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ARTICLE · 20 FEBRUARY 2008

Employee Benefits Developments For January 2008

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The U.S. Department of Labor (DOL) issued proposed rules on service provider disclosures for retirement plans and health and welfare benefit plans.

United StatesEmployment and HR
Foley & Lardner
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Qualified Retirement Plans

The U.S. Department of Labor (DOL) issued proposed rules on service provider disclosures for retirement plans and health and welfare benefit plans. (DOL Reg. Sec. 2550.408b-2(c), 72 Fed. Reg. 7087, Dec. 13, 2007) As has been widely communicated in our Legal News: Employee Benefits newsletters and elsewhere, the DOL's Employee Benefits Security Administration (EBSA) has been focused on helping Employee Retirement Income Security Act (ERISA) plan fiduciaries understand how service providers are compensated and whether they have possible conflicts of interest that may affect their performance. Under ERISA, plan fiduciaries are obligated to act prudently in selecting service providers and ensure that no more than reasonable compensation is paid for services to plans. One of the most significant developments in ERISA in recent years has been the evolution of what constitutes

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