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EBSA Issues Final Fee Disclosure Rule for Retirement Plan Service Providers; Adds Model Failure Notice
The Employee Benefits Security Administration (EBSA) released a model notice for plan fiduciaries to use if their service providers did not disclose information required under the final 408(b)(2) fee disclosure rules.
(Updated 2/14/12)
The EBSA issued its final rule regarding service provider fee disclosures under Section 408(b)(2). This ERISA regulation requires certain retirement plan service providers to disclose information about their compensation and potential conflicts of interest. The disclosure requirements were established as part of a statutory exemption from ERISA’s prohibited transaction provisions. This regulation will affect defined benefit and defined contribution pension plan sponsors and fiduciaries, and certain service providers to such plans. The EBSA provided a sample guide to initial disclosures as part of the final rule. Along with the final rule, EBSA released a fact sheet and a summary of the major changes to the final rule since publishing the interim final rule on July 16, 2010.
The final rule is effective July 1, 2012.
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