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DOL Issues Advisory Opinion on 12b-1 Fees for Directed Trustees
Deloitte & Touche Human Capital Advisory Services 
Aug. 5, 2003
Excerpt: A recent Department of Labor Advisory Opinion indicates a directed trustee for an ERISA plan can receive 12b-1 or subtransfer fees attributable to the plan's investment in a mutual fund without violating ERISA's prohibitions of fiduciary self-dealing, so long as 'the decision to invest in such funds is made by a fiduciary who is independent of [the directed trustee] and its affiliates, or by [the plan's participants].'
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