JARichardson Posted December 8, 2020 Posted December 8, 2020 The fee disclosure that was provided to participants didn't include all the TPA fees being deducted from participant accounts. I can't find anything that addresses what the correction procedure is. Can anyone offer direction?
C. B. Zeller Posted December 8, 2020 Posted December 8, 2020 The fiduciary loses 404(c) protection. There's nothing to fix except to provide the correct disclosures as soon as possible. And hope the participants aren't feeling litigious. Luke Bailey 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
Bri Posted December 8, 2020 Posted December 8, 2020 The fee disclosure probably doesn't have the same deadline as stuff like safe harbor or automatic enrollment notices, as well. So you can run with that and update the fee disclosure notice.
Lou S. Posted December 8, 2020 Posted December 8, 2020 Isn't it potentially a prohibited transaction Covered Service Provide and Plan Fiduciary to take undisclosed fees as the DOL deems the undisclosed fees unreasonable? Luke Bailey 1
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