Come 2012, transparency may take on a new meaning regarding fees retirement plan providers will be required to share.
The Department of Labor recently issued interim final regulations requiring retirement plan service providers to furnish additional information to plan sponsors relating to their services and fees. As employers and plan sponsors, CUs must comply by Jan. 1, 2012 by contacting their service providers to get disclosures in writing. Failure to comply could result in penalties under the Employee Retirement Income Security Act.
The regs apply to employers with defined benefit and defined contribution plans and ERISA-covered 403(b) plans. They cover new contracts with plan sponsors, as well as any in existence on the effective date.
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