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ARTICLE · 06 APRIL 2005

Clearer Federal "Broker Disclosure" Requirements

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The Department of Labor has released Advisory Opinion 2005-02A providing further guidance on the duty of insurance companies providing insurance coverage to ERISA pension and welfare benefit plans to furnish information to plans on commissions and fees paid to brokers, agents, and other persons

United StatesStrategy
Kevin Fitzgerald
Kevin Fitzgerald
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The Department of Labor has released Advisory Opinion 2005-02A providing further guidance on the duty of insurance companies providing insurance coverage to ERISA pension and welfare benefit plans to furnish information to plans on commissions and fees paid to brokers, agents, and other persons. The Department clarified that all commissions and fees must be disclosed that are directly or indirectly attributable to a contract or policy between the plan and the insurance company. This includes commissions and fees paid by an insurance company where eligibility for the payment is based on the value of contracts or policies placed with or retained by an ERISA plan, including, for example, persistency and profitability bonuses. This information is included on Schedule A (Insurance Information) of Form 5500.

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