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DOL Issues Rules on Disclosure by Plan  Service Providers

  • By Judy Schub, CIEBA Managing Director
  • Published: 2010-09-23

The Department of Labor (DOL) has issued interim final rules on disclosure of fee information and conflicts of interests by service providers to defined benefit and defined contribution plans.  The rules require that a service provider must give information to the plan fiduciary, in writing, describing the services provided and all direct and indirect compensation received by service provider. Service providers must disclose significant costs whether or not they are part of a bundle. For example, the costs of recordkeeping must be disclosed to the plan fiduciary even if there is no explicit charge for the service.  In addition, service providers must disclose information about plan investments and investment options.  For a fact sheet prepared by DOL on the interim final rules, click here.

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