Headlines about "Communication and disclosure to participants"

Gathered from the web by the editors at BenefitsLink.com.
[Guidance Overview] Industry Groups Seek Modifications to Proposed Fee Disclosure Regs
Excerpt: "The ERISA Industry Committee (ERIC), the American Society of Pension Professionals and Actuaries (ASPPA) and the Council of Independent 401(k) Recordkeepers (CIKR), representing plan sponsors, service providers and recordkeepers, have submitted comments to the Department of Labor (DOL) outlining the changes they seek to the regulations proposed on July 23, 2008 regarding the disclosure of plan and investment-related information to participants in participant-directed plans . . . ." (Wolters Kluwer)

[Guidance Overview] Medicare Update: 2009 Premiums, New Marketing Rule Effective October 1; November 15 Deadline Reminder
Excerpt: "CMS finalized new marketing rules for Medicare Advantage and Part D Plans that go into effect no later than October 1, 2008, the beginning of the marketing year. The rules finalize six new marketing provisions and modify the 'file and use' process . . . ." (Deloitte via BenefitsLink.com)

[Opinion] Report on Disclosure of the Market Value of Assets and Liabilities by Public Pension Plans (PDF)
5 pages. Excerpt: "Summary and Recommendation: It is the consensus of the members of the Public Interest Committee (PIC) that it is in the public interest for retirement plans to disclose consistent measures of the economic value of plan liabilities and assets. The PIC recommends that the Academy's Board of Directors (Board) approve a resolution asking the Actuarial Standards Board to take expedited action to consider, develop and adopt appropriate standards of actuarial practice to address this issue." (American Academy of Actuaries)

[Official Guidance] Text of Proposed IRS Regs: Notice to Participant of Consequences of Failure to Elect to Defer Receipt of Retirement Plan Benefit; Expansion of Periods for Other Notices and Elections (PDF)
18 pages. Excerpt: "These proposed regulations would provide that the notice required by section 411(a)(11) advising a participant of the right, if any, to defer receipt of a distribution must also inform the participant of the consequences of failing to defer such receipt. The proposed regulations would also provide guidance on the relevant information that must be provided to a participant in order to satisfy the requirement that the participant be notified of the consequences of failing to defer. . . . These regulations are proposed to become effective for notices provided (and election periods beginning) on or after the first day of the first plan year beginning on or after January 1, 2010. However, in no event will the regulations become effective for notices provided (and election periods beginning) earlier than the first day of the first plan year beginning 90 days after publication of final regulations in the Federal Register." (Internal Revenue Service)

Senators Propose Health Insurance Premium Costs Disclosure Bill
Excerpt: "A group of bipartisan senators proposed legislation Tuesday that would compel employers to tell employees what their health insurance costs -- a step, the senators said, toward getting a handle on the spiraling cost of medical care. The senators said in a statement that they were seeking public comment on the proposal. With Congress adjourned and unlikely to return for any significant amount of time this year, the legislation won't be seriously debated until next year." (Congressional Quarterly Inc.)

Advisers Set to Benefit from the Transformation of 403(b) Plans
Excerpt: "Prior to the new regulations this employer segment did not really need an adviser, but as 403(b) plans are being made to look more like 401(k)s a new market is developing for retirement plan experts. Why are the regulations making the products more 401(k)-like? Simply put, 403(b)s haven't performed as well as their counterparts." (Employee Benefit Adviser; free registration required)

U.S. Supreme Court Denies Hearing Promised Benefits Suit by Former Quaker Oats Co. Employees
Excerpt: "The U.S. Supreme Court has denied a request to hear the case of two former Quaker Oats Co. employees fighting to receive additional pension benefits they say were promised by Quaker. In making its October 6 decision, the high court let stand a ruling by the 7th U.S. Circuit Court of Appeals that representations made to the employees were innocent mistakes and that anything told to them orally did not carry the same weight as what the court said were clear plan documents . . . ." (PLANSPONSOR.com; free registration required)

[Guidance Overview] Proposed Regulations Regarding 401(k) Plan Disclosures (PDF)
2 pages. Excerpt: "By beginning the review process now, employers and plan administrators will be able to react quickly when final DOL disclosure regulations are issued. We recommend the following steps: Review the time periods for distributing currently required notices. Carefully review the proposed DOL regulations regarding plan fee disclosures. Create forms and procedures for complying with the new disclosure requirements. Discuss the foregoing points with third-party administrators to address their compliance with the proposed disclosure requirements." (Porter Wright Morris & Arthur LLP)

[Guidance Overview] Plan Expenses Attributable to Separated Vested Participants
Excerpt: "[T]he DOL now permits employers to allocate the administrative expenses associated with . . . former employee accounts to such accounts . . . . However, if employers want to take advantage of this rule, their plan documents will have to be amended accordingly. In addition, employers should make sure that the Summary Plan Description and any communication documents sent to participants and former participants are updated to reflect the use of the rule." (Attorney B. Janell Grenier via Benefitsblog.com)

[Opinion] American Benefits Council Comment Letter to DOL/EBSA on Investment Advice Proposed Regulations (PDF)
7 pages. Excerpt: "The proposed regulations and their companion proposed class exemption represent very significant steps towards enhancing and expanding access to professional, high-quality investment advice for IRA owners and participants in individual account plans that permit participant investment direction . . . . The Council believes that, if finalized, these proposals have the potential to greatly improve retirement savings for millions of working Americans, and we urge EBSA to move expeditiously in finalizing the proposed rules. We provide . . . a number of suggestions for improving and clarifying the proposals." (American Benefits Council)

[Guidance Overview] Compliance with Notices for Participants (PDF)
4 pages. Excerpt: "Several defined contribution plan designs and provisions require plan sponsors to provide annual notices to participants. As the 2008 plan year is nearing its end, it is important to look ahead at the notices that may need to be provided before the start of the 2009 plan year. This publication provides a summary of those notice requirements, including timing, contents, method of delivery . . . ." (Prudential Retirement)

[Guidance Overview] DOL's Proposed Participant Fee Disclosure Rules (PDF)
3 pages. Excerpt: "To give plan sponsors an opportunity to prepare for the implementation of these new rules (whether in 2009 or 2010), we are providing a summary of the DOL's proposals. However, plan sponsors need to be aware that they cannot rely on these proposed rules. If a plan sponsor takes action now and the final rules depart from the proposals, the plan will have to change course in order to comply with those final rules." (Prudential Retirement)

[Opinion] Disclosure in Participant-Directed Individual Account Plans - The 'Anti-Participant Rule' (Part 2)
Excerpt: "Many of the special-interest groups and the vendors they represent that provide products and services to qualified retirement plans are no doubt quite happy with the 'anti-participant rule.' And why shouldn't they be? That rule allows them to continue hiding their high costs (if these costs weren't high, they wouldn't be hidden) from plan sponsors and, in turn, plan participants." (Morningstar)

[Guidance Overview] DOL's Proposed Regulations on Participant Investment Advice (PDF)
Excerpt: "The Department of Labor recently issued guidance on provisions under the Pension Protection Act of 2006 relating to certain types of investment advice to participants in certain individual account plans, such as 401(k) plans. The guidance is in the form of proposed regulations and a proposed class exemption." (Buck Consultants)

House Passes Health Insurance Restrictions and Limitations Clarification Act of 2008
Excerpt: "The bill would require that group health plans disclose to health plan participants any exclusions or limitations on their health coverage in a timely manner. In addition, the bill mandates that health insurance coverage limitations and restrictions be explicit and clear to plan sponsors prior to the time of sale and to participants prior to enrollment." (Hewitt Associates)

[Guidance Overview] Annual Part D Creditable Coverage Notice Due by November 15
Excerpt: "The November 15 deadline is fast approaching for sponsors of group health plans to provide their Medicare-eligible beneficiaries with a notice advising the beneficiaries whether or not the employer coverage for prescription drugs is actuarially equivalent (creditable coverage) to the Medicare Part D drug coverage." (Wolters Kluwer)

[Opinion] American Benefits Council Statement for Senate HELP Committee Hearing on 401(k) Fee Disclosure (PDF)
3 pages. Excerpt: "The Council supports fee transparency as a critical means of assisting participants in this regard. In the same time, we all must bear in mind that unnecessary burdens and costs imposed on these plans will reduce participants' benefits, thus undermining the very purpose of the plans. In addition, our voluntary retirement plan system depends on the willingness of employers to maintain plans; excessive burdens on employers will undercut their commitment to a system that millions of Americans rely on for their retirement security." (American Benefits Council)

DOL's New Rule Governing Information About Union Trusts
Excerpt: "The U.S. Department of Labor's Office of Labor-Management Standards (OLMS) today posted at www.olms.dol.gov a final rule that enhances financial reporting and provides union members with more complete information about finances held in union trusts. The final rule, issued under the authority of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA), further implements the LMRDA goal of securing the right of labor union members to have meaningful information about union finances and expenditures." (Workplace Prof Blog)

[Guidance Overview] How to Exclude 'Independent Contractors' from Benefit Plans
Excerpt: "To the troublesome question of employee classification, the drafter of the plans at issue in Bendsen had a simple solution. Just say what is intended in the plan document. The workers in this case argued that, despite characterization as 'independent contractors' in certain contractual agreements, they were actually common law employees. As such, they advanced several claims against the defendant, including claims for benefits." (Health Plan Law blog by Attorney Roy F. Harmon III)

Helping Employees Make the Most of the Benefits their Companies Offer
Excerpt: "If you want to offer employees an inexpensive benefit that will foster loyalty and boost productivity, consider a navigation system. No, not a GPS, but a tool that will guide them in making a host of decisions about everything from tuition-reimbursement programs to 401(k) strategies to consumer-directed health plans. By offering more and better education around benefits, companies not only help employees make the most of their perquisites, but also gain from increased retention, higher productivity, and related forms of goodwill." (CFO.com)

FASB Fine-Tunes New Disclosures About Pension and Retiree Medical Plan Assets
Excerpt: "A refined FAS 132(R), Employers' Disclosures about Pensions and Other Postretirement Benefits, should describe the objectives of employers' disclosures about their pension, retiree medical and other postretirement benefit plan assets and investment risks, FASB decided at its Sept. 24 meeting." (Mercer LLC)

[Guidance Overview] Proposed Regs Require Defined Contribution Plans to Disclose Fee and Investment Information to Participants Beginning January 1, 2009 (PDF)
7 pages. Excerpt: "The proposed effective date of the new requirements is plan years beginning on and after January 1, 2009. While it's possible the DOL may defer this effective date, the DOL has indicated it intends to finalize the regulations before the end of this year. It's likely that final regulations will be similar to the proposed version in many respects." (Alston & Bird LLP)

[Guidance Overview] 9th Circuit Decides No Issue Exhaustion in ERISA
Excerpt: "The 9th Circuit distinguishes between issue exhaustion and remedy exhaustion, and decided this morning that ERISA requires the latter but not the former. Thus, a participant's failure to argue reasons in an internal appeal does not prevent her or him from arguing [those] reasons before the District Court." (Alaska Employment Law)

[Guidance Overview] How New DOL Fee Disclosure Rules Could Affect You
Excerpt: "The proposed regulations suggest disclosures to participants and their beneficiaries on both plan fees and on the investments in their plan. This Regulatory Brief offers more details and Vanguard perspectives on the disclosures that would need to be provided to participants in the categories of general plan information, administrative expenses, and individual expenses. The brief can also help pinpoint disclosures with respect to 'designated investment alternatives' that should be part of your summary plan description." (The Vanguard Group)

[Opinion] 403(b) Rollovers vs. 403(b) Exchanges
Excerpt: "[W]hat are the chances the IRS would treat a rollover to a non-employer related 403(b) as a contract exchange rather than a rollover, and require an information sharing agreement? There is a tempting easy answer: a rollover is a rollover, and no information sharing agreement is required. But then you start thinking about it some more, and find that there are a number of 'hidden' issues. Let's work through what would happen here." (Baker & Daniels)

[Opinion] Group Letter to DOL Regarding Effective Date of 408(b)(2) Regulations (PDF)
2 pages. Excerpt: "We want to emphasize one key issue at this time: the effective date of the regulation addressing disclosure by service providers. It is essential that the regulations not be effective earlier than the first plan year beginning after at least 12 months after the final regulations are published. Accordingly, if, for example, the final regulations are published in November of 2008, the regulations should not be effective prior to January 1, 2010 in the case of a calendar year plan." (American Benefits Council)

Hard Times Drive Employers to Increase Benefit Education Efforts
Excerpt: "Tough economic conditions and a growing multigenerational work force are leading employers to focus on implementing targeted communication programs to better inform employees on the merits of their benefits offerings [according to The Study of Employee Benefits: 2008 & Beyond, a new report released by Prudential Financial, Inc." (PLANSPONSOR.com; free registration required)

[Guidance Overview] Disclosure of Fees Charged by Plan Service-Providers: Some Practical Implications
Excerpt: "In this ErisaALERT we will discuss [information which must be provided by the service provider to a responsible plan fiduciary especially where fees will be paid from plan assets] referred to as the Reasonable Contract or Arrangement Under Section 408(b)(2) -- Fee Disclosure guidance and its impact on Plan Sponsors. This guidance touches on some very important basics of fiduciary responsibility." (ERISAdiagnostics, Inc.)

[Guidance Overview] DOL Proposed Regulations on Investment Advice and Proposed Class Exemption from the ERISA Prohibited Transaction Rules (PDF)
6 pages. Excerpt: "These regulations are proposed to be effective 60 days after publication of the final regulations in the Federal Register. To be considered, written comments on the proposed regulations must be submitted to the DOL by October 6, 2008." (Transamerica Center for Retirement Studies)

[Opinion] Plan Sponsors and the Effort to Meet New Obligations Concerning 401(k) Fees
Excerpt: "The U.S. Department of Labor is working on three significant regulatory projects regarding 401(k) fees . . . . These involve the Form 5500 (Annual Report), especially Schedule C; the ERISA section 408(b)(2) regulations; and the recently released amendments to the participant disclosure requirements in the ERISA section 404(a) and 404(c) regulations. All of these involve extraordinarily complex issues. However, the biggest issue plan sponsors and service providers are facing is time (or the lack thereof)." (PLANSPONSOR.com; free registration required)

[Opinion] Disclosure of Expenses to Participants - Response to Question from a Reader
Excerpt: "My response focuses primarily on two issues. The first is that there is a way to disclose that is both meaningful and understandable. The second is that there is no 'universal' participant; that is, the 401(k) world is made up of participants of all sizes and shapes." (Fred Reish via PLANSPONSOR.com; free registration required)

[Guidance Overview] CMS Reminder That It Does Not Require Copies of HIPAA or Medicare Part D Creditable Coverage Certificates
Excerpt: "EBIA Comment: This guidance caught our eye for two reasons. First, it allows entities who have been mistakenly providing copies of HIPAA or Medicare Part D creditable coverage certificates to CMS as well as to individuals to reduce their paperwork burden. Note, however, that group health plan sponsors who provide Part D creditable coverage documents to individuals must still notify CMS about the creditable status of their drug coverage in general, using a separate 'Disclosure to CMS Form' . . . ." (Employee Benefits Institute of America)

[Guidance Overview] Posting SPD on Company Intranet does not Satisfy ERISA's Disclosure Requirements (PDF)
Pages 4 of 7 pages. Excerpt: "As illustrated by a recent unpublished Ninth Circuit Court of Appeals decision (Gertjejansen v. Kemper Insurance Companies, Inc., No. 06-563929 (9th Cir. 2008)), employers should use caution in determining how to distribute required disclosure documents - such as Summary Plan Descriptions (SPDs) - to plan participants, particularly when considering the use of electronic means." (Miller & Chevalier Chartered)

Advice, Participant Fee Disclosure Proposals Covered in EBSA Web Cast
Excerpt: "The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) will host a free web cast next week to help employers and plan administrators understand recent regulatory and interpretative guidance under the Employee Retirement Income Security Act (ERISA). [You can register for the September 25 Webcast at https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=120366&sessionid=1&key=64151CDCA7A9BDA7C16C84EB5F1D4E30&sourcepage=register.]" (PLANSPONSOR.com; free registration required)

[Guidance Overview] Reporting Requirements for Statutory Stock Options and Updates ESPP Regulations (PDF)
5 pages. Excerpt: "The IRS recently issued two sets of proposed regulations on employee stock plans. The first set addresses IRS return and employee information statement requirements related to statutory stock options, i.e., incentive stock options under Internal Revenue Code Section 422 (ISOs) or employee stock purchase plans under Section 423 (ESPPs). The second set essentially updates previous regulations to provide a comprehensive set of rules for statutory stock options granted under ESPPs, and conforms them, where appropriate, to the regulations for ISOs." (Buck Consultants)

[Opinion] Vanguard Comment Letter to the DOL in Support of Fee Transparency
Excerpt: "Vanguard has always been strongly committed to the principle of straightforward, useful disclosure of plan fees and expenses to participants. This fee comment letter reflects that commitment by supporting the DOL's proposal to require fiduciaries to disclose fees, returns, and other relevant information in a format that enables participants to easily compare fee and expense information." (The Vanguard Group)

[Opinion] ASPPA/CIKR Comments to Senate HELP Committee's Hearing: '401(k) Fee Disclosure: Helping Workers Save for Retirement (PDF)
8 pages. Excerpt: "While the DOL's proposed ERISA §408(b)(2) rules (relating to whether a contract or arrangement is reasonable between a service provider and plan fiduciary) would require enhanced disclosures for service providers to 401(k) plan fiduciaries, the proposed regulation would require only an aggregate disclosure of compensation and fees from bundled service providers, with narrow exceptions, and would not require a separate, uniform disclosure of the fees attributable to each part of the bundled service arrangement. While we appreciate the DOL's interest in addressing fee disclosure, we do not believe that any requirement that benefits a specific business model is in the best interests of plan sponsors and participants." (American Society of Pension Professionals & Actuaries/Council of Independent 401(k) Recordkeepers)

[Guidance Overview] Reminder: Deadline for Medicare Part D Creditable Coverage Notices Approaches (PDF)
2 pages. Excerpt: "Medicare Part D notices of creditable coverage must be provided to Medicare-eligible individuals prior to November 15 of each year. Many employers satisfy this requirement by including the notice in enrollment materials or in separate mailings in the fall. In preparing materials for distribution this fall, employers should be aware of revised model notices provided by the Centers for Medicare & Medicaid Services (CMS)." (Buck Consultants)

[Opinion] Pension Rights Center Testimony on Improving the Disclosure of 401(k) Fees (PDF)
5 pages. Excerpt: "For fee disclosure to truly benefit plan participants, it must occur at two levels: disclosures from service providers to plan sponsors on fees assessed to the plan, and from plan sponsors to plan participants on the fees participants are paying. Disclosure to sponsors at the plan level is critically important to participants because it is the sponsor who makes the determination of what services to provide and what investment alternatives to include in the plan. The sponsor has a fiduciary duty to ensure that these decisions are made prudently and for the sole and exclusive benefit of the participants." (Pension Rights Center)

[Guidance Overview] New Proposed Disclosure Requirements for Retirement Plan Fees and Investment Expenses: Part II (PDF)
2 pages. Excerpt: "The U.S. Department of Labor ('DOL') proposed ERISA 404(a) and (c) regulations would require disclosure in two main categories: plan information and investment information. The first part of this Alert discussed the onerous plan information disclosures. Here, we discuss the investment information disclosures. The DOL's new proposed regulations would require detailed disclosure of investment expenses in participant directed individual account plans like 401(k) plans and IRAs. Investment expense disclosures would be required upon eligibility, and at least annually, to each participant . . . ." (Holme Roberts & Owen LLP)

Regulator Warns Senators Not to Impede DOL Fee Disclosure Rulemaking
Excerpt: "A federal regulator on Wednesday urged U.S. Senate lawmakers not to interfere with the U.S. Department of Labor's (DoL) regulatory scheme for retirement plan fees through additional legislation. The warning came from Bradford Campbell, the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) and the Bush Administration's point person on fee disclosure reform, during testimony before the U.S. Senate Committee on Health, Education, Labor and Pensions." (PLANSPONSOR.com; free registration required)

[Opinion] Links to Comments Received by DOL on Proposed Regs on Fee Disclosure for Self-Directed Retirement Plans
91 comments. (Employee Benefits Security Administration, U.S. Department of Labor)

[Guidance Overview] Text of DOL EBSA Chief's Testimony on Legislative Proposals for More Fee Disclosure
Excerpt: "The regulatory process currently underway ensures that all voices and points of view will be heard and provides an effective means of resolving the many complex and technical issues presented. I hope that as Congress considers this issue, it recognizes the Department's existing statutory authority and takes no action that could disrupt our current efforts to provide these important disclosures to workers. My testimony today will discuss in more detail the Department's activities related to plan fees. Also, I will describe the Department's regulatory and enforcement initiatives . . . ." (Employee Benefits Security Administration, U.S. Department of Labor)

[Opinion] The Committee on Investment of Employee Benefit Assets Comments on Fee Disclosure (PDF)
Excerpt: "[CIEBA] members have identified several areas of concern in the proposed regulation and we encourage the Department to revisit these issues prior to finalizing the regulation." (The Committee on Investment of Employee Benefit Assets)

Determining Whether 401(k) Plan Fees are Reasonable: Are Disclosure Requirements Adequate?
Excerpt: "The fees of 401(k) plans can be complex, and the information on them that participants receive tends to be fragmentary and hard to understand. The unsatisfactory state of fee disclosure reflects the failure of the current regulatory framework to require plan sponsors to provide comprehensive information on fees and to require the plans' service providers to disclose needed information to sponsors. Under the circumstances, it is not surprising that most plan participants lack even a basic understanding of the fees they pay." (AARP)

[Opinion] ASPPA/CIKR Filed Comments on Proposed Regulation Regarding Participant Disclosures (PDF)
Excerpt: "On September 15, 2008, ASPPA and CIKR submitted supplemental comments to the DOL on the participant fee disclosure proposed regulation, suggesting a disclosure alternative to the proposed quarterly statement requirement." (American Society of Pension Professionals & Actuaries/Council of Independent 401(k) Recordkeepers)

DOL Proposal Requires Plan Fiduciaries to Disclose Basic Information and Expenses
Excerpt: "Almost from the moment federal regulators announced they intended to beef up required plan disclosures, the message they heard most often from retirement services industry members was simple: One size disclosure does not fit all. In response, the Department of Labor's Employee Benefits Security Administration (EBSA) announced it was developing a sweeping three-part regulatory scheme addressing­ disclosures from plans to regulators and the public. The new rules also would cover disclosures from providers to plan sponsors and, finally, from plan sponsors­ to participants." (PLANSPONSOR.com; free registration required)

[Opinion] Disclosure of 401(k) Plan Expenses to Participants
Excerpt: "I recently received a question from a reader about one of my articles concerning disclosure of expenses to participants. I thought you might like to see his question and my answer. Taken together, they provide a good overview of some of the most important issues about fee disclosures to participants." (Fred Reish via PLANSPONSOR.com; free registration required)

[Guidance Overview] Operational Non-Compliance in ERISA Qualified Plans Can Cause Problems for Employers
Excerpt: "According to the IRS, some of the reasons employers give to explain why their plans are not operationally compliant include: Not knowing how to identify and fix any errors. Not wanting to have any unnecessary contact with the IRS. Assuming that the required annual financial audit identifies any errors that need to be addressed. Assuming that auditing the plan for operational compliance would be too expensive." (Aiken & Aiken)

Justifying 401(k) Fees: A Challenge for Fiduciaries (PDF)
11 pages. Excerpt: "Underlying the current spate of lawsuits over 401(k) fiduciary misconduct (particularly fee levels, revenue sharing, self-dealing, and active versus passive management) is a simple question: Are participants getting their money's worth for the fees they pay? That seemingly simple question gives rise to a multitude of other questions which are anything but simple." (Richard D. Glass via Investment Horizons)

[Guidance Overview] Two More Circuit Courts Allow Cashed-Out Former Employees to Sue as 'Participants' for Losses Caused by Fiduciary Breach
Excerpt: "EBIA Comment: These cases join a growing list of federal circuit court decisions allowing cashed-out former employees to pursue fiduciary breach claims under ERISA Section 502(a)(2). The Evans case is especially interesting for its discussion of some of the issues that arise if cashed-out former employees are treated as participants, including plan fiduciaries' obligation to allocate any recovery to the affected participants, and plan administrators' potential obligation to resume ERISA disclosures to former employees who have a colorable claim for benefits." (Employee Benefits Institute of America)

[Opinion] Text of American Bankers Association Comments on Proposed DOL Regs on Disclosure in Self-Directed DC Plans (PDF)
15 pages. Excerpt: "Our concerns are based primarily on the fact that the Department has proposed a disclosure regime appropriate only for mutual fund products, not one that works well for many other fiduciaries, the institutions that serve those fiduciaries, plan participants, or many of the investment products offered to those participants. Specifically, we have strong reservations about this proposal and its impact on bank collective funds." (American Bankers Association)

[Guidance Overview] Presentation: Proposed Fee Disclosure Requirements for Participant-Directed Individual Account Plans (PDF)
25 pages. (Morgan, Lewis & Bockius LLP)

[Guidance Overview] Enhanced Fee Disclosure by ERISA Plan Sponsors and New Reporting for Plan Service Providers (PDF)
4 pages. Excerpt: "This update examines these [proposed] regulations as well as the impact they may have on ERISA plan sponsors." (Dechert LLP)

[Guidance Overview] REMINDER: January 1, 2009 Deadline for Compliance with New 403(b) Regulations
Excerpt: "Sponsors of 403(b) plans – subject to some notable exceptions – must be in compliance with the final Treasury regulations by January 1, 2009. Key among the new requirements is that the plan must be in writing. It must contain all the material terms and conditions for eligibility, benefits, applicable limitations, the contracts available under the plan, and the time and form under which benefit distributions will be made." (Deloitte via BenefitsLink.com)

[Opinion] U.S. Chamber of Commerce Comments on Proposed Rule on Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans (PDF)
6 pages. Excerpt: "The Chamber supports disclosure and transparency of information that allows participants to make informed decisions about their investments. In order to be beneficial to participants, however, such information should be useful and easily understood. Moreover, it is equally important that disclosure requirements are not unduly burdensome to the employer – particularly if they do not provide meaningful information to the participant. We believe that the proposed regulation strikes a reasonable balance between these requirements." (U.S. Chamber of Commerce)

Trade Groups Comment on Fee Disclosure Proposal
Excerpt: "The ERISA Industry Committee (ERIC), Investiment Company Institute (ICI), and the SPARK Institute all gave the Department of Labor (DoL) opinions on its recent fee disclosure proposal." (planadvisor)

[Opinion] SPARK Institute Comments on Participant Fee Disclosure Proposed Regulation (PDF)
11 pages. Excerpt: "Some of the specific provisions that The SPARK Institute supports include, but are not limited to: (1) the flexible concept based approach that allows plan fiduciaries, service providers and investment providers flexibility in making participant disclosures, (2) the absence of a mandated one-size fits all disclosure form or format, (3) the targeted approach that focuses on providing clear, concise and meaningful disclosure, including investment option comparisons . . . ." (The SPARK Institute)

[Opinion] Investment Company Institute Comment Letter on Participant Fee Disclosure Proposal
Excerpt: "The Department should enhance the ability of plans to use electronic delivery and web-based disclosure. Although the proposal contemplates the use of a website for layered disclosure, it otherwise simply incorporates the Department's current electronic disclosure rules. Benefits of the layered approach to disclosure in the proposal can best be realized if the Department updates its electronic disclosure rules." (Investment Company Institute)

[Opinion] ERIC Comments on Proposed Regulation on Disclosure Requirements for Participant-Directed Individual Account Plans (PDF)
29 pages. Excerpt: "The Department has proposed to make the regulation effective for plan years beginning on or after January 1, 2009. This proposed effective date is not realistic. As explained . . ., fiduciaries will need substantially more time to comply with the new disclosure requirements. ERIC recommends that the requirements become effective no earlier than the first plan year beginning at least 12 months after the final regulation is published in the Federal Register." (The ERISA Industry Committee)

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