Department of labor issues final service provider disclosure rules

The Department of Labor (DOL) has published final regulations governing what fee-related information service providers to retirement plans must disclose to plan sponsors (referred to in this discussion as the service provider disclosures). The rules will require certain types of service providers to...

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Bibliographic Details
Published in:Employee Benefit Plan Review 2012-04, Vol.66 (10), p.20
Main Author: Stapel, Julie K
Format: Article
Language:English
Subjects:
Compensation
Defined benefit plans
Defined contribution plans
Disclosure
Disclosure (Securities law)
ERISA
Fiduciaries
Financial disclosure
Government agencies
Laws, regulations and rules
Retirement plans
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Summary:The Department of Labor (DOL) has published final regulations governing what fee-related information service providers to retirement plans must disclose to plan sponsors (referred to in this discussion as the service provider disclosures). The rules will require certain types of service providers to retirement plans to disclose information regarding direct and indirect compensation received in connection with the services along with other information. The service provider disclosures go into effect on Jul 1, 2012. The service provider disclosure rules have been in "interim final" form since July 2010. The service provider disclosure rules are part of a three-part DOL initiative on plan disclosures. The service provider disclosures apply with respect to services provided to ERISA-governed defined benefit and defined contribution retirement plans. Given that more than a year and a half has passed since the publication of the interim final regulations, many service providers have already spent considerable time and effort developing plans for compliance with the disclosure requirements.
ISSN:0013-6808