Total Articles: 3
EBSA Provides Interim Guidance on Electronic Fee Disclosures
The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued an interim policy (Technical Release 2011-03) (pdf) setting forth the conditions that a plan administrator must meet in order to provide electronic disclosures of information required under the EBSA’s final participant-level fee disclosure rule. Generally, this rule requires retirement plan sponsors and fiduciaries to disclose certain plan and investment-related information, including that related to fees and expenses, to participants and beneficiaries in participant-directed individual account plans, such as 401(k)s. The rule allows for the electronic disclosures – including the use of continuous access websites – under certain circumstances. According to the Technical Release, plan administrators will not be subject to an enforcement action based on their electronic disclosures if they comply with the conditions established by the interim policy
Participant Fee Disclosure: Fee Transparency - The Final Piece of the Puzzle.
On October 20, the Department of Labor (DOL) published a final regulation requiring plan fiduciaries to make specific fee disclosures to participants in defined contribution plans that permit participant-directed investments. The regulation is generally effective for plan years beginning on or after November 1, 2011 (i.e., 2012 for calendar year plans); however, plan fiduciaries should begin working with service providers and investment managers in early 2011 to secure and arrange the necessary information to be disclosed.
May a Fiduciary Accept Gifts and Gratuities From Service Providers? (pdf).
May a Fiduciary Accept Gifts and Gratuities From Service Providers?
