Fee Disclosure - When a plan converts to a new provider and the fee structure changes from sponsor paid to participant paid .......

[Guest Why]

what are the requirements of the sponsor to disclose these changes? Also when a plan converts as stated, is the sponsor required to provide a new SPD to the participants? If so what is the timing?

Thanks in advance

WHY

[alanm]

The new fee changes should be in the Sarbarnes Oxley notice given to participants 30 days before the transfer if the participants are going to be blacked out more than 3 days. A material change in fees or the plan should be reflected in the SPD and given to the participants no later than six months after the event.

[E as in ERISA]

If the plan is an ERISA 404© plan, it is required to provide the fee disclosures required under those regulations.