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ARTICLE · 17 MAY 2012

The Final 408(b)(2) Regulation: Impact On Investment Managers

Drinker Biddle & Reath LLP
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This bulletin discusses the impact of the U.S. Department of Labor’s (DOL) final 408(b)(2) disclosure regulation on discretionary investment managers – that is, investment advisers with the authority to manage the assets of ERISA-governed retirement plans.

United StatesStrategy
Frederick Reish
Frederick Reish
Gary Ammon
Gary Ammon
Bruce Ashton
Bruce Ashton
Bradford Campbell
Bradford Campbell
Joan Neri
Joan Neri

This bulletin discusses the impact of the U.S. Department of Labor's (DOL) final 408(b)(2) disclosure regulation on discretionary investment managers – that is, investment advisers with the authority to manage the assets of ERISA-governed retirement plans. The final regulation requires various disclosures to be made by an investment adviser to its ERISA plan clients prior to July 1, 2012. Failure to comply with these new disclosures could result in substantial penalties, excise taxes and forfeiture of investment advisory fees. We would be happy to assist you in drafting or reviewing these new disclosures.

The new disclosure rules apply to any discretionary asset manager for an ERISA-covered retirement plan who reasonably expects to receive $1,000 or more of direct or indirect compensation in connection with its services to a plan. Covered plans include both defined benefit and defined contribution plans, including ERISA-covered 403(b) plans— covered plans do not

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