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ARTICLE · 11 JUNE 2012

New Disclosure Regulations for ERISA Plans Become Effective This Summer

Goodwin Procter LLP
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The U.S. Department of Labor has adopted two regulations that add significant new disclosure.

United StatesFinance and Banking
Goodwin Procter'S Consumer Financial Services Practice
Goodwin Procter'S Consumer Financial Services Practice

The U.S. Department of Labor ("DOL") has adopted two regulations that add significant new disclosure requirements that affect the operation of plans subject to the Employee Retirement Income Security Act ("ERISA"). The first regulation (the "Service Provider Regulation") requires certain persons or entities that provide services to retirement plans subject to ERISA ("Plans") to disclose to relevant Plan fiduciaries information regarding (among other things) the compensation they receive in connection with those services. The second regulation (the "Participant Disclosure Regulation") applies to Plans that permit participants to direct investments and requires that specific disclosures be made to participants concerning Plan expenses and various aspects of the designated investment alternatives under the Plan.

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