Note: This article was originally written for and was published in Thompson Publishing Group’s Pension Plan Fix-It Handbook. and is published/reproduced with the permission of the Thompson Publishing Group. Further information concerning The Pension Plan Fix-It Handbook is available at (http://www.thompson.com/public/offerpage.jsp?promo=MEND).
DOL’s Interim Final Rule Requires Detailed Fee Disclosure
Plan fiduciaries will be able to obtain the information necessary to make informed decisions regarding services rendered to and expenses paid from the plan. That’s the goal of the interim final rule relating to fee disclosure that the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued on July 16.
The regulations — Reasonable Contract or Arrangement Under Section 408(b)(2) — Fee Disclosure — are effective July 16, 2011. They apply to defined contribution and defined benefit plans. They don’t apply to health and welfare plans, which will be subject to separate provisions to be issued in the future. Interim regulations can be relied upon as if they were final; however the interim regulations are subject to change. Comments on the interim regulations can be made until Aug. 30, 2010.
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