The DOL has issued the final rule on Fee Disclosures effective beginning July 1, 2012. This means fiduciaries must now provide disclosures to Plan participants no later than August 30, 2012, which was previously May 31, 2012. The rule requires disclosures of direct and indirect compensation received by service providers of the Plan. Further, it is set in place to provide more information to plan fiduciaries related to meet reporting and disclosure reporting requirements under ERISA, the reasonableness of compensation paid to the service providers, and any potential conflicts of interest that may affect a service provider’s performance under a service contract.
DOL Fee Disclosure Rule Fact Sheet
DOL Changes to Final Fee Disclosure Rule
DOL Final Rule on Fee Disclosure
As always, please contact us with questions.
