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D-Days: DOL Closes Circle On Disclosure
Warner Norcross & Judd Link to more items from this source
[Guidance Overview]
Feb. 23, 2012

Plan sponsors cannot simply sit back and rely on service providers for necessary disclosures. Even though service providers are subject to prohibited transaction sanctions, the plan sponsor is ultimately responsible. The class exemption for responsible plan fiduciaries applies only if the responsible fiduciary does not know of a disclosure failure and believes that the required disclosures have been made. Thus, the exemption will apply only to truly innocent plan fiduciaries who subsequently discover the failure and take the necessary steps to remedy it.

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