excess fee settlements in litigation have curbed excessive fees. So ERISA litigators, especially on the low end, are trying to. find angles for litigation....more
As 2023 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more
On Oct. 11, 2023, the White House released a fact sheet describing new and forthcoming actions taken by the Biden administration that continue its focus on so-called “junk fees.” The announcement highlighted efforts between...more
On August 9, District of Columbia Attorney General Brian L. Schwalb issued a Supplemental Business Advisory regarding restaurants’ obligation to properly disclose service fees and charges to diners. The advisory comes after...more
A new Federal Trade Commission (FTC) Notice of Proposed Rulemaking (NPRM) concerning advertising, add-on products and new disclosures in the motor vehicle marketplace could have a major impact on industry participants. Using...more
We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by...more
Since 2012 with fee disclosure regulations, we have seen 401(k) fee compression and the latest 401(k) Averages Book shows that it’s continuing....more
California hospitals should be aware of a new California Court of Appeal decision that explores whether hospitals can be held liable for failing to disclose their emergency room fees to patients prior to evaluating/treating...more
In last month’s 401(k) Compliance Check, we discussed what to do if you inadvertently failed to enroll someone in your 401(k) plan. In this month’s Compliance Check, we focus on the variety of typical notices that are...more
For the past 9 1/2 years, fee disclosure has certainly helped you as a plan sponsor to finally understand the true cost of plan administration. That’s important because you have a fiduciary duty to only pay reasonable plan...more
As reported in our January 7, 2022 SW Benefits Blog “The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules,” group health plans must now comply with the ERISA Section 408(b)(2) disclosure...more
Through Field Assistance Bulletin 2021-03 (FASB 2021-03), the Department of Labor (DOL) announced a temporary enforcement policy for the new fee disclosure requirements that apply to group health plan service providers, added...more
In Field Assistance Bulletin 2021-03 (12/31/21) (FAB), the Department of Labor (DOL) issued guidance and temporary enforcement policy to address the new 408(b)(2) disclosure requirements that apply to certain service...more
Key Takeaways: ..On November 10, 2021, the SEC released a Risk Alert which provides observations from recent examinations into advisers’ fee calculations. ..In yet another bleak report, the SEC declared that “most”...more
The one drawback in the fee disclosure regulations was that the Department of Labor (DOL) never bothered to develop a model fee disclosure form for plan providers, I understand the hesitancy of the DOL because it’s hard to...more
New jobless claims fell dramatically in new figures released on Thursday, as “the improving public health situation and the easing of pandemic-related restrictions allowed the labor market to continue its gradual return to...more
The beauty of fee disclosure regulations and technological breakthroughs is that 401(k) fees have been sliding. Even 9 years after the promulgations of the fee disclosure regulations, it’s still sliding....more
When I was younger, I was a pessimist. Everything to me, like a bad grade in Civil Procedure I was the end of the world and I realized eventually, that it wasn’t. I learned optimism is easier to manage than pessimism....more
As an ERISA attorney, my retainer agreements are pretty straight and clear. Governed by the laws that govern attorney behavior, I have no choice. Yet, Third Party Administrators (TPAs) don’t have guidelines to live by. ...more
The Consolidated Appropriations Act ("CAA") includes a number of provisions enhancing transparency in the operation of group health plans. One of those provisions will require brokers and consultants to make fee disclosures...more