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ARTICLE · 26 OCTOBER 2010

New ERISA Rules Impose Participant Fee Disclosure Requirements

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On October 14, 2010, the Department of Labor (the "DOL") released a final regulation setting forth certain fiduciary obligations with respect to fee disclosure for participant-directed individual account plans, such as 401(k) plans.

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Article by Hardin Matthews, Andrew Oringer, Loretta Richard, Jonathan Zorn, William Jewett & Adam Stella

Originally published October 20, 2010

On October 14, 2010, the Department of Labor (the "DOL") released a final regulation setting forth certain fiduciary obligations with respect to fee disclosure for participant-directed individual account plans, such as 401(k) plans. The new rules are the latest piece of a multi-part rulemaking project intended to bring transparency to investment- and service-related fees and costs borne by retirement plans and their participants. The rules will generally apply for plan years beginning on or after November 1, 2011.

Section 404 of the Employee Retirement Income Security Act of 1974 ("ERISA") requires fiduciaries of plans subject to ERISA to act prudently and solely in the interest of the plan's participants and beneficiaries. The new rules are premised on the view that fiduciaries of participant-directed individual

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