Fee Disclosure has been discussed ad nauseum on this blog in past entries. Here we are on the approximate one-year anniversary of 408(b)-2 and an article comes out discussing how the DOL intends to make a concerted effort to enforce excessive fee cases, using the disclosures as the primary supporting documentation. See below for the full article.
http://www.napa-net.org/news/managing-a-practice/regulatory-compliance/philadelphia-region-of-the-ebsa-to-focus-on-fees-in-401k-plan-audits/?id=4553&tkn=375651996506af1d83e2f5&mqsc=E3576487&utm_source=WhatCountsEmail&utm_medium=NAPA_List+Napa-Net%20Daily&utm_campaign=NAPA%20Net%20Daily
And they were kind enough to supply a link to the list of items required in the event of a DOL audit.
http://www.asppa.org/document-vault/pdfs/GAC/2013/dolreq.aspx
My thoughts are that the full impact of the fee disclosure rules from last year have yet to be felt, perhaps this is a sign of that impact en route.
A forum to discuss all issues pertaining to qualified retirement plans; including 401(k), profit sharing, defined contribution, defined benefit and employee benefits. Included will be fiduciary responsibility and liability, ERISA Sections 3(21) and 3(38), Fee Disclosure, fiduciary delegation, discretionary trustees, participant education, plan governance, Defined Goal investing, mutual funds, collective funds (CIFs), ETFs, Asset Allocation Models, Target Date/Risk and glide paths.
Friday, July 19, 2013
Fee Disclosure: Enforcement Coming, no surprise
Labels:
401(k) Plan,
408(b)-2,
408(b)(2),
408(b)2,
ASPPA,
DOL,
EBSA,
Fee Disclosure,
NAPA
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