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.

State Pension Funds Sue Banks for Fraudulent FX Pricing PracticesThree state pension funds have turned to legal means to address what they believe to be fraudulent FX pricing practices by banks...
Standard Response: How Two Provisions in Dodd-Frank May Affect Credit Rating AgenciesWith the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Law ("Dodd-Frank") the financial markets have entered a new era of transparency and accountability.
DB Dilemma: Preferred Creditor StatusA bill winding its way through the Canadian parliament would bestow preferred creditor status on plan deficits. The idea is to give the plan members a priority position in the event of a bankruptcy.
DB Dilemma: Reforming the Canadian Pension MarketThe C$875 billion defined benefit (DB) pension market in Canada may be in for a seismic change.
SEC Issues Final Rules on Proxy AccessIn a split vote, the Securities and Exchange Commission (SEC) issued its final rules on allowing shareholders to have access to a company's proxy materials. The new rules allow 'long-term significant shareholders' to nominate candidates for boards of directors and have those nominees appear on the proxy materials distributed to all shareholders by companies.

Tweets by @AFPonline

DOL Issues Rules on Disclosure by Plan Service Providers

You May Also Be Interesed In...