Understanding Employee Benefits

Department of Labor Withdraws Controversial Guidance On Self-Directed Brokerage Accounts in 401(k) Plans

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On May 7, 2012 the Department of Labor issued a set of questions and answers via Field Assistance Bulletin FAB No. 2012-02 (http://www.dol.gov/ebsa/regs/fab2012-2.html) concerning the new fiduciary fee disclosures in Labor Regulations §2550.408(b)-2 and participant fee disclosure requirements outlined in Labor Regulations §2550.404(a)-5. Q&A 30 of the May 7th FAB... Read More

Topics: ERISA and Other Benefits Litigation, Fiduciary Guidance, Retirement Plans

Labor Issues Q&As on Required Fee Disclosures to Participants

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            Once the ERISA Section 408(b)(2) fee disclosures are made from covered service providers to plan fiduciaries, plan fiduciaries are required to relay fee information relating to designated investment alternatives to plan participants.  The Department of Labor issued final regulations in 2010 outlining the requirements for these new disclosures,  29... Read More

Topics: Fiduciary Guidance, Retirement Plans

408(b) (2) Disclosures – That Wasn’t So Bad Was It?

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Last week I received copies of the first new fiduciary fee disclosures required by final Department of Labor Regulations under ERISA Section 408(b) (2).  Fee disclosures were received from Fidelity Investments and Prudential Financial, providers to two client retirement plans.  The details of the required disclosures are described in my... Read More

Topics: Fiduciary Guidance, Health Plan, Welfare Plans