Final Service Provider Fee Regulations – FINALLY

Note: Following is a February 2, 2012 update to the original announcement by Pension Inc. regarding long-awaited fee disclosure regulations.

There is no longer the possibility of delay! In an announcement released February 2, 2012, the Department of Labor has published the final service provider fee regulations. These regulations are designed to improve the transparency and disclosure of service provider fees and conflicts of interest applicable within certain employer-sponsored retirement plans. With this latest announcement, certain initial provisions have been modified and as a result, the final rule's effective date has been extended to July 1, 2012, to allow additional time for compliance.

Plan sponsors for calendar-year plans must now make their disclosures for plan-level and investment-level information by August 30, 2012, with a first quarterly statement issued by November 14, 2012. With the responsibility of compliance resting on plan sponsors, please be assured that your administrative team at Pension Inc. has tools in place to assist in satisfying these requirements.

For more information, visit the Department of Labor website:
408b-2 Changes