New DOL Fee Disclosure Rules

[Ron Snyder]

I have seen little discussion of the DOL fee disclosure rules that were released last month.

NEW DOL REGS

You're probably already in compliance. It's the opposite of "don't ask, don't tell".

The fiduciary now has a responsibility to ask the service provider for all fees and commissions relative to a 401(k) plan, and the service provider now has the responsibility to disclose everything.

Good luck in achieving full compliance with this for small plans. The service providers will not notify the fiduciaries of their duty to ask so that they have an excuse for not disclosing.

[four01kman]

We're still a long way from having those proposed regulations finalized. All of us hope there will be a relaxation of some of the disclosure rules.