Late Fee Disclosure for Fee Reduction

[khn]

We have a situation where a client's recordkeeper is offering to backdate a fee reduction for them as of march 1st; however, in that case they obviously wouldn't be able to get a fee disclosure out to participants 30 days prior. I'm thinking that because it's a reduction in fees that will benefit participants, they can send just send the disclosure asap without getting in trouble. Any thoughts?

[MWeddell]

First reaction is don't do business with any recordkeeper who is offering to backdate a document to solve a compliance glitch.

[Lou S.]

Assuming the prior fee notices were good, I don't see a problem with a supplemental notices to the effect of -

we have negotiated a fee reduction as follows with our current provider retroactive to March 1, 2014.