How to handle fee changes with the change of TPA?

[JustMe]

The 404a-5 Regs. require that plan participants be notified of any fee changes 30-90 days prior to the effective date of the change. From a practical standpoint, how are TPAs handling this requirement if you takeover a plan and the distribution/loan fees are different from what you charge? Do you make a note in your system not to change the fees until XX date? 

[FORMER ESQ.]

No. There is an exception to that rule in certain circumstances, and I believe that yours may qualify. I don't have the DOL Regs in front of me, but I believe it provides for "reasonable" timing of notice in situations where the 30-90 days is not practical. 

[RatherBeGolfing]

3 hours ago, FORMER ESQ. said:

No. There is an exception to that rule in certain circumstances, and I believe that yours may qualify. I don't have the DOL Regs in front of me, but I believe it provides for "reasonable" timing of notice in situations where the 30-90 days is not practical. 

I believe the exception is for events that are unforeseeable or beyond control of admin.    Agree that change in TPA might qualify.