The long anticipated ERISA (Employee Retirement Income Security Act of 1974) disclosure regulations under section 408(b)(2) were published last week by the Department of Labor. The DOL has invited additional comments until August 30, 2010 and the final regulations are scheduled to take effect on July 16, 2011, but no structural changes to the legislation are expected at this point.
At Summit Financial we are very pleased with the new regulations. The primary goal of the new regulations is to make it easier for Plan Sponsors to obtain information from their service providers about all of the fees associated with their qualified retirement plan. Armed with better information, Plan Sponsors can efficiently assess the reasonableness of the compensation paid for services and satisfy their reporting and disclosure requirements under ERISA.
The following “Employee Benefits LawFlash” developed by the law firm Morgan Lewis provides a great overview of the new regulations including an in-depth historical background. During our Fall Client Seminar we will have experts on hand to address the new regulations and how it will improve our ability to help you satisfy your reporting and disclosure requirements under ERISA. Follow the link below to view the complete review of the new regulations:
Please feel free to contact your Summit Financial representative with any questions.