The U.S. Department of Labor (DOL) recently issued final regulations relating to service provider fee disclosures to plan fiduciaries under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (ERISA) which affect the participant fee disclosure regulations under Section 404(a) of ERISA finalized by the DOL in October 2010. Under the new final regulations, service providers must provide initial fee disclosures to plan fiduciaries by July 1, 2012, and plans must provide initial fee disclosures to participants by August 30, 2012. In addition, the DOL recently issued guidance regarding electronic delivery of disclosures to participants under Technical Release 2011-03R.
McDermott Will & Emery recently offered a complimentary webcast that focused on what employers should expect to receive from service providers and the practical steps they should take to fulfill their fiduciary responsibilities to provide participant fee disclosures in light of the new final regulations and the guidance regarding electronic delivery.
If you missed the webcast, please click here to listen to the discussion and/or view the slides.
McDermott Speakers for the Webcast:
Karen Simonsen, Partner, Chair, Plan Fiduciary and Investment Management Group
Maureen O’Brien, Partner
Elizabeth Savard, Partner