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August 26, 2010
Disclosure of 401(k) Fees
A new interim final rule issued by the U. S. Department of Labor (DOL) is aimed at enhancing disclosure to fiduciaries of 401(k) and other retirement plans. The rule will help fiduciaries determine both the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider’s performance under a service contract or arrangement, according to DOL.
Under the interim final rule, certain service providers must disclose the direct and indirect compensation they receive in connection with services they provide. The rule applies to plan service providers that:
- Expect to receive at least $1,000 in compensation and that provide certain fiduciary or registered investment advisory services;
- Make available plan investment options in connection with brokerage or recordkeeping services; or
- Otherwise receive indirect compensation for providing certain services to the plan.