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ARTICLE · 08 JUNE 2011

DOL Clarifies Effective Dates For Fee Disclosure Rules

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As reported in prior WorkCite articles, two significant new requirements affecting retirement plan fiduciaries, plan administrators and service providers are scheduled to take effect soon.

United StatesEmployment and HR
Jeffrey Capwell
Jeffrey Capwell
Michael Hoes
Michael Hoes

As reported in prior WorkCite articles, two significant new requirements affecting retirement plan fiduciaries, plan administrators and service providers are scheduled to take effect soon. First, certain providers of services to an ERISA-covered retirement plan must furnish disclosures to the plan's fiduciaries regarding the compensation that they or their affiliates receive in connection with providing those services (referred to as "covered service providers"), see " An Overview for Plan Sponsors and Fiduciaries of the New Requirements for Service Provider Arrangements." Second, plan administrators of ERISA-covered defined contribution retirement plans that permit participant investment direction must furnish to plan participants information concerning fees and expenses associated with their plan accounts and the plan's investment options, see Plan Administrators Should Prepare Now to Comply with New Participant Disclosure Requirements."

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