Annual Disclosure Notice to Participants

[gregburst]

For 401k plans that use a platform such as John Hancock, I'm curious whether most TPAs are preparing the annual notice - due by Aug 30 - for their clients to distribute? Or will you rely totally on the investment company to provide it? Or are you letting the plan sponsor deal with it based on communications from the investment company? Just curious.

[austin3515]

We've concluded that with JH in particular, we need to do it. It will only come back to haunt those who don't help. Too much editing! Americna Funds on the other hand prepared a delievery ready notice, but we are still going to email it to our clients and tell them they need to distribute the notice.

[Bird]

Relying on the platform disclosures as much as possible; pretty much what Austin said. But note/remember that they won't mention certain fees, such as distribution fees that are deducted, so you may (probably) have to do a separate notice for them.

[Jim Chad]

FWIW my distribution fee is in the American Funds Direct notice.

[BG5150]

Check with each carrier. Some will allow you (or the plan sponsor) to edit or add to their disclosure to include the TPA fees or anything else that might need disclosing. Some carriers' deadlines for doing that have passed, but others may still be open. If it's too late for the first one, maybe you can do your own this time around and then piggy back on the carrier's notice next year.

[Bird]

FWIW my distribution fee is in the American Funds Direct notice.

RecordkeeperDirect? I thought the notices weren't available yet...

[Bird]

QUOTE

FWIW my distribution fee is in the American Funds Direct notice.

RecordkeeperDirect? I thought the notices weren't available yet...

OK, I see it now and our distribution fee is in there, great! I called last week and was told that they wouldn't be available until later this month, and that they couldn't get our fees in there. Strangely confident and specific answer that was flat wrong. I forgive them .

[cpc0506]

We've concluded that with JH in particular, we need to do it. It will only come back to haunt those who don't help. Too much editing! Americna Funds on the other hand prepared a delievery ready notice, but we are still going to email it to our clients and tell them they need to distribute the notice.

You mention that American Funds is ready to go, but is anyone else having the problems we are having in that the American Funds informnation in MANY instances is wrong! from money types to vesting to addresses...... to name just a few.